Where to Invest $1,000 in September 2023

In my opinion, taking control of your finances is one of the best things you can do for your future. It allows the everyday person to live comfortably in retirement, assuming they’re willing to put in years of consistent and prudent investing. Fortunately, you can get started without having to put up a lot of money. With as little as $1,000, you can invest in some solid companies and help you get started on your way to financial independence. Here are three great stocks to invest in in September 2023.

Invest in utility companies

As a new investor, I believe utility companies are great to hold in your portfolio. These companies tend to have businesses that are very easy to understand. In addition, utility companies tend to have stocks that are much less volatile compared to stocks in other sectors. If I could choose just one utility company to invest in today, it’d be Fortis (TSX:FTS).

This stock is legendary among Canadians. Fortis holds the second-longest active dividend-growth streak in the country (49 years). Fortis’s management continues to be very good with capital allocation and has already stated its plans to continue raising that dividend at a rate of 4-6% through to 2027. That could help investors stay ahead of inflation for the next few years.

Convenience stores could be a good investment as well

If you’ve never considered a convenience store a solid investment, now may be the time to change that. Throughout the year, convenience stores offer massive value to consumers, providing basic and essential items when retail stores may be otherwise closed. In fact, consider how many times you go to a traditional store and walk out without purchasing anything. Essentially, everyone walking into a convenience store is sure to make a purchase.

In addition, with the school year starting up, students across the country tend to frequent convenience stores during lunch to purchase snacks and other items. That could help boost convenience store revenues. If I could only choose one convenience store to invest in, it’d be Alimentation Couche-Tard (TSX:ATD).

This company operates nearly 14,500 locations across 25 countries and territories. For those that aren’t familiar, Alimentation Couche-Tard stock has gained more than 120% over the past five years. In addition, its dividend has grown more than 10-fold since 2013. Whether you’re looking for growth or a solid dividend, Alimentation Couche-Tard looks like it could deliver.

If you’re interested in tech stocks, consider this one

Finally, new investors should consider adding Shopify (TSX:SHOP) to their portfolio. This is a great stock to consider as your first growth stock because the company operates a business that is very easy to understand. Essentially, Shopify provides merchants of all sizes with a platform and the tools necessary to operate an online store.

In 2022, Shopify saw its stock lose the majority of its value due to negative events like the laying off of more than 10% of its entire workforce. However, this year, the stock appears to be recovering very strongly. It has gained about 92% so far in 2023. Historically, the fourth quarter tends to be the strongest for this company due in part to the Christmas season. With that said, it could be a good idea to start accumulating shares in September.

The post Where to Invest $1,000 in September 2023 appeared first on The Motley Fool Canada.

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Fool contributor Jed Lloren has positions in Fortis and Shopify. The Motley Fool has positions in and recommends Alimentation Couche-Tard and Shopify. The Motley Fool recommends Fortis. The Motley Fool has a disclosure policy.