The Times Australia
Fisher and Paykel Appliances
News From Asia

.

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.

  1. Track your spending
      2. 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.

      1. 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.

      1. 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.

      1. 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.

      1. 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!

      1. 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.

      1. 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.

      1. 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.

      1. 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.

      1. 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

      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.

    Active Wear

    Times Magazine

    World Kindness Day: Commentary from Kath Koschel, founder of Kindness Factory.

    What does World Kindness Day mean to you as an individual, and to the Kindness Factory as an organ...

    In 2024, the climate crisis worsened in all ways. But we can still limit warming with bold action

    Climate change has been on the world’s radar for decades[1]. Predictions made by scientists at...

    End-of-Life Planning: Why Talking About Death With Family Makes Funeral Planning Easier

    I spend a lot of time talking about death. Not in a morbid, gloomy way—but in the same way we d...

    YepAI Joins Victoria's AI Trade Mission to Singapore for Big Data & AI World Asia 2025

    YepAI, a Melbourne-based leader in enterprise artificial intelligence solutions, announced today...

    Building a Strong Online Presence with Katoomba Web Design

    Katoomba web design is more than just creating a website that looks good—it’s about building an onli...

    September Sunset Polo

    International Polo Tour To Bridge Historic Sport, Life-Changing Philanthropy, and Breath-Taking Beau...

    The Times Features

    Australia after the Trump–Xi meeting: sector-by-sector opportunities, risks, and realistic scenarios

    How the U.S.–China thaw could play out across key sectors, with best case / base case / downside...

    World Kindness Day: Commentary from Kath Koschel, founder of Kindness Factory.

    What does World Kindness Day mean to you as an individual, and to the Kindness Factory as an organ...

    HoMie opens new Emporium store as a hub for streetwear and community

    Melbourne streetwear label HoMie has opened its new store in Emporium Melbourne, but this launch is ...

    TAFE NSW empowers women with the skills for small business success

    Across New South Wales, TAFE NSW graduates are turning their skills into success, taking what they h...

    The median price of residential land sold nationally jumped by 6.8 per cent

    Land prices a roadblock to 1.2 million homes target “The median price of residential land sold na...

    Farm to Fork Australia Launches Exciting 7th Season on Ten

    New Co-Host Magdalena Roze joining Michael Weldon, Courtney Roulston, Louis Tikaram, and Star Guest ...

    How GST Revenue is Allocated to Each State or Territory

    The Goods and Services Tax (GST) is one of the most important revenue streams for Australian gov...

    In 2024, the climate crisis worsened in all ways. But we can still limit warming with bold action

    Climate change has been on the world’s radar for decades[1]. Predictions made by scientists at...

    Higher than expected inflation report dashes hopes for further RBA rate cuts

    Inflation jumped 1.3% in the September quarter, above economists’ and the Reserve Bank’s own exp...