4 simple tips for busy moms who want to start investing
- Finance expert Dominique Broadway tells moms who want to start investing that it’s never too late.
- Broadway suggests setting one day a month to spend an hour reviewing your investments.
- She also suggests using apps or automatic transfers to fit the investment into your busy schedule.
- This article is part of Women of Means, a series about women taking charge of their finances.
Moms with young children can feel like there’s never enough time to get things done, and long-term financial goals like investing can fall through the cracks.
Financial coach Dominique Broadway, CEO of Finances Demystified, urges moms to change their mindset and start taking the time to invest.
“I have two children, one 2 years old and one 6 months old. I am the CEO of a very busy company and I have a full time job, but I make investing a priority. Because this It’s not fair to me. It’s for them. It’s for our family,” Broadway told Insider.
If you’re a busy mom looking to start investing, here are Broadway’s four tips for getting started.
1. Stop making excuses
First-time investing moms often feel like they’ll never have time to do enough research on which investments are best for them, but Broadway is pushing to change that mindset.
“Stop making excuses,” Broadway said. “If you can prioritize hair and nails, or make time for a business meeting, you can take 10-15 minutes to make an investment.”
2. Choose one hour per month to check your investments
“If you’re just investing and not trading, you can easily choose one hour a month to sit down and say, ‘Okay, I’m going to do my investing for the month,'” Broadway said.
You can use this time to research investment strategies that work best for you, put money into a mutual or index fund, or check your monthly budget to see how much you can afford to invest each month.
3. Automate your investments
Broadway suggested a “set it and forget it” strategy for moms who wanted to start investing. “With technology, there’s no reason anyone shouldn’t start investing,” she said.
There are dozens of investment apps that can help you put money into the market with varying levels of oversight, and some work especially well for beginners.
4. Check in with a friend or partner about your progress
Broadway said scheduling time with a responsible partner could be an added pressure. But, she added, talking about your investing progress with a partner or close friend could motivate you to stay on top.
Broadway suggested having a “financial date” with your partner once a month or a few times a month to keep track of your investments.