Many young people live paycheck to paycheck, but it’s essential to consider investing your money to help it grow. You’ll eventually have emergency bills or life plans that require more than your paychecks provide, so read this guide to learn when you should start investing. These tips may motivate you to get your financial life in order to prepare for your future.

1. After Getting Your First Job

You can open an investment account if you’re old enough to start building your resume. Buying a few stocks while you don’t have to pay bills will give you more to invest and result in more savings later. All you need is a parent or guardian’s signature to invest money if you’re under 18.

You can also use that money to buy your first car and continue your career. Given that the average used car now costs around $33,341, you’ll need the extra cash if you don’t have parents pitching in.

2. After Making a Budget

Stock market experts recommend that people invest 10-20% of their after-tax income to build a significant portfolio, but it’s easier to find the right percentage after making your first budget. Account for your monthly bills, expenditures like gas for your car and building your savings account before settling on your monthly investment allowance.

Fitting investments into your monthly budget makes it more likely that your portfolio will have long-term gains instead of staggered growth. However, invest with caution. Making a mistake like trying to time the market may result in short-term wealth without the gradual growth that leads to a continual positive trajectory.

3. After Buying a House

Homeowners must pay for most repairs out of pocket unless they have excellent insurance that covers their property damage. You’ll need an emergency fund for those unexpected moments. Investing means you’ll have a savings account that will almost always grow, so you can cover expensive property repairs like roof replacements and new air conditioning units without taking out loans.

4. After Inheriting Money

Losing someone you love is difficult, so you may not know what to do after receiving your inheritance while grieving. When you’re ready, consider discussing exchange-traded funds (ETFs) with an investment advisor. They’re diversified investments that don’t include high trading fees, so you can make low-risk investments and keep the money your loved one intended for you to have.

If you inherit real estate, you can also sell the property to invest the profits. Putting money away for a rainy day or a specific financial need is exactly why people write wills for their beneficiaries. You’ll have an easier life because your loved one gave you a monetary gift and you made the most of it with smart investment moves.

5. After Starting a Family

Deciding to have a child can be one of the highlights of your life, but it also requires adjusting your financial life. You’ll need to pay for doctor’s appointments, emergency bills and likely college tuition as your child grows up. Investing your money before expanding your family will give your kids the best chance to have every financial opportunity for good health, academic success and a high quality of living.

6. After Your Employer Offers Matching Contributions

Many large employers match contributions their employees make into their retirement accounts. Ask your employer if they do the same. It’s an excellent opportunity because you’ll double your investments without straining your budget. You’ll also get to keep those extra contributions if you leave your job because you’ll roll your 401k account over to your next employer or a private management firm.

Consider Investing While You’re Young

It’s never too early to learn about when you should start investing. Teenagers and adults can plan for their futures by opening investment accounts for their specific needs. Whether you want to save for a car, put money away for your future children or save for retirement, investing with the help of expert advice can result in more significant gains than traditional savings accounts.