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“How can I save some money every month to trade Forex?"

by , 10 February 2016

First, I want to thank you for your questions on the Investors club. Every question you ask, helps me get an idea on what you need to trade more successfully. This year I want to make sure I answer as many of your burning questions as possible. And starting today, I thought we'd address this question from Markus.

“How can I save some money every month to trade Forex?"
Freeing up money to trade is very easy to do. The only problem is, how do you do this every month? 

Saving tip #1: Save R1,800 from delicious braai's

There must be some psychological factor when it comes to spending on food.

If you saw a R450 pair of jeans, you’d probably think it’s far too expensive…

But on a weekend, you don’t think twice to have a braai at your place.

Friday comes and you’re excited to have your friends over for a braai.So you go to Spar and spend R450 on the biggest braai pack and sides you can find. The braai pack will allow you to enjoy a delicious 15 minutes with your friends but after that?

Soon, it’s just a memory and R450 down the drain.

So instead of doing this on a weekly basis… Tell your friends that every week should be at a different house.

If you have five friends, you’ll only have to pay that R450 once a month.

If you befriend their friends where you end up having another five friends, you’ll only have to pay R450 once every two months.

If you have weekly braais, then you would’ve saved R1,800 just by changing up the place every week.

Not bad for a month?

Save R1,000 on personal luxuries every month

I’m sure you’ve spent on items that you’ve not used in years.

Clothes, cosmetics, or even tools.

So here’s what you can do to save up.

Instead of swapping your credit card or debit card to pay for these different luxuries, pay with cash.

You will find that you’ll buy a lot less unnecessary items when you actually have to give the cash to the teller.

And you’ll probably end up buying fewer items.

You could save thousands if you only decide to spend with cash.

Open a fun savings account

This one is my favourite.

Every month, after you’ve done your budget plan, deposit some money into another savings account.

So if you have a Nedbank card that pays for your expenses, have a Standard Bank account where you can spend on your entertainment.

This way you’ll budget purely on how much you have in your Standard Bank account.

Then take the average amount you spend in a month and compare it to how much you save with the fun account.

The difference from those two amounts, you can deposit into a trading account to trade. Those are some of the unconventional ways you can start today to save money to trade.

I have to give some credit to a book i recently read that's filled with these kind of money saving and wealth building tips.

Aiden Sookdin is our local personal finance guru. He’ll show you exactly how to free up money you never knew you had and become the Minimum Wage Millionaire. Click here to find out how.

If you have any other ideas, let me know at the InvestorsClub.co.za.

Until then, 

Always remember,

“Wisdom yields Wealth”


Timon Rossolimos
Senior Editor: Trading Tips 
Head Analyst: Red Hot Storm Trader
Author:           94 Top Trading Lessons of All Time 

 
 




“How can I save some money every month to trade Forex?"
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