Your Personal Finance Guide: 12 Simple Tips to Save Money

Looking for a way to upgrade your finances?

It’s possible for anyone to give a new turn to their financial journey by making the right move in the right direction. All you need to do is take the right step by following a few simple tips to save money. Sometimes, the hardest thing to do is take the first step towards your financial journey. We share with you 50 simple yet effective tips to save money and churn the wheel of your financial journey. Few tips would just take minutes to implement and few would take weeks. You can choose what you feel can be followed immediately and gradually increase the count. To get started, go through the list and follow the 12tips to save money. Create your own personal finance guide and add these12 tips to get started. Although, initially the difference would be small but with time you will be able to see a huge change in your financial journey. Remember perseverance is the key to success.

financial success

Let us understand the 12 tips to save money and how it can help you in your overall financial journey.

12 simple tips to save money:

The shopping rule: make a list before you shop

Making a list of items to buy before you enter a supermarket will help in preventing impulsive buying. It will also help you in keeping track of things you buy and also help to look for alternatives.

Heard about the 30-day rule?

Always buy an item you desire after 30 days. When you do that, you will either not buy the item or the desire to buy that item would have subsided. This will help you in saving a lot of money and savings.

Sell those unwanted stuffs

 Always sell the items which you don’t use it for more than a few months. It will help you in providing additional cash either to spend or save.

Switch to a different bank and earn more interest

You don’t have to live with high interests for your loans when you make regular payments. There are banks which help you in transferring your existing loans with lesser interests. This will help you in saving valuable money lost in high interests.

Enjoy the benefits of all customer reward programs

Only buy what you can use. When you feel something is really important to buy look for various customer reward programs which provide good benefits for the items you buy. These programs will help you in making a buying plan for the future.

Enjoy a TV-free life.

Television has become essential in everybody’s life. By not watching TV you are not only saving your electricity bill but will also think of other ways of making money such as side business and other investment plans.

Become a gift maker.

Everybody loves to feel special. When you make an effort to create useful gifts to your friends, it will be appreciated and you will also save money on buying unnecessary gifts.

Host a “house party”.

Partying reduces your stress. Party should never become a reason for your stress. The amount you spend in a party can take a toll both on your food budget as well as on the savings. Instead, host a house party and prepare all the things if possible, this will help you saving money for useful expenditures

Clothes stitched can be handy.

This is one of the useful tips to save money. Don’t throw your pant just for a small hole, or a shirt for a lost button; instead, stitch the button and patch the hole so that you reuse it during your crunchy times.

No big budget entertainments.

Making entertainment plans for the kids is always important. But that plan should not take a chunk of your lifetime savings. Find creative to entertain the kids, use items which will kindle their creativity and not their pockets.

Game what you can master

Being video game savvy is good. Only buy games which you can master and which has high resale value. Always buy another game when the first game is completely conquered.

Quench your thirst.

Drinking water is always good for health. But drinking a glass of water before every meal will not only help you to stay full for longer period of time but will also help in consuming less food. This will help you in saving a precious amount of money in your food budget and also in maximizing your lifetime savings.

Summing up:

The above tips will help you in saving precious money which can be used on your lifetime savings.  This money saved can be used for making investments which will help in increasing your standard of living.

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Five Simple Tips To Enhance Your Profit Factors

We all know that trading is one of the best places to make money. Every retail trader in the UK has now access to the higher leverage trading account and they can easily place big lot size trade to make sizeable income at the end of each month. Becoming a pro trader is not so easy and you have to overcome certain steps to establish your presence in the successful trader’s community. Winning few trades in a row doesn’t make you a profitable trader. Most of the traders assess their trading performance on the small horizon which is absolutely wrong. Without assessing the performance in the longer time frame scenario it’s almost impossible for a certain individual to fine tune their trading system.

forex chart

We will now discuss five some important element which will help you to enhance your profit factor in the trading industry.

Learn the art of doing nothing

Doing nothing is the best thing you can do in the field of Forex. If you become too much active in trading then chances are very high that you will start overtrading this market. But overtrading is one key factor for which you might lose your entire investment. All the professional traders stay idle most of the time. They know very well that keeping out of the market most of the time is the best approach to find profitable trades.

Use price action trading signal

Price action trading is one of the best ways to trade the Forex market. You might be completely new to this investment world but if you learn the most reliable price action confirmation signal then it will not take much time to understand how this market really works. But as a price action trader always remember to trade the higher time frame to save yourself from the false spike.

Use of multiple time frame analysis

Multiple time frame analysis is one of the easiest ways to save yourself from the false trading signals. This is often considered to be the best Forex trading tips by many UK traders. At times you will say that you are doing everything correctly but still losing trades. Do you think that you are doing the multiple time frame analysis with a high level of precision? The simple answer should be NO. The simple rule of multiple time frame analysis is enough to save your trading capital from the wild swings.

Learn to do the fundamental analysis

Fundamental analysis is one of the easiest ways to find the overall strength of the market trend. Being new to this industry you might say that you are not understanding the basic concept of news trading. But if you do some research, everything will become extremely easy for you. Over the period of time, you will say that it is one of the easiest ways to trade in favor of the long-term trend.

Trade with low-risk exposure

Last but not the least always trade the market with low-risk exposure. It’s true that you can take a huge amount of risk in every single trade but this doesn’t mean that you will be able to secure a huge amount of profit every single day. We all know that the outcome of each trade is random. So if you trade with a big lot and lose a certain trade then you are going to lose a significant portion of your trading capital.

So far you have read about the five most important trades in the Forex market. But now it’s time for you to decide whether you will be able to follow these five simple Forex trading tips. If you can follow this simple rule for a single month then you will see a dramatic improvement in your trading career. So it’s time for you take one step further in the financial industry.

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Ways to Get Out Of Debts

Panic-stricken faces, reluctance to spend even on essential commodities, high stress, and pressure levels, getting annoyed even at the slightest chance are not just signs of depression but also of a person in deep debts. Well, the way out of it very simple pay them all.

The happiness of a person paying the last instalment of his loan is equivalent to that of a person who has become a father. You feel your shoulders light and mind stress-free. Imagine what will be your state of mind when you have to get into another loan to manage an urgent need? This will be a nightmare and depressing experience. So if I tell you that, there is a way to get out of debts and continue to be the same for the rest of your life, won’t you be related?

Debt Management

Here are five ways to get out of debts

Plan your savings

 I start with the most sort after and preferred solution to get out of debts, savings plans. Well, this is the easiest way to get out of debts. Using your money from savings to spend on life events and emergencies instead of taking a chunk from your monthly paycheque. There are a lot of short term and long term investment plans available for you to scrutinize and embark on. Once you decide on the plan, decide on the savings and then proceed to save it on a monthly basis.

Discipline is very important when you start your savings plan, no matter what the amount allocated for the savings should not be used for any other purposes. The amount saved should be used only for your goal, when you can save from those savings to start the cycle again to earn better monetary benefits.

Record your mistakes

Nobody likes to time travel to visit the mistakes made in life. But I am not going to ask you to time travel but create a documentary about various financial mistakes you have made or make an entry into your diary whenever you make a mistake. This will help you in two ways:

  1. It will protect you in committing the same mistake twice.
  2. It can also be used to bail you out of precarious situations simply to help you in finding a way to get out of debt

Secondary income

The best way to increase your cash flow and to save more money is to create a source of secondary income. Choose your secondary income source based on your passion. For example, if you are passionate about writing, then you can choose content development, article writing as a secondary profession. Writing can be done from home and it will also quench your passion. It will also help you as a stress buster and when money starts to come in from the secondary income you can breathe a lot easier than you were before.

When you choose a secondary income source, make sure it is not stressful and laborious. You already have your primary job to get stressed and over work. So take a lot of care when you choose your secondary income source.

Invest your way to the top

A business needs assets to increase its valuation similarly a person needs investments to increase his standard of living. Right investment at the right time in the right place will yield you right results. The easiest way out of debts is climb the ladder of investments. Plan your investment mix correctly. Investments to aid you during your retirements should be the first and foremost investment you make.

DCA provides a lot of investments, 529 plan which are tax free can also be chosen to make investments. These may come to your aid when you need them to.

Battle against boredom

Study says people tend to spend more when you are bored. The best way to put it is

“An ideal mind is a devil’s workshop”

It is always better to keep yourself engaged in some activities. When you can be active by paying least amount of fees why not? You tend to splurge money when you a bored and you start to purchase something to kill time. For example, you may decide to purchase Xbox to kill time until your girl returns from work. Instea,d you can choose activities like jogging, badminton which are comparatively cheap to kill your time. You can enjoy the twin benefits of fitness and stress relief.

Summing up:

To live with or without a debt is in your hands. It is always better to live a life without any financial burden. This is life without a financial burden is not impossible but is possible with little planning and wise decisions. A decisions for life time after all we are not going to be working all our life, when we decide to hang our boots make sure you hang it with pride and without any regrets.

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