Budgeting In Cryptocurrencies: Do You Need To And How Can You Start?
I was recently scrolling on TikTok when I decided to check out @khaleelkazi account because I had seen a lot of people on leofinance recently speaking on it.
When I found the account, the first video I clicked on was one where he was speaking about “how to get your first 1000 dollars in crypto” and he said that it can easily be done by investing 10 dollars daily into bitcoin which over time will grow.
Now, this got me thinking because while I have been interested in investing more and growing my portfolio, I never really thought about investing little by little, and I always thought that it would be better to invest bigger amounts which have proven almost impossible for me.
I realized while watching his video that while I might not be able to invest daily due to earnings and other factors, I will be able to use this same system and make it work for me which is where budgeting comes in.
Do you need a budget to invest in cryptocurrencies?
When most people think about budgeting, I don’t think they go as far as thinking about investments, instead, they focus on expenses and savings and while that is good, it is also necessary to budget your investments, especially as someone who is looking to start growing their portfolio.
I feel like when investments are thought about, most people feel like you have to be wealthy to invest but, that is not so and if we are looking forward to retiring on crypto, we have to start budgeting from now on how much we are investing and how often we are spending our cryptocurrencies and this doesn’t only apply to bitcoin but also, to hive, HBD, Leo, and other tokens.
Also, while budgeting in cryptocurrencies, it is important to not only budget the overall investments but how much is going where and when because this can be very pivotal for growth and profit.
How do you start budgeting in cryptocurrencies?
The first thing to do when starting a budget is to sit down, get a piece of paper, or maybe use your laptop to write down your budget.
Now for cryptocurrency, it is important to have a general knowledge of what you want to invest in and when the right time will be to invest in that coin.
After figuring this out, it is necessary to try to find multiple currencies you can invest in and this part is specific to you because while I will prefer investing in a stable coin, you might want to in something more volatile but with high returns.
After doing that, it will be time to spread the money which you have kept aside for investment, now you don’t have to spread it and you can simply put it in one place but, I prefer doing that.
Finally,
It is crucial to know that while budgeting and investing in cryptocurrencies, you do not need millions or thousands and you can simply start small which I know a lot of people did.
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Dear, I want to say very big Thank you for sharing this. I never thought of budget in my investment. All I thought was to just invest whatever comes in. But with this eye opener, I have to start budgeting my investment and use the method @khaleelkazi mentioned. Thanks so much, am grateful.
I am so glad you got something from this, it means a lot.
Just take it one step at a time.
This buying little everyday, it's called dollar cost averaging right? Or am I mixing it up
!1UP
It is buying little every day but I wouldn't exactly tag it as DCA because unlike DCA you aren't sure of the total amount you will like to invest, your goal is simply just investing the little you have instead of waiting for a larger amount.
Do you get?
Oh I understand, you don't have a total amount in mind.
Yeah, you don't need to have a total amount in mind, the goal is just gradually growing your portfolio with money that might seem insignificant now but in time, it will be worth more.
Thanks for explaining.
You are welcome.
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Thank you @b0s
This is straight to the point and I have learnt. I am currently like you. Wondering how to save in cryptocurrency. I might not wait till I have a big amount to save in. But just like you mentioned, investing small. This can be a life changer for me
Thank you for sharing.
Exactly, we would be so shocked in a few months how much we have saved.
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Thank you for sharing this important write up with us. I've learnt a great deal.
I am glad you learned from this.
@khaleesii this idea of yours is quite a great one for me...i also had the idea that one needs huge money to go well into crypto buy i will definitely take your idea in for consideration. Thanks a lot, mama.😊
You are welcome, you can start little by little and use quidax or apps like that to buy.
Oh, really? Thanks, mama.
You are welcome.
So, instead of writing about life...you steped into crypto.
Yes, small amounts is ok but investing is a different ball game. The point is I see that people in crypto do more than just buying coins...they use it in so many apps thesedays and its tempting.
But there again, have to understand and do things.
Also a lot of things to say, like you want to invest in stable coin, why?
That's not going to give you gains but still stable coins can be used to earn interest when deposited on apps - Defi and stuff.
A good place for you to start is explore defi is HIVE... there is CUB finance and Polycub... and I myself not done it...but it will make you understand and these apps are safe.
Second, cryptos are volatile.
But you need to start studying and make time to learn about cryptos. That helps you know... some things come only by experience.
There are lots of things to control - emotions and all and it tests your belief in project.
Here what kind of crypto investor are you - long term hodler, trader, swing trader etc...
You I know will agree you are blessed to be part of crypto with Hive here...Hive and HBD have good profitable things to offer...
then main coins ofcourse - BTC, ETH, DOT, Atom and exploring emerging Defi in Dot and COsmos, I believe is a oppurtunity to get welthier in longer period of time.
Anyway girl... yeah...start learning about crypto, you can ping me for resources if you don't know where to started and catch the wave to float on the cryptoverse and begin your journey.
I know a lot about cryptocurrencies actually but I don't write about them.
Also, I wasn't saying anyone should invest in a stable coin, it was just an example but with HBD having an APR of 20%, someone could also use that as a means to invest.
I think it all boils down to the individual but the takeaway here is investing little by little if you don't have a huge chunk to.