If you are a member of the working class—whether if you are earning enough or otherwise—it is normal that we are bound to spend our time in our jobs to make money just so we can bring food to our table, pay the rent, and once in a while, treat ourselves to something nice. Every one of us aims to live in a way so comfortably we no longer need to loan money from friends or family or even use our credit card. The general rule to living comfortably is to add our sources of income (by accepting extra jobs on the side of our regular day job) and to cut back and down on our daily spending. Here’s a good news: it is not too late for you and anyone to be able to start their own savings and be able to invest. Regardless if you are in your late 40s or you just graduated from college.
Today we prepared a list of some of the important tips for you to live comfortably and free from unnecessary debts and financial obligations.
Getting involved in trading
If you are going to compare the years that have passed, more and more people have been involving themselves in the industry that is stock market—whether as a full-time job or just a means to earn huge extra money as a hobby. There are over a handful of types of investing options available to you online, but binary options trading is a lot less complicated to understand and it is even recommended by expert traders since this does not entail complex financial decisions. If you wish to learn more about this exciting opportunity that is binary options, read more in binary-options.trade.
To give you a high overview, trading with digital options require you to only make one out of two financial decisions, hence the tern binary. You can either “put” if you predict that the asset you chose will fall or “call” if you predict that the asset you chose will rise in the stock market.
Contrary to what many people think, investing is easy. You do not have to be a graduate of any finance course or hold a master’s in Mathematics. Almost all binary options trading sites have knowledge bases or apps that you can use to further your knowledge about the industry. The good news is, you can start trading even just by using your mobile phone. You may make your puts and calls wherever you are and whenever you wish.
Not rushing and starting small
It is crucial to understand that achieving your financial goal in mind is not as difficult as you think if you just start small. Do not rush. You may start to set aside $35 from your monthly salary to being your emergency fund. Emergency funds are for expenses that are inevitable like car repair and maintenance, unexpected loss of job or medication, etc. By doing this consistently and without fail every month, you are allowing yourself to adjust your budget which eliminates unnecessary spending. If in the coming months you are more comfortable to save more than $35, you may do so. Your emergency fund is not to be kept in a long-term manner. It is advisable to get a savings account or even a money market account because these two types of savings are highly accessible to you.
Not spending more than you can actually earn
You may want to take a moment to ask yourself these questions:
- Am I spending more than I can earn?
- Am I starting to pile up debts?
If your answer is yes to either of the two questions, then you are most probably overspending, and you may want to stop before it gets out of hand. List down just the necessary things you need to spend your money on and do away from buying stuff that are wants.
Starting a budget planner – and sticking to it
Let us face it—starting a budget is never easy, even more so if you plan to stick to it. It would take a huge amount of discipline, impulse control, and dedication to stick to your budget. To help yourself, here is a trick: write down your needs, expenses, and money allotted to each on a piece of better. With the advent of the smartphones and internet, you can even download an app for free, you just have to search for a budget planner app. Log each and every expense when you make a really necessary purchase. Your planner should contain these important stuff: how much you really earn per month, how much debt you have, necessary expenses like bills and rent, and how much money you are setting aside for your emergency fund. Budget planner apps will automatically calculate and show you how much money you have and this is the best way to keep an eye to your spending. Overspending will set you back, so it is important that you no longer overspend if you choose to really save for your future.
Window shopping is a fun thing to do during weekends, but if you are someone who buys what he or she sees even if it is not so important, then you are better off at home on a Saturday night reading a good inspirational book. If you want the latest phone or the newest bag, you should plan ahead instead. Save for it. It feels better to buy something big if you really worked hard to get it. If you cannot trust yourself around mall sales and bags and discounted bed sheets, leave your credit cards before you leave your house.
These are just some of the best tips on saving and investing that you should incorporate in your daily lives starting today. We are not getting younger and it feels better to sleep at night knowing that our future is secured and we are free from debts. If you have more tips to share, leave a comment below.