Developing smart money habits enables you to keep a successful budget. One of the best money-saving tips is spending intentionally – not when you “feel like it.”
If money comes out of your paycheck each payday and goes into a savings account before you ever see it, you can condition yourself to live off the remaining. Instead of trusting yourself to save money at the end of the month, ensure you actually save something by hiding it from yourself at the beginning of the month.
Depending on how low your income is, may qualify you for an Earned Income Tax Credit also known as an EITC. By using these credits to your advantage (by saving them and not spending them), you can catapult yourself towards your financial goals.
In a similar vein as paying your present self first, supercharge your future by saving for retirement on the front end. Check with your employer to find out if they offer a 401K.
Look at your monthly expenses, including credit card debt, food, a personal or car loan, electric bill, and cell phone bill. You can decrease your monthly bills by turning your thermostat up or down a few degrees, cutting out most nonessentials at the grocery store (create a shopping list!), switching to a different cell phone plan, and taking advantage of free entertainment.
If you are unable to pay off your credit cards immediately, it may make sense to transfer your balance to a credit card with a lower interest rate such as 0%. However, depending on your current situation, this may not be the best option.