Strategies to Trade Forex Online

The following is a guest post. Enjoy! 

The 2016 US Presidential elections have come and gone. To a proportion of the world’s surprise, Donald Trump won the elections. This news sent the financial markets into a tailspin, causing traders to move their investments into safe-haven funds as well as hedge stocks. The markets then recovered some of their losses; however, they continue to be very volatile and strongly influenced by any global political murmurings.

As time passed, investment brokers and the world at large calmed down allowing the financial markets to recover some of their losses; nonetheless, the volatility remains. Added to this, because of the inherent liquidity of cash, the foreign exchange trading markets remain the most volatile of all the financial markets, resulting in the need for caution when considering the option to trade Forex online.

How wise is it to trade Forex online?

This beg the question: How wise is it to trade Forex online in our current politically and economically unstable climate? Unfortunately, this is not a challenge unique to a single currency or country. Because of the rise of the internet and online trading, the global volatility affects all currencies. The only difference is that it affects some currencies positively and others negatively.

What is foreign exchange trading?

Before we answer this question, let’s take a look at trading online entails. According to the Investopedia University, this market “is one of the most exciting, fast-paced markets around. Until recently, forex trading in the currency market had been the domain of large financial institutions, corporations, central banks, hedge funds and extremely wealthy individuals… now it is possible for.. investors to buy and sell currencies easily with the click of a mouse through online brokerage accounts.”

Trading strategies

If online traders read the current volatility in the markets correctly, it is possible to trade successfully; however, caution is required. Experts recommend that you develop a solid trading strategy before you start trading and then it is imperative to stick to it. Here are three tips in order to help you work out your trading strategy:

• Decide which position you are going to take

A trader can take three positions – short-term, medium-term, or long-term. In a nutshell, this essentially means that a trader needs to decide whether he is going to buy a certain currency and at what point he/she is going to sell it.

• Decide which currency pairs you are going to trade in

You need to sell one currency to buy another currency. Currencies are always divided up into pairs. For example, the GBP-USD is a currency pair. In this case, the British Pound is the commodity and the US dollar is the currency that you will use to buy the GBP.

• Establish your exit point

You need to decide at what point you are going to sell your commodity. For example, if your position is gaining ground or making money, at what rate will you sell or cash out? On the other hand, if your position is losing money, at what rate will you sell and cut your losses?

Final Thoughts

These three tips are just a start to help you develop a solid trading strategy, as they will help you safeguard your investments and prevent you from losing money. In order to successfully trade Forex online, you can improve your trading strategy by adding well thought-out stop losses and limits

Opportunity Funds

The following is a guest post by Akash Sky. Akash writes articles that teach people about investing using intuitive graphics and simple, plain English over at akashsky.com. Enjoy! 

I’m sure you have all heard of emergency funds, and I’m sure that many of you have them as well. But, have you heard of an opportunity fund? It’s similar to an emergency fund, except the purpose behind its use is different. In this article, we will discuss following:

• what an opportunity fund’s purpose is
• how large an opportunity fund should be
• who stands to benefit most from an opportunity fund
• where an opportunity fund should be stored
• how an opportunity fund should be used

Alright, let’s start by discussing the purpose an opportunity fund.

What’s the purpose of an opportunity fund?

To better understand the purpose of an opportunity fund, let’s examine the purpose of an emergency fund. According to Investopedia, the purpose of an emergency fund is to improve financial security. In other words, the emergency fund is there to limit your downside potential (i.e. bad things like debt, homelessness, hunger, etc.). Now, take that purpose and reverse it.

The purpose of an opportunity fund is to maximize your upside potential. Basically, an opportunity fund’s purpose is to give you the financial fuel to make the most of an opportunity that comes across your way.

What type of person benefits most from an opportunity fund?

First off, I want to explicitly state that an opportunity fund is not for everyone. If you are simply looking to remove risk from your life and remain financially comfortable, an emergency fund is more than enough for you.

A person well-suited for an opportunity fund would have the following attributes:

1. Is actively looking to increase their wealth / net-worth, even at the cost of accepting risk
2. Can lock away / save additional money without negatively impacting their life

How much money should I set aside for an opportunity fund?

There are no hard rules for the amount of cash you need to have in your opportunity fund – you just need enough to make the most of an opportunity that is likely to come your way. In order to do that, you are going to have to do some introspection. You should try and answer the following question: what are some of the best opportunities that I have come across in the last 5 years?

Then. ask yourself: “How much capital / money would I have needed to take advantage of those opportunities?”. Of course, its hard to give an exact figure. For example, if you happen upon a killer real estate deal, your “opportunity fund” would need to be large enough for a down-payment, whereas if you come across a smaller opportunity like a correction in the stock market, you would only need a few thousand dollars.

In my case, I’ve got $5,000 in my opportunity fund. The opportunities that I’m expecting to capitalize on at the moment are corrections in the stock market, my personal blog, and small business ventures. In order to find out the dollar amount you need in an opportunity fund, you need to clearly define the opportunities that you want to take advantage of. Once you’ve done that, all you need to do is calculate the financial fuel you would need to make the most of those opportunities and then save that amount in the form of an opportunity fund.

Where should I place my opportunity fund?

Just like an emergency fund, an opportunity fund needs to be liquid. That means that you can’t store your opportunity fund in an investment that is difficult to convert to cash.

This means that savings accounts, CDs (if you are willing to take a slight penalty), and money market accounts are great places to store your opportunity fund. However, the best place (in my opinion) to store an opportunity fund is inside of a 1 year old I-Bond.

I-Bonds are a hybrid between CDs and savings accounts. After you lock away your money for 1 year, you are free to access it at any time. In addition, I-bonds carry less risk than savings accounts because they are immune to inflation and interest rates. To top it off, I-bonds often pay higher rates.

How should I use an opportunity fund?

Before we talk about how to use an opportunity fund, lets quickly talk about how to NOT use an opportunity fund. An opportunity fund is NOT extra spending money for when things go on sale. If you truly want to make the most of an opportunity fund, you need to spend it on opportunities that will provide long term benefit to you.

In order to properly use an opportunity fund, you need to be able to identify worthwhile opportunities when you come across them. In order to do so, you should ask yourself the following questions:

• Is this opportunity likely to benefit me far into the future?
• When is next time I can reasonably expect something like this opportunity to pop up again?

If you are not likely to come across the opportunity again and it is likely to benefit you far into the future, it may be a worthwhile endeavor to use your opportunity funds on. Ultimately, deciding if the opportunity is right for you is a personal choice. However, having an opportunity fund allows you to have a choice to begin with. It’s up to you whether or not to use your financial fuel to take up an opportunity to change your life for the better.

Finishing thoughts

In the end, whether or not an opportunity fund is a good fit for you depends on your financial goals. If you want to actively grow your net-worth instead of cruise along, I highly recommend starting an opportunity fund. In the investment world, cash is king, and you’ll always need to have some of it on hand to pounce on any wonderful opportunity that comes your way. After all, fortune favors the bold, and it is much easier to be bold with an opportunity fund.

How about you all? What do you think about opportunity funds, and are they right for you?

Share your experiences by commenting below! 

Why More Practical Money Skills Should Be Taught In School

The following is a guest post. Enjoy!

Younger people have to make significant financial decisions these days, and acquire financial facilities such as bank accounts and debit cards at an earlier stage than previous generations did. With likely trends continuing into future years of increased life expectancy, uncertain economic and job prospects, and the already present need for students to manage their living costs and student loans when in further education, the need for youngsters to be financially aware is increasing.

A desire for financial education

Research undertaken by bodies such as the Personal Finance Education Group (pfeg), a body helping younger people gain financial skills, has revealed that over 60% of youngsters open a bank account before starting secondary school, and some 75% of 15 year olds with a bank account have a debit card. The pfeg also found an overwhelming number of parents and teachers, and young people themselves, thought financial education should be taught in schools.

The need for financial education

Along with managing savings and bank accounts from a tender age, young people very soon have to get to grips with heavier financial aspects such as managing a budget when studying away from home and dealing with student loans.

Judging aspects such as the best way to finance their mobile phone by understanding contracts and commitments, deciding when to borrow money, how much they can afford to borrow, and assessing the most appropriate loan sources for their needs are just some of the required financial skills.

The possibility of having to leave home at a young age for the right job, and organising what may be tight finances when renting and paying bills on a starter salary, are very real circumstances younger people have to face with career-specific jobs less likely to be found closer to home.

There are claims that consumers lose on average nearly £430 per year simply through misunderstanding financial terms and conditions or not studying them properly, and this could be at least in part blamed on lack of sound financial education at a younger age.

If nothing else, the principles of assessing financial products such as bank accounts, credit cards, loans and contracts would stand younger people in good stead. For example, if considering taking out a loan, youngsters would be shown how to assess the lender’s suitability for their requirements such as visiting their website and looking for key information such as their credentials and checking if they’re members of the FCA (Financial Conduct Authority), and how they operate perhaps by reading their ‘FAQ’ page.

Steps being taken

Unfortunately, due to pressures to deliver on other aspects of the ever-changing school curriculum, barely a third of primary schools offer financial education. That said, some headway has been made through the pfeg’s Centres of Excellence programme; as of April 2016, over 50,000 students had benefitted from some type of financial education and over 2,500 teachers had been equipped with skills enabling them to teach financial education.

All-party parliamentary groups have been formed in recent years to instigate financial education; in 2014 the Parliamentary Group on Financial Education for Young People was the largest all party group with over 200 members. Household name financial institutions were involved in providing training materials and actual lessons to young people in over 1,000 secondary schools.

Steps are being taken, but there’s still a long way to go in equipping youngsters with important financial skills.

Smart Money Moves for the New Year

The following post is by MPFJ staff writer, Melissa Batai.  Melissa is a freelance writer who covers topics ranging from personal finance to business to organics to food.  She blogs at Mom’s Plans where she shares her family’s journey to healthier living and paying down debt.

The new year is often a time for renewal; people frequently vow to get healthier and be more responsible with money.  However, there’s no need to wait until the calendar turns to January 1^st.  There is plenty you can do now to help your finances as you head into the new year.

Reduce the Interest You Pay

If you owe money, there are many ways you can cut the amount of interest that you’re paying so you can get out of debt more quickly.

Transfer credit card balances to a 0% APR card.  If you have a credit card balance and are paying high interest, take the time to stop that now.  If you have good credit, there are many 0% APR offers available.  Just do a simple Google search.  You’ll likely have to pay a transfer fee of 2 to 3% of the balance you’re transferring.  Crunch the numbers to make sure that the transfer fee is lower than the interest you would pay on the card you’re currently using.  Also, try to get an offer for 0% rate that lasts 15 to 18 months, giving you time to pay off the card.

Negotiate your interest rates.  If you don’t want to transfer your credit card balance, another option is to call your credit card company and ask them for a lower interest rate.  Really, it’s that easy.  This strategy works about 50% of the time, so it’s worth the time.  If the person you speak with tells you the company can’t change your interest rate, ask to speak to the supervisor who may be more likely to negotiate with you.

I did this about a year ago, and I was originally refused.  I asked to speak to a supervisor, and I was again refused.  I called back a few days later and again worked my way up to a supervisor.  This time, the supervisor not only reduced my rate by 3%, but he also gave me enough rewards points to cover the cost of my annual fee and additional to give me $50 cashback.  Persistence is key with this strategy.

If you try to call several times and don’t make any progress, tell them that you plan to move your balance to another card.  This is a last resort option and may provide the incentive the company needs to reduce your interest rate.

Be Mindful of Your Money

Money has a way of leaking out if we’re not careful.  There are several steps you can take to stop the leaks and keep more of your hard-earned dollars in your pocket!

Set up a budget.  If you have not done so already, take the time to set up a budget.  For years I did our budget with paper and pencil, but as our finances grew more complex as our family grew, I found this method increasingly frustrating.  A few months ago, I switched over to You Need a Budget! (YNAB), and I love it.  It’s made budgeting so much easier!

There are other budgeting tools available, too, like PearBudget, EveryDollar, Mint, CalendarBudget, Mvelopes, and many others.  Just find the tool that works best for you.

Delete ghost accounts.  Most of us have accounts that we’re still paying for regularly, but we no longer use.  Are you paying for a magazine subscription for a magazine you no longer read?  Do you still pay $40 to the gym, but you quit going months ago?  Take an afternoon to go through your checking and credit card accounts to see if you have any ghost accounts—things you’re paying for that you no longer use, need, or want.  You may be surprised to see that you have several!

Set up auto pay.  If you have trouble remembering to pay your bills on time or you don’t want to set reminders for yourself, consider setting up auto pay.  By utilizing auto pay, you can reduce the chance of having a late payment and suffering the accompanying late fee.

Check your tax withholding.  If you routinely get a tax refund, check your tax withholding.  You may want to claim more dependents so that you don’t get a big refund each tax season.  It’s far better if you put that money to work for you throughout the year rather than getting back a large lump sum in the spring.  Your accountant can help you determine the appropriate tax withholding.

Increase Your Savings & Retirement Contributions

Once you’ve lowered your interest rates and set up a budget, it’s time to look at your savings and retirement contributions.

Set aside money for Christmas.  Do you routinely put all of your Christmas shopping on credit card and then find yourself unable to pay it off quickly?  If so, you’re paying even more for the presents than you realize.

“You can figure out just how much your Christmas debt is costing you to carry by using calculators on the internet.  Plug in $1,000 at 17 percent (the prevailing credit card rate) in the calculator at www.bankrate.com, and you’ll find that your interest totals $94 over one year and $187 over two” (ABC News).

Rather than paying interest, take steps now so you’re prepared for next year.  If you spend $600 on presents, set aside either $11.50 a week or $50 a month.  When the 2017 shopping begins, you’ll have the cash to pay for your gifts.

Set up automatic savings withdrawal from your paycheck.  Most of us have trouble saving money.  One easy way to save more is to set up an automatic withdrawal from your paycheck to your savings account.  When I worked full-time, I did this.  At first, I missed the money from my paycheck.  But after a few paychecks, I forgot all about the money that was being deducted, and I learned to live on the paycheck I was getting instead of counting on the money that was being funneled into savings.

I truly forgot about this, so I was always in for a pleasant surprise when I checked my savings account balance.  It was growing steadily, with no help from me.

Simply go to the payroll department and fill out the form to have whatever amount of money you would like transferred to your savings account every paycheck.  You can likely also do this online.  A perfect time to make this adjustment is when you receive a raise.  You won’t yet be depending on the additional income, so you won’t miss it when it goes to savings.

Put money in your retirement savings.  If your employer offers a retirement savings match, make sure to allocate money for a retirement contribution, at least to the point that your employer matches.

If you’re in a better financial situation, consider adding to your Roth IRA or your regular IRA.  Remember that you have the first several months in 2017 to add to your account for 2016, which can help lessen your tax burden when you file your taxes.

Financial changes don’t happen overnight.  However, as we head into the new year, you can slowly make these changes so that you’re in a much better financial position in 2017.

How about you all? What financial changes do you plan to make for the new year?  What strategies would you recommend others implement?

Share your experiences by commenting below! 

***Photo courtesy of https://www.flickr.com/photos/scruch/2304897733/in/

Compound Interest: Your Friend Or Your Enemy

The following post is by MPFJ staff writer, Laurie Blank.  Laurie is a wife, mother to 4 and homesteader who blogs about personal finance, self-sufficiency and life in general over at The Frugal Farmer. Part witty, part introspective and part silly, her goal in blogging is to help others find their way to financial freedom and to a simpler, more peaceful life.

At the root of many financial failures is the failure to understand the power of compound interest. Depending on which side of the river you’re on, compound interest can be a tool that will catapult your journey to financial independence, or a destructive enemy that will work to destroy your financial world.

Compound Interest: Your Wealth Building Friend

The effects of compound interest in the investing world are almost unbelievable. A commonly used scenario that works to illustrate the benefits of compound interest when used to grow wealth is this one:

At age 19, Joe decides to invest $2,000 per year in a retirement account for a period of eight years until he turns 27. He puts a total of $16,000 of his own money into an investment account, committed to leaving it there until he retires at age sixty-five.

Mike, also 19, decides to put off retirement investing until age 27, right when Joe decides to stop adding his own money to his retirement account. Mike puts $2,000 a year into his retirement account starting at age 27 and every year after that until age 65.  Both men net an average annual return of twelve percent.

Who has more money saved in his retirement account when the men reach age 65?

Joe: $2,288,996

Mike: $1,532,166

(Source: http://www.daveramsey.com/blog/how-teens-can-become-millionaires )

It seems impossible, but any investment calculator will show you that although Mike contributed over $60,000 more of his own money to his retirement account than Joe did, Joe still ends up with nearly double the amount of money in his retirement account that Mike has.

This, my friends, is the wondrous miracle of compound interest.

Compound Interest: Your Financially Destructive Enemy

In the same way as compound interest can help you build enormous wealth, it can also assist you in systematically destroying any opportunity for financial freedom.

How? By continuously carrying high amounts of debt.

For example, if you carry a credit card balance of $15,000 (the average of credit card balance carriers in the U.S.), and your credit card has an interest rate of twelve percent, you could be paying on that credit card forever. If your card has a minimum payment due of one percent of the balance, the payment will match the monthly amount you’ll pay in interest and you’ll never make a dent on the balance, even if you pay on it for forty years. If you pay a minimum payment of 1.5%, it will take you over thirty years and over $40,000 in payments to get to a zero balance, as shown by the chart below.

The longer you hold onto debt – especially high interest consumer debt – the more that compounding credit interest charges will cost you money.

Credit card, mortgage and other loan interest charges not only eat up your monthly income, they take from you money that could be used to make compound interest your friend by using it to grow wealth, as in the first scenario I shared.

How to Turn Compound Interest from Foe to Friend

If you’re stuck on the wheel of compound interest destruction don’t worry; you can turn things around. Here are some tips for minimizing compound interest payments and freeing up more cash for wealth building.

Transfer Credit Balances to Low or Zero Interest Cards

If you’re carrying credit card balances that are too large to be paid off each month, work to transfer the credit card balances to zero interest card offers. Then work hard to get the balance paid off by the time the zero percent interest rate offer expires.

Crush Your Debt Quickly

The sooner you pay off your debt, the less of your money that will go into the profit margins of big banks and the more that will be available to go into your own pocket. Devise a debt payoff plan such as the debt snowball and get to work on crushing your debt.

Start Investing – NOW

Even if you can only afford to invest a little bit each month as you work to get out of debt, invest something. Get the power of compound interest working in your favor now, and increase the amount of money you invest as you are able.

Don’t let compound interest work against you any longer. Instead, use it to help you grow wealth and reach all of your financial goals.

How about you all? How is compound interest working in your life?

Share your experiences by commenting below! 

***Photo courtesy of https://www.flickr.com/photos/torley/7072696591/in/

5 Monthly Cost Reductions That Can Keep Your Budget on Track

The following is a guest post. Enjoy!

Creating a monthly budget is one of the significant steps forward you can take in your personal finances. Not just a way to limit unnecessary spending, budgets also allow you to plan for future goals. They let you chart your progress towards those milestones. However, it’s always a challenge to stick to your budget. That’s especially so if you’ve just made one for the first time.

While I previously wrote about bad habits that can harm your budget, there are other steps you can take as well. Many people don’t realize just how much they could rescue their monthly expenses. Take a closer look at some ways you can cut back on your spending.

1. Lower consumption to reduce utility bills

One of the big slices of your budget pie-chart likely goes to utilities. Do you feel like your bill each month is too high? You can make an effort to lower it. Changing your consumption of electricity and water can have a big effect on your budget. Best of all, there are many ways to save money on your utility bill. That includes everything from shorter showers to using energy efficient appliances. As your bill goes down, budgetary wiggle room increases.

2. Spend more time cooking meals at home

Do you love to go out to eat? Many of us do, and it’s often a social occasion as well. However, all those meals add up quickly. It doesn’t take long before your food budget goes strictly to restaurants. To gain more control over your finances, cook your food at home. In more cases than not, it works out to be cheaper than eating out. It’s also frequently more enjoyable. Playing a bigger role in making your own food can only be a good thing. Try to plan your meals in advance. Pay close attention to local grocery sales. Taking advantage of these can enable you to stock up on delicious ingredients at budget-friendly prices.

3. Cut out daily luxury purchases

Coffee, cigarettes, smartphone application purchases — we all have our daily vices. We’re all probably aware of how much it costs us, too. Rarely does that stop us from grabbing a coffee on the way to work, though. Don’t carry on with these kinds of purchases. I wrote about how “small” purchases can stack up fast. So can these expenses, which we often know we don’t need in the first place. Try to wean yourself from them. If you find it difficult, try only getting your coffee every other day. Eventually, you can cut it out altogether.

4. Look for a better car insurance rate

Like utilities, a car insurance payment can be a substantial chunk of your monthly budget. Could you be paying less than you are now, though? It might be time to look into finding a better rate. That could come from speaking to your current insurer. You could also consider changing providers. No matter where you are, from Maine to California, it’s easy to get a quote for auto insurance from many companies. Frequently you can even request a quote online or over the phone. It’s worth taking some time to investigate a lower rate, because you may find you could save a few hundred bucks.

5. Use public transportation more often

Do you live in a place where driving everywhere is a necessity? You may frequently spend more than you’ve budgeted for fuel each month. This extra expense can be a very frustrating problem to encounter consistently. What’s the solution? Make an effort to commute without your car. If you can use public transportation, a carpooling service, or even a bicycle, you can save money. Gas prices are volatile by nature; you never know when the cost may skyrocket. In other words, it’s smart to try and cut your fuel consumption regardless. Plus, the less you drive your car, the easier it is on the environment!

These are just a few of the ways you can knock your monthly expenses down to size. When you gain control of these costs, you gain control of your budget. That empowers you to work harder and faster towards meeting your goals. Take the time today to sit down and think about how you could reduce these and other expenses each month.

5 Things I Do Every Month to Save Money on Groceries

The following post is by MPFJ staff writer, Chonce. You can read more articles by Chonce over at her personal blog, My Debt Epiphany. Enjoy! 

According to a Gallup poll, the average American spends $151 per week on groceries and 1 in 10 Americans admitted to spending $300 or more per week.

That sounds like a ton of money to spend on food alone, but if you have a standard family size of 3-4 people, you might find lowering your grocery spending to be quite the challenge.

Next year everyone will be setting New Year’s resolutions and one of your goals may be to lower some of your expenses.

My family of 3 have been eating well by only spending $300 per month on groceries and I know that anyone can meet their goal of lowering their grocery spending by doing using some of the strategies I implement every month.

Use Coupon and Discount Apps

One of the best things you can do before a shopping trip is scope out the deals and see if you can use any valid coupons to lower the cost of your final bills. It sounds great and all, but who has time to do that?

If you’re getting off work on a Friday afternoon and you just want to get your shopping over and done with, you probably aren’t going to want to go through the effort of hunting down your newspaper circular and making things off and clipping coupons.

To simplify this rigorous process, I use mobile apps to do all the hard work for me so I can still reap the benefits. Favado is an app that compares prices across local stores in order to find the best sale/discount for you. Flipp is another app that collects circulars from local stores so you can compare sales and it allows you to clip coupons digitally as well.

Limit Your Trips to the Store

Another way I save money at the grocery store is simply by shopping less. We shop once every two weeks and I love the fact that I don’t have to be in the grocery store every weekend.

I never go shopping without a detailed list, so I know exactly what we need and how many meals we need to prepare in order to avoid going to the store every week.

The less you shop, the less likely you’ll see things you want to purchase so this helps my family and I eliminate temptations to make impulse buys.

Price Matching

If you haven’t tried price matching, you could be missing out on a ton of savings. Shop at stores that have price matching policies where they promise to provide you with the best deal in town.

At stores that offer price matching, you can bring in an ad from a competitor that is offering a discount on a specific item and that store will need to match their price which can save you money on the spot.

My friend price matches all the time for groceries and loves it. When she moved 25 minutes away from her hometown for college, she started bringing ads from her favorite grocery store that offered a 10-cent produce sale every month to the Walmart in her new town and they honored the prices on the flyer.

With price matching, it’s important to check the store’s policy and see what they accept. For example, some stores will only price match ads from competitors with a 30-mile radius so you can’t compare a local deal in California if you live in Colorado.

However, if you keep your eyes out for ads with savings and become familiar with your favorite store’s price matching policy, you should be able to price match some of your food items and save a decent amount of money as a result.

Utilize Your Crock Pot to Cook Meals in Bulk

Purchasing a crock pot/ slow cooker was one of the best decisions I could have made to lower my grocery spending. Grocery shopping can be stressful and hectic especially if you are trying to eat a large majority of your meals at home.

To stretch our low grocery budget, I prepare filling and affordable meals in our slow cooker all the time. I make a lot of stews, soups, pasta dishes and more. Our favorite slow cooker meals right now include beef stew, chicken tortilla soup, and rice and beans.

The ingredients for each of these meals cost less than $10 and makes enough for us to eat for 2-3 nights so it averages out to around $3-5 per family meal. You can’t get that deal at a restaurant!

With your homemade meals, try to focus on the price per portion if you’re trying to spend less on groceries and consider using a slow cooker to help keep costs low.

Buy In-Season Fresh Produce

I’m all about eating healthy, but I’m not interested in buying a $7 bag of grapes or cherries during the offseason. This is why we stick to seasonable fresh produce in order to save money.

You might notice that berries go on sale in the summer then get expensive in the fall and winter. Plus they taste pretty bad during the offseason too.

I always shop for fresh in-season produce because it’s always on sale so I can get more bang for my buck.

Also, shopping fresh is usually cheaper too seeing as how processed foods can get pretty costly. Even buying fruits and veggies that are pre-cut can add an extra few dollars to the total price.

How about you all? Do you do any of these things to lower your grocery budget every month?

Share your experiences by commenting below! 

***Photo courtesy of https://www.flickr.com/photos/andrefariagomes/4088061570/in/

Why Is The EUR/USD Currency Pair So Popular?

The following is a guest post. Enjoy! 

­One currency pair enjoys so much trading volume that it is almost synonymous with the whole world of foreign exchange (forex).

The EUR/USD currency pair sometimes nicknamed ‘fiber’ by some traders, tracks the movement in value between the world’s two most liquid currencies, the Euro and the US Dollar.

But what makes the EUR/USD such a popular trading choice?

One reason is the large number of multinational corporations (MNCs) actively trading both in the US and in the Eurozone. These businesses have an ongoing interest in the currency pair, given their need to actively hedge against exchange rate volatility.

That same volatility is also an attraction for newcomers to the world of forex trading. Given the large number of worldwide market participants, liquidity is never in short supply on the EUR/USD. This makes it a great option for those interested in opening short-term positions on the pair, such as day-traders.  The pair’s continuous and incremental changes, driven by ample liquidity, are important to discerning short-term market trends.

The pair can be significantly affected by geopolitical and economic developments in both the US and the 19 Eurozone countries, where the currencies are the official tender.

For those with a keen eye for spotting how global events play into market fluctuations, the pair offers the possibility to take positions based on the expected outcome of major world events, such as elections, monetary crises, and even wars.

Knowledge of the Eurozone’s ‘macro-economy’, including the complex monetary policy administered by the European Central Bank (ECB) in Brussels, will also play dividends for traders looking to explore the pair.  On the US side, policies set by the Federal Reserve (or simply the ‘Fed’) can have a significant impact on the rate.

Given the prominence of the pair, customers also have a vast array of trading websites from which to choose from when looking for an outlet that supports the pair.

For both newbie and veteran traders wishing to find a currency pair that affords plenty of possibilities to leverage both short-term and long-term trading strategies, the EUR/USD is a great place to start.

Forex Basics

The following is a guest post. Enjoy! 

Everyone’s looking to make some easy money, and the older we get the more we learn that such a thing doesn’t exist. But there are ways you can make a little extra money on the side and during your free time such as with forex trading.

Forex trading is seeing a wave of popularity because of the opportunities it gives traders to trade on their own schedules and make some serious cash. The forex markets are decentralized which means that traders can access them via a simple internet connection. This is liberating for many traders that want to trade during their free time, from any place in the world.

Also, forex trading offers a real opportunity to make money. That said, you have to take the time to learn forex basics before you can begin trading and profiting off your trades. Let’s take a look at the forex industry, how it works, and how you can learn about the industry to begin trading as soon as possible.

What is Forex Trading and How Does It Work?

Forex trading is based on a simple concept: currencies have values that fluctuate over time. Throughout the day, week, month, or even year, the currencies go up and down in value as a result of a number of external factors. These factors include the forces of supply and demand, events like war and economic recessions, and even statements and announcements made by governments and political leaders.

Traders take advantage of these value changes to buy and sell currencies. The whole concept is to buy a currency when its value is low, and sell it when its high. Traders that have a well-developed strategy and understand the rules of the forex markets are able to profit off currencies in this way.

The truth is that forex trading takes a lot of time and effort to learn. That’s why it’s important to learn forex basics from the very beginning so you have a sturdy foundation to begin trading and you can build on that foundation as you learn more about the markets and hone your skills.

Learn Forex Basics with Broker Resources

The question that many beginner traders have is where they should begin learning about forex markets. Many novice traders don’t know that brokers often have resources that will help them learn about the industry, get their feet wet, and start trading successfully.

These brokers often have full websites dedicated to educating their customers. Some even offer virtual trading simulations where you can make some sample trades without risking any of your valuable money.

These resources are an invaluable source of information for beginner traders that want to learn and shouldn’t be ignored. If you are able to take advantage of the information that forex brokers provide, you can become a successful trader and make some money.

Overall, the forex industry offers a great opportunity for those that want to make some extra money by trading during their free time. Just keep in mind, you have to invest the time to learn about the markets before you begin trading. Don’t skip this step, otherwise, you may be disappointed with your trading results.

A First-Timer’s Guide to Closing a Real Estate Deal

The following is a guest post. Enjoy! 

Hopefully, you did everything right from the beginning: You were pre-approved by your financial institution for an affordable home loan; you researched your area extensively to find the perfect property for you; you hired a real estate agent you could trust to gain access to property details and help you navigate the complex seas of paperwork. Now, it’s time to close.

Whether you are buying your first family home or a commercial property for your business, closing is convoluted and seemingly interminable. Even with the help of an experienced real estate agent, you should learn about the closing process before you attempt to survive your first real estate deal. This guide will walk you through the most important steps of closing your deal, so you come through excited to finally own your own property.

Obtain Title Insurance

Though it might seem unnecessary, performing a quick title search and obtaining title insurance will safeguard your investment from conflicts down the road. It’s possible that a previous owner of your soon-to-be home left the house in a will to a long-lost relative or failed to pay debts taken against the house. If anyone shows up trying to claim ownership over your home, your title insurance should reimburse you, so you won’t take a significant loss due to the state’s poor record-keeping.

Open Escrow

“I’m in escrow!” is an exciting statement to shout, but before you do, you should know what “escrow” means. Escrow is an account held by a neutral third party to prevent you or the home’s seller from being scammed. Until both parties in the transaction finish the necessary paperwork, all the money involved will be stuck in escrow.

Negotiate Closing Costs

Escrow isn’t free, but odds are you aren’t sure how much it should actually cost. Most escrow companies will try to take advantage of your ignorance and inflate their fees unnecessarily. By displaying your knowledge of the system (and using a few smart negotiating tactics), you can lower your closing costs and save some money. So-called junk fees to watch out for include:

• Administrative fees
• Application review fees
• Appraisal review fees
• Ancillary fees
• Email fees
• Processing fees
• Settlement fees

Complete a Home Inspection

Do you know the difference between a wall crack caused by foundation settling and one caused by water damage? Can you tell just by looking how old the pipes are in the master bathroom? Can you recognize black mold? Most likely, the answer to all these questions ― and any questions about home repair or construction ― is “no.” That’s why you need to hire a home inspector to survey your desired property before you close the sale: You should know exactly what you’re in for before laying down cash.

You should also consider hiring a pest inspector to look for signs of damage due to wood-eating insects. If an infestation is discovered, most mortgage companies require the seller to resolve the issue before closing.

Renegotiate

Based on what your home and pest inspectors find, you might be able to lower the price you previously agreed to. Because you will likely need to complete some amount of repairs, you should ask that the seller to lower the cost by at least as much as the cost of the repairs ― or else request they complete the repairs themselves.

Set Your Rates

If you didn’t seek pre-approval ― which you should have, by the way ― it is time to lock down your interest rate. The best lenders will watch the market for a dip in rates, but you should avoid becoming too obsessed with obtaining the lowest possible number. Interest rates fluctuate several times every day, so your goal should be to obtain a reasonable rate that you can afford.

Funding Escrow

Finally, you can enter escrow. When you signed your purchase agreement, you likely deposited some earnest money into your escrow account to convince the seller that you do intend to buy the house. By now, both parties are certain about each other’s intentions, and it is time for you to move a more significant amount of money into your escrow account. You should deposit the full amount of your down payment (less the earnest money) and closing costs.

Sign the Papers

The last step of closing on your deal is signing the paperwork. In total, there should be about 100 pages worth of material, detailing the agreements of the sale, and you should read absolutely all of it. Because a home purchase will impact your finances for decades, you must know for certain that the contract says what it is supposed to. You don’t want any surprises in the way of rising interest rates or unknown fees down the road.