Happy Women’s Day!

Bondora

Today is a very special day on the Bondora calendar. And even though we can’t celebrate it in the office as we usually do, we’re not letting that stop us. We’re celebrating the unique and wonderful women working to make Bondora the best online investment platform in Europe, no matter where they are. And because we’re in the business of building wealth, we asked the money-savvy ladies of Bondora to share their best savings and investment tips.

Check out these top tips, so you can invest like a Bondorian too πŸ˜‰

Check out our valuable investment and savings tips from the money-savvy women of Bondora.

Let’s start with savings

“Pay yourself first. It’s vital to know your income and expenses each month and set a specific goal you want to reach. Then it is easier to set a fixed amount for each month that you need to put aside to reach that goal. And of course, it is better to set that amount aside first thing on payday.” – Kristianne

“Move a certain amount to your savings account (or, for example, Go & Grow) every month when you receive your paycheck. Don’t wait until the end of the month, because then there won’t be anything left.” – Sanna

“I haven’t really invested seriously, but I keep my savings in my Go and Grow account. I plan to transfer all my other savings from my initial bank to Go and Grow where it can grow even more.” – Mirjam

“Plan more expensive purchases ahead of timeβ€”not when you see a sale and think, “Oh, I have always wanted that.” Make a wishlist for the things/events/experiences you want. Assess this list on a 1 – 5 scale of importance and why it would make your life better. You may find that you don’t need these at all. You can also calculate your salary per hour and then determine how many hours you have to work to pay for something. Sometimes you’ll realize it’s not that important after all. And you’ll save money in the process.” – Meril

“1. So, before you start, set yourself a year goal that you want to achieve and plan your savings based on that. And when this plan is set, you will see how much you can invest and your fixed expenses. A plan helps you to keep an eye on your goal progress.

2. Find someone who has similar goals. This way, you can share problems or ideas.

3. Join an investing community. I am a member of the Estonian Women Investing group and found so many interesting ideas from there. Plus you can help others as well.” – Elis

Next stop: investing

“If you can, invest in something that can continue to give you passive income over a long period. Owning apartments that you can put up for rent is a great long-term investment option.” – Sanna

“I’m using Go & Grow, as it’s super easy to add & withdraw money at any time, it has great returns, and it’s hassle-free. It’s an excellent way to set aside some money for my home renovation. But diversification is still key, so I have shares that I keep my eye closely on and a few funds that are of a bit higher risk. In general, I say; play it safe, but add some chili to the pot as well.” – Pille

“Before investing, understand how much risk is involved and evaluate your comfort zone when taking on that level of risk.” – Michelle

“3 things to consider before investing:
The purpose

Think about your investment’s purpose (e.g., is it long or short term, why do you need the extra income (e.g., pension, or something else). Depending on the purpose, you can decide the suitable option (e.g., higher or lower risk) you want to invest in.

Your financial resources

Think about your financial capabilities. It might not be wise to invest all your available money and savings, especially if there is a risk of losing (a part of) the initial investment. Invest the resources that you are willing to lose in the worst-case scenario.

Your risk tolerance

All investments have some form of risk. You must think about the possibility that you can lose (a part of) the initial investment. If your risk tolerance is low, you should not choose higher risks (which usually mean higher returns but also a bigger risk of losing your initial investment).

Once you have clearly mapped these 3 things, you’re ready to begin investing.” – Our anonymous finance guru

“Don’t put all your eggs in the same basket. Don’t follow the advice you get blindly. And do your own research.” – Helena

Here are 6 top tips from Karin, one of our top tier female investors at Bondora:

“1. Start saving as early as possible, no matter how small. (5, 10 or 20 euro is better than nothing)

2. Carefully select the asset classes you’d like to invest in. Preferably only invest into what you can understand and/or morally support. Do your homework.*

3. Don’t forget to “pay” yourself on payday. And no, I don’t mean by splurging on a new fancy dress or a pair of shoes πŸ˜‰ Rather, transfer the amount directly to your investments account or savings account to reduce any possible temptations.

4. It’s important to stay consistent in your investment. Don’t worry if you didn’t manage to save/invest some money this month, as long as you can try and do better on the next. It might require some improvising, for example, by making smarter grocery store decisions or just by reducing the amounts of coffee you get from the cafeteria.

5. Try to avoid emotional purchases – the question is always whether you *need* it or just *want* it. Calculating how many hours of work this purchase would cost you might be helpful against the temptation. The more expensive the desired item, the longer you should take time for your decision. 

6. And finally, don’t forget: starting today is always better than tomorrow!” – Karin

Invest in what you know…and nothing more.” – Grete

“As for investing generally, I think it is important to do research, and it’s never too late to start. We have so many different investment options, and it is essential to know where or in what you invest. And of course, diversification is key to minimize the risk.” – Kristianne

Our last top tip comes from Meril. She learned the hard way that there’s no better day to start investing than today:

“My top tip is: Start investing today. Even if you only have 10 euros, Today’s the best day to start.
I used to procrastinate about investing because I was scared. Finally, I followed my own advice and bought my first shares. I immediately thought, ‘why didn’t I do this before?’ Now I do that every month, and I’m so happy I finally started!” – Meril

We hope you enjoyed these tips from some of the amazing Bondora women. Share these top tips with your friends and celebrate being a financially-savvy woman this Women’s Day!