The Times Australia
Google AI
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.

    Times Magazine

    AI threatens to eat business software – and it could change the way we work

    In recent weeks, a range of large “software-as-a-service” companies, including Salesforce[1], Se...

    Worried AI means you won’t get a job when you graduate? Here’s what the research says

    The head of the International Monetary Fund, Kristalina Georgieva, has warned[1] young people ...

    How Managed IT Support Improves Security, Uptime, And Productivity

    Managed IT support is a comprehensive, subscription model approach to running and protecting your ...

    AI is failing ‘Humanity’s Last Exam’. So what does that mean for machine intelligence?

    How do you translate ancient Palmyrene script from a Roman tombstone? How many paired tendons ...

    Does Cloud Accounting Provide Adequate Security for Australian Businesses?

    Today, many Australian businesses rely on cloud accounting platforms to manage their finances. Bec...

    Freak Weather Spikes ‘Allergic Disease’ and Eczema As Temperatures Dip

    “Allergic disease” and eczema cases are spiking due to the current freak weather as the Bureau o...

    The Times Features

    5 Cool Ways to Transform Your Interior in 2026

    We are at the end of the great Australian summer, and this is the perfect time to start thinking a...

    What First-Time Buyers Must Know About Mortgages and Home Ownership

    The reality is, owning a home isn’t for everyone. It’s a personal lifestyle decision rather than a...

    SHOP 2026’s HOTTEST HOME TRENDS AT LOW PRICES WITH KMART’S FEBRUARY LIVING COLLECTION

    Kmart’s fresh new February Living range brings affordable style to every room, showcasing an  insp...

    Holafly report finds top global destinations for remote and hybrid workers

    Data collected by Holafly found that 8 in 10 professionals plan to travel internationally in 202...

    Will Ozempic-style patches help me lose weight? Two experts explain

    Could a simple patch, inspired by the weight-loss drug Ozempic[1], really help you shed excess k...

    Parks Victoria launches major statewide recruitment drive

    The search is on for Victoria's next generation of rangers, with outdoor enthusiasts encouraged ...

    Labour crunch to deepen in 2026 as regional skills crisis escalates

    A leading talent acquisition expert is warning Australian businesses are facing an unprecedented r...

    Technical SEO Fundamentals Every Small Business Website Must Fix in 2026

    Technical SEO Fundamentals often sound intimidating to small business owners. Many Melbourne busin...

    Most Older Australians Want to Stay in Their Homes Despite Pressure to Downsize

    Retirees need credible alternatives to downsizing that respect their preferences The national con...