Holding a Stocks & Shares ISA shouldn’t be like having a fling. When you invest in an ISA, you should be ready to stick with your investments over the long-term. And like any serious relationship, keeping the fire alive with your Stocks & Shares ISA can be hard work. Here are 5 ways to help you cultivate and maintain the spark in your ISA relationship.
Invest regularly in the relationship
Don’t take your Stocks & Shares ISA for granted. Try to be more invested in your relationship to make it stronger. Make regular payments to your account via Direct Debit and after a number of years, you could potentially see some positive growth and enjoy the fruit of your hard work.
Give each other space
The secret to any long-lasting relationship is space. So, think long term and give your Stocks & Shares ISA some alone time to give it a chance to blossom on its own.
Keep a healthy balance
Taking more out of the relationship than you put in could seriously hurt your future. So, try not to withdraw money from your Stocks & Shares ISA, or you’ll be delaying any potential long-term growth.
Don’t panic when things get rocky
All relationships go through ups and downs but ride them out and you’ll be much stronger long term. And when things get tough, it’s important to take some perspective, act rationally, and remember why you’ve committed in the first place.
Break the routine
Be adventurous and don’t be afraid of change in your relationship, especially if it can help make things better. If your money isn’t working hard enough, consider transferring your Stocks & Shares ISA to a new provider and make sure you use the official transfer form to retain all the tax benefits of your ISA.
The tax treatment depends on your individual circumstances and maybe subject to change in the future.
Please remember the value of your investments can go down as well as up, and you could get back less than invested.
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The comments and opinions expressed in this article are the author's own and should not be taken as financial advice from Wealthify.