Technology can be very useful when it comes to finding ways to save extra money. There are apps you can download onto your smartphone that help you track your budget. You can even get extensions and plugins for your browser that automatically apply discount codes to your baskets online. However, the digital way isn’t the only way to save.
There are still plenty of old-school money-saving tips out there that can work to give you more control over your spending habits. Many of these traditional options are a lot more powerful than you might think.
Here are our favorite conventional methods for saving money.
The envelope saving system is one of the best-known budgeting strategies in the world today. The premise is that once you’ve paid your bills and set your cash aside for investments and savings, you pull the rest of your money out of your bank account and divide it into spending categories like clothing, entertainment, groceries and so on.
To improve your chances of success, actually, write the name of each category on envelopes and place the money inside. Once you’re out of cash in an envelope, you can’t spend anything else on that category. It’s that simple. One way to make this method even more effective is to add any of the receipts you get for the items you buy into the envelope as you go, so you can see how you spent your money later.
These days, it’s easy enough to live your life without ever having to deal in cash. As long as you have a phone or a card available, you can pay for practically anything that way. However, this often means that it’s straightforward to over-spend, as you’re less likely to notice over-spending when you’re doing it digitally.
While there are certain things that you might not be able to pay for in cash, like your loan repayments and your utility bills, you can pay for things like entertainment, food, and hygiene products without plastic. Switch to money and pay attention to how much more cautious you become when counting the pennies.
Loans and credit cards aren’t bad things. They help you to access the money you need when you don’t have that cash-on-hand. However, it’s easy to become too reliant on your credit cards, and that’s when problems start to appear.
If you notice that you’re using your credit card for everything, dunk it into a bucket of water and freeze it. That way, even if you decide that you do want to use your credit card, you’ll have plenty of time to think while the ice thaws out. This will force you to be more cautious with your purchasing decisions.
The phrase out of sight, out of mind applies to a lot of saving strategies. When you’re saving money for the future, but you can see that cash in your bank account, it’s hard to tell yourself that you can’t afford to pay for that extra takeaway, or a night out with friends. On the other hand, if you move the cash that you want to save to a completely separate account, it’s less likely to tempt you.
Open a new savings account and move all the money that you want to keep for a later date into it. You’ll also be able to set up an automated schedule with your bank where you can transfer money from your regular monthly payments into your savings account. This means that you’ll be less likely to accidentally spend the money you want to save.
Have you ever noticed how your grandparents seem to know how to do everything? Your grandad can always fix a broken sink, and your grandma is excellent at making clothes last a lot longer than they should. The reason for that is that older generations were forced to be more self-reliant. They couldn’t afford to pay for professionals to do jobs on their behalf.
Taking the same approach in your own life can save you some serious cash. All you need to do is commit to making things instead of buying them. Grow your own vegetables in the garden with your family. Make your cleaning supplies at home with some basic kitchen ingredients. You can even learn how to do basic plumbing and handyman jobs with the help of videos online.
If you are going to invest the time and effort needed to become successful at day trading, one of the first things you should do is master the lingo. Much like doctors and lawyers have their own language, so too does the world of the day trader.
The art of buying shares of stock with the sole intention of selling them on the same day.
The professional day trader is someone who makes their living and is licensed (with either a Series 6, 7, 63, 65 or 66). Keep in mind that these traders typically pay higher fees, and this is the reason why you must tell the regulators if you are a licensed professional trader. Day traders who invest their own money in day trading are not required to be licensed.
According to Pattern Day Trader (PDT) rules, if you take 3 or more day trades within a 5-day period, you are considered to be a day trader and are then required to keep a minimum of $2,500 in your account. Many of those involved in day trading who cannot maintain this balance will have to trade at Suretrader/Tradezero or Prop Firm.
Those who choose to be involved in swing trading hold onto their stocks overnight or over several nights. Yet these are still considered to be very short-term investments.
The stock market is open Monday through Friday from 9:30 a.m. to 4 p.m., except for holidays when the market will either close at 1 p.m. or be closed for the entire day. There are such things as pre-market or after-hours trading, but during these hours liquidity is frequently low as there are typically not many buyers or sellers during these hours.
When the market is a “Bull” market, it means the market is strong and trending upwards. Some traders take this position on a stock they are trading in because they are expecting it to increase in value.
A bear market is a weak one in which traders are expecting the value of one or more stocks to decrease in value. Traders may sell off their “Bullish” positions or short-sell their investments.
Companies make use of the IPO by selling a set number of stocks on the open market to raise needed capital to invest in research, growth or their own investments.
Once the IPO stocks have been released to the market, the number of available shares remaining on the market are called the float. Keep in mind the Float is the equivalent to a level of supply so the more limited the available supply and the more in demand they are, the faster they tend to move up and down.
Once a company issues an IPO they can buy them back. When this happens, the supply becomes more limited, which in turn increases the value of the stock while at the same time decreasing the float.
If a company chooses to offer more shares after the IPO, this is referred to as a secondary offering no matter how many times they choose to offer more shares. However, when this happens, it increases the Float and at the same time decreases their value.
This is just the tip of the iceberg when it comes the number of day trading terms you will need to master to become a successful day trader. Of course, you don’t have to learn them all at once; you can take your time and master them on your way to learning how to make a living in the world of day trading. We continue this in part two.