Money saving may appear nowhere related to Forex Trading but there exists a deeper relation between Forex and saving money. You cant invest in Forex unless you are a good saver.

Everything on this planet runs on it. It has the potential to make you feel on cloud 9 or make you feel despaired. You can utilize it today for your luxuries or save it for tomorrows needs. Yes, its money. Just about everyone talks or thinks about saving money. But how many actually end up saving. People save up on a few things but don’t realize that they are blowing up on some thing else. Here, I would like point out the major spendings, which you could save up on. Note that major spending does not just mean something big like a four door sedan, which you bought for $10,000; it also means minor expenses on which you spend daily and could save up on.

The first thing you should do is to learn to differentiate between luxuries and necessities.

Spending on your necessities is more like utilizing your money and spending on your luxuries is probably wasting a lot more since you could have saved that up and invested that for future rewards. For example, Spending on a 21” Flat screen could be a necessity whereas blowing up on a high end LCD TV is a luxury you could probably do with out.

Today’s luxuries are just not limited to a LCD TV but in almost everything including Computers, Music players, mobiles, branded clothes to more major ones like mortgage loans and cars. It works out that if you could manage to settle for something of medium budget rather than high end, you end up saving on just about everything.

Mortgage is the biggest culprit that eats up your money month after month, year after year and just refusing to end. Getting the best deal is essential since getting a bad deal means shelling out thousands of dollars when you didn’t have to. Check out various deals offered by different banks and Brokers. Bank of America is the leading bank in U.S, which provides reasonable deals when compared to the other banks.

It is a well-known fact that most of Americans are involved in credit card debts. They offer a convenient and hassle free way to spend but the bare truth is they charge too much interest. Most of credit cards charge about 12%-15% APR. If you have credit card debts its better if you take a small personal loan which would cost about 6%-7% and pay that off and you end up saving a lot on the interest.

A car is definitely a necessity but not a splendid looking sports car. Try going for cars that are not hard on your budget and also get the best deal on the insurance you take on it. Never automatically renew the insurance with out checking out other deals in town.

When it comes to branded clothes, you end up paying more for the “TAG” rather than the clothes. That doesn’t mean you buy cheap quality stuff though. Look for reasonable quality stuff. Always be on the look out for sales. Better stock up rather than paying more for the same thing later.

Dining out with the family is an extremely enjoyable occasion for many. But try to limit the number of times you dine out as this does eat up quite some money and there is nothing like healthy home cooked food.

Youngsters today spend a lot on buying the latest mobiles. It would have been okay if they retained their value for some time. The value of mobiles goes down dramatically and couple of years on, it hardly has half the value it was bought on.

Smoking affects a large fraction of the world’s population. You are reducing 3 mins of your life by each cigarette. Never mind the ill effects, if you are a chain smoker you are spending a lot on them. Cut down on them or better still try to quit.