Your saving rate is the largest factor in creating financial security, but what amount should you save each month?
The popular 50/30/20 rule recommends that you should keep 50 per cent of your budget for food and rent, 30 per cent for discretionary spending, and 20 per cent or more for savings.
If withholding 20 per cent of your income feels impossible, you shouldn’t be frustrated. Saving a little beats saving nothing.
Where should I save?
Online savings accounts are a good way to begin saving. Some of the best rates are online.
Why save 20 per cent?
Assuming that you are in your 20s or 30s and earn an investment return of around five per cent a year, you will need to save approximately 20 per cent of your income to set your cap at financial independence by the time you retire. The Money Advice Service has …
Foreign Exchange is the short-form of “foreign currency exchange”, a market for trading which is easy accessed by anyone. The article below will help you learn how foreign exchange functions and what it takes to make money through trading foreign currencies.
Do not trade with your emotions. Emotions can skew your reasoning. While some excitement or anxiety is inevitable, you always want to trade with a sensible goal in mind.
Watching for a dominant up or down trend in the market is key in foreign exchange trading. If you’re going for sell signals, wait for an up market. Aim to structure your trades based on following the market’s trend patterns.
People tend to be greedy and careless once they see success in their trading, which can result in losses down the road. Fear and panic can also lead to the same result. It’s vital to be as rational as possible …