01 Jul 14 Savvy Ways to Spend Leftover Forex Budget
The best thing about having leftover money after the budget implies that the budget items have been taken care off entirely. Now since you are having leftover, it is a prerequisite to have a spending plan. If you do not have a spending plan for the leftover, you will end up spending it casually on unnecessary things.
There are several ways in which you can spend leftover forex budget. Some of them include:
Purchase Penny Stocks
Penny Stocks happen to be one of the best options for spending leftover forex budget. These penny stocks can be availed from the market at the least cut off from the market. They cost less than a dollar and thus with the leftover money, you can purchase many penny stocks. You can buy different stocks with the money, and you can even find few winners while doing that.
Purchase Shares of an Established Stock
Buying shares of established companies is another option to spend leftover forex budget. You should buy at least 100 shares that come at a price of less than $10. If you can buy more, it is good. It was a few days back when Bank of America, Alcoa and Ford had shares below $10. The price of the shares will eventually rise, and you will be able to make huge profits by selling them at that time. CMC Markets is known to be a financial derivatives dealer that proffers online trading services. They could help you in purchasing good stocks.
Take a Trip
The leftover forex budget involves a decent amount of money. If you are a travel lover, you can plan a vacation with that leftover forex budget. In these days, the foreign trips can be availed at reduced prices, and you can certainly go for that with the leftover money.
Investing in Small Saving Schemes in Bank
In the past, only post office used to have such small investment schemes for the citizen. Recently, even the banks have introduced several small saving schemes where you can spend your leftover forex money. These schemes have lower rates of interest but a few of them confer higher returns as you invest in them. Some of the small saving schemes also come with compound interest quarterly. Since the interest becomes quarterly compound, it will proffer higher returns.
Invest in FD (Fixed Deposit)
Fixed deposit, also known as FD is one of the best options for spending the leftover forex money. The scheme yields the rate of interest up to 7.9% p.a. It is a five years time deposit scheme and certainly an excellent way to save the leftover money.
Invest in SIP
Investing in SIP is another option for investing in mutual fund scheme. This saving plan lets you purchase units on a given date every month. Being lighter on the wallet, some people prefer this scheme for spending the leftover forex money.
Investing in Unit Linked Insurance Policies
Insurance plan not only helps you in saving money but it also renders security to your family members and you. There are several ULIP policies that bring a higher return to you as you invest in them.
Purchase Health Insurance Policies
It is a prerequisite that you should have a health insurance policy. It confers the right amount of money in case you get admitted to hospital or gets treated for certain diseases. These insurance policies come at a low premium and hence investing in these plans can be an excellent option to spend your leftover forex budget.
Invest in Pension Scheme
Some pension plans have come up in these days where you can save money for post-retirement days.
Invest in Jewelry
Buying jewelry is another option where you can spend leftover forex budget.
Open Savings Account
If you are not willing to take risks, opening a savings account happens to be the best option for investing.
Invest in Fixed Maturity
You can spend your leftover money in Fixed Maturity Small Investment Plans as these are flexible and transparent.
Invest in Money Market Account
With a maturity time limit of 91 days, this scheme does not have any lock-in period. The scheme offers good returns, and you can invest your leftover forex money in it.
Invest in Large Cap Mutual Funds
You can also spend your leftover forex money in large cap mutual funds. Here you can make selective investments in renowned business organizations stocks.