OctaFX: 10 tips for becoming financially independent this Independence Day

OctaFX prepared ten tips for saving and increasing your capital ahead of Independence Day.

KUALA LUMPUR, MALAYSIA - Media OutReach - 30 August 2022 - What does it mean to be financially independent? It is not only about being able to pay for your bills, groceries, housing, health care—the basic living expenses.

Financial independence is also about saving money, not losing it to inflation and unnecessary spending, and increasing your capital over time. Your personal financial system should be sustainable—it should be able to support you even when your main stream of income decreases or disappears entirely.

This Independence Day, OctaFX shares ten most crucial tips for becoming financially independent. Remember that the tips will only work if you develop the habit of applying them. It takes time and effort, but it's worth it.

Track your spending

Start by learning your financial inflow and outflow. It might be hard to keep your daily purchases in your head or on a piece of paper, so if your banking app does not do that automatically, install one of the expense tracker apps.

Come up with a realistic budget

Next, craft a realistic budget that fits your lifestyle. Doing so is not about cutting back on spending: if you are accustomed to having coffee every morning, cutting it out from the budget won't work. Instead, try to plan ahead what you are going to spend your money on.

Create an emergency fund

Creating an emergency fund will help you deal with unforeseen circumstances without borrowing money with interest or selling your things to get out of the situation urgently. Putting aside 1 USD a day will give 30 USD more to your account at the end of the month.

Pay your bills on time

Tracking your monthly bills is actually a part of your budgeting plan. Paying your bills on time is an easy way to manage your spending and avoid fees.

Get rid of unnecessary recurring charges

If you have ever signed up for a free trial to a streaming service, you might have recurring charges you have forgotten about. Check your credit card statements and ensure you don't pay for something you can live without. Unsubscribe and put that money aside for your emergency fund!

Pay cash for expensive things (most of them)

Loans help you with major life purchases like a house or a car. For other big purchases, say a 65" TV, cash is often the best way to go as it saves you the monthly interest payment you would otherwise have to pay.

Use credit cards wisely

Most credit cards nowadays come with a free annual fee, and promotional offers could sometimes be beneficial. However, be sure your repayments are on time, keep your credit card limit for tight situations, and repay purchases within a month to avoid additional fees.

Diversify your savings

To protect your savings from inflation and other negative market factors, try diversifying them with different currencies, precious metals, and real estate income (earned from renting out a property). This will make your portfolio more resilient.

Start saving for retirement

Regardless of your age, start saving for old age—the younger you are, the more you will get. Set up a separate fund or term deposit to ensure you don't access the funds for purposes other than savings.

Create an investment strategy

Choose wisely. There are many forms of investment: some are more easily accessible, while others are more complex. However, even a small contribution to your investment is a potential for additional income and financial independence.

Let's say it again: the tips above will help you create a more independent personal financial system only if adhered to daily. Being independent is not a hobby—it's a lifestyle.

Happy Independence Day!

Hashtag: #OctaFX
The issuer is solely responsible for the content of this announcement.

About OctaFX

OctaFX is a global broker providing online trading services worldwide since 2011. It offers commission-free access to financial markets and a variety of services already utilised by clients from 150 countries who have opened more than 12 million trading accounts. Free educational webinars, articles, and analytical and risk management tools they provide help clients reach their investment goals.

The company is involved in a comprehensive network of charity and humanitarian initiatives, including the improvement of educational infrastructure and short-notice relief projects supporting local communities and small to medium enterprises.

On a side note, OctaFX has also won more than 50 awards since its foundation, including the 2021 'Best Forex Broker Asia' award from Global Banking and Finance Review and the 2021 'Best ECN Broker' award from World Finance.

OctaFX: 10 tips for becoming financially independent this Independence Day

OctaFX prepared ten tips for saving and increasing your capital ahead of Independence Day.

About OctaFX

News from Asia

Qinghai Balances Ecological Restoration with Clean Energy Ambitions

Carlsberg Asia and Meituan Elevate Strategic Partnership with First-Time Black Pearl Collaboration

Quanzhou: Starting Point of the Maritime Silk Road and UNESCO World Heritage Site Extends a Cultural Tourism Invitation to the World

"No Limits" 2026: A Celebration of Inclusion and Creativity All of Us, All Ways

From Newsroom to Tech Leader: TVBS Receives OpenAI Milestone Validation for 10 Billion Tokens

Skychakra Global Capital Strategy Upgrade: Advancing Cross-Border Listings and RWA Ecosystem

Johnson & Johnson and Asia Pacific Patient Advocacy Group Leaders Unite to Strengthen Shared Decision-Making in Lung Cancer Care

SBI Holdings Joins Amar Bank as New Shareholder, Strengthening Global Confidence in Indonesia’s Digital Banking Sector

MIMO: The AI-Native Storage Species Enables Desktop Scale AI Clusters With NVIDIA DGX Spark

World-leading Economists and Thought Leaders Converge at Hong Kong’s Landmark Forum to Decode China’s Economic Future in a Multipolar World

With Nvidia’s second-best AI chips headed for China, the US shifts priorities from security to trade

Faster, cheaper … but better? The devil in the resource management reform detail

How charitable are Australians? 3 charts show how much we give

Higher speeds lower productivity: what the data shows crash delays really cost Auckland

Through the mill: Tokoroa’s tough year was about much more than job losses

As the population ages, the RBA’s interest rate policy is no longer fit for purpose

Traditions of Rural Bali at Villa Sabana

Essential Reasons to Opt for a Professional Valuation Before Selling Your Commercial Property

There are 4 economic scenarios for the rest of the decade: I've reluctantly picked one

woke capitalism is no solution

Spirals and circles, snakes and ladders. Why women's super is complex

Online Christmas shoppers fund climate and biodiversity projects via HealthPost's Click Sphere for Good initiative

US landmark settlement protects SMEs, highlighting flaws in the RBA's proposed blanket card surcharging ban for Australia

Thryv Australia named Employer of Choice for third consecutive year at Australian Business Awards

RogersDigital.com Announces the Launch of TheBulletin.au, a Destination for Business, Policy and Financial Insight

Controlling business spend is helping finance leaders to forecast with confidence

From correction to resilience: making the most of Australia’s evolving insurance landscape

How Contiki is Redefining Travel for Young Adventurers

Navigating the Cosmetic Advertising Crackdown Before September Guidelines Hit

Defining Actionable AI for Australian IT Efficiency and Security