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WE KNOW times are tough and for many it’s a struggle to find extra cash for inflated energy bills, food bills and, well, bills in general. But for those of you who are staying invested, holding your nerve and setting your sights set on the long term – don’t be an April fool. Here are 5 common investing mistakes to avoid, especially with the end of the tax year just around the corner.
1. Don’t be put off by the size of the ISA allowance
You don’t need to be rich to invest. Start investing with as little as £25 per month with a regular savings plan. Whether you choose to invest £1,000, £5,000 or the whole £20,000 annual allowance – it’s still one of the most tax-efficient ways to save. Remember, if you don’t use it, you’ll lost it.
2. Putting money into your ISA or SIPP – but then failing to actually invest it
You’ve opened up a stocks and shares ISA or self-invested personal pension (SIPP) and you’ve deposited a lump sum or set up a regular savings plan. Job done, right? Wrong.
Now you need to choose what to invest it in, otherwise you may as well have stuffed it all under the mattress. The hard, but important work, starts now by taking the plunge and choosing where to invest. If you’re looking for inspiration, here are four investment ideas for 2022.
3. Forgetting to diversify your portfolio
Markets rise and fall. Build a well-balanced portfolio to help ride out these market movements by investing globally and across different assets (shares, bonds, commodities, property and cash). If doing it yourself sounds like hard work, the Fidelity Select 50 Balanced Fund is a fund diversified across regions and asset classes by experienced fund manager Ayesha Akbar.
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