Saving money and investing it wisely are the two key ingredients of a prosperous life. However, there are very few people who know how to save without giving up their comfort. Moreover, even fewer individuals know how to find the most profitable investment opportunities. This article is going to show you five tips to save money, and a few reasons to invest it in Forex.
First Things First
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You can’t save money if you live beyond your means. By spending less than you make, you should be able to save. Even as little as 15% of your monthly salary can add up to a very nice amount if you are consistent.
Being consistent is another useful tip to help you save money. Once you decide to pay yourself first, you should set aside your regular amount as soon as you get paid, and only after that take care of your bills, trips and entertainment. Moreover, you have to develop this habit of saving a certain amount each and every month. Consistency is extremely powerful. Just try it for one year, and you’re going to see what it can do for you.
Repeated temptations can weaken our will. If your savings are within your reach, you might give in sooner or later, and spend the money on something you need. In order to avoid this fight, you should set an automatic rule with your bank to transfer 10% of your pay into a savings account. Like this, you won’t even see the money, so the temptation isn’t going to be that big.
Passive Income Is A Must These Days
Try to establish some passive income sources. For instance, you could start a blog or a website about one of your biggest passions, and monetize it with ads or affiliate offers. One or two hours of work a day can enable you to attract enough traffic to make a small amount of money without having to get a second job.
Avoid living in scarcity. In time, scarcity leads to frustration, so there will be a time when you’ll feel like spending all your savings on some extravagant purchase, only because you can’t resist it anymore. You should be careful with your monthly spending, while also spoiling yourself from time to time. The occasional day at the spa or a weekend trip to the mountains can motivate you to keep saving money, despite the difficulties of life you may have to overcome.
Save And Invest
Last but not least, you should put your savings to good use by investing them wisely. If you don’t mind taking risks, you should invest in Forex, as this is one of the most lucrative opportunities available for the time being. For example 70Trades has most profitable trading recipe for novice traders, you can start from there. Versatile and fairly easy to understand, foreign exchange can bring you nice profits. One of its advantages is that you can automate the trading to a certain extent, thanks to special software platforms offered by various companies. The other advantage is that you can start by investing relatively low amounts, so you won’t have to take huge risks right off the bat.