What’s a recurring investment?
A recurring investment is an investment that is made on a regular basis, typically monthly or biweekly.
How could my recurring investment grow over time?
Why should you set up a recurring investment?
1. Investing regularly gives a boost to building wealth over time.
2. Invest more frequently to build your investment portfolio faster and allow yourself to reach your investment goals sooner.
3. Build the habit of investing. It can be easy to forget to invest or to put it off if you don’t have a regular schedule. Automate your new investing habit without thinking about it.
4. Investing a set amount each month makes it easier to budget.
5. Dollar cost averaging (buying more shares when prices are low and fewer shares when prices are high) may also help to reduce the effects of market volatility.
6. You might be encouraged to start sooner if you know you can do it in smaller amounts, allowing your investments to grow over time through compounding.
How do I set up a recurring investment?
Follow these steps after setting up your account with Beanstox:
1. Tap the Invest tab
2. Tap the Recurring button
3. Set the recurring investment amount you would like to invest
4. Select to set the frequency of your recurring investment
5. Tap the ‘Confirm’ button to save your new recurring investment
6. Tap ‘Set Recurring’