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Posted by on Dec 17, 2014 in Saving & Investing | 0 comments

Three Ways to Financially Recover from Christmas

Three Ways to Financially Recover from Christmas

Three Ways to Financially Recover from Christmas

Does your bank balance take a dive over Christmas? How about your credit cards? If you are like most of us, the ‘silly season’ really hits you in the hip pocket. Fear not – here are some simple ways to financially recover from Christmas.

Go on a ‘money diet’

The New Year resolution to lose weight is a pretty common one and usually because our waistlines – like our finances – bear the brunt of our excesses. So why not put yourself on a ‘money diet’ and identify ways to dramatically curb your spending throughout January at least? For example, if you usually eat out once a week, cut it right back to once a month. Apart from food and toiletries, set yourself the challenge to not buy anything new for as long as possible. Instead, recycle, reuse, buy second-hand or swap items.

Sell unwanted items

If you received gifts that you don’t like or have no use for, sell them. While you’re at it, do a mini spring-clean and identify things you might have in storage that you no longer like or need and list them online or hold a garage sale. You might be surprised at how much ‘stuff’ you really have and how much money you can generate from selling it.

Make more money

If you need to make some money quickly, then you might want to consider trading on the foreign exchange market or starting an investment portfolio. Forex is the largest market in the world, turning over a staggering 3.2 trillion US dollars a day. This market sets the ‘currency exchange rate’, which you would be familiar with if you’ve travelled overseas. This determines the rate at which one currency can be exchanged for another, for example, the EUR/USD (the Euro and the US Dollar). Trading currencies involves speculating on the value of one currency compared to another, in order to make a profit. When compared to buying and selling stocks or shares in companies on the stock market or exchange, Forex offers some distinct advantages.

This is sounds pretty enticing doesn’t it? However, trading currency is very risky and you need to know what you are doing. In order to minimise these risks and maximise your profits, you need to understand how Forex works, use proven trading strategies and have an overall trading plan. learning to trade is fundamental to having success with Forex and to do this, it’s best to learn from highly skilled and experienced traders such as Knowledge to Action .

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Christmas is a wonderful time of year, but it can also cause financial stress and hardship. To offset any excess spending this year, look for ways to curb your spending in the New Year as well as opportunities to boost your income. Also remember to think outside the box and consider furthering your study to create new, potentially financially-rewarding skills.

What other ways can you recover from Christmas spending? Do you have strategies in place that you use every year? Share your thoughts below and contribute to the discussion today.

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