TOP 4 TRICKS FOR SAVING MONEY

Before reading tricks, you need to watch this also: Most of us want to save money to build wealth and plan for the future. We have goals we want to reach or things we want to buy. However, this can seem impossible when you're surviving on a low income. So, to fulfill all these desires, these tricks are done:

1. TACKLE HIGH-INTEREST DEBT FIRST

2. CUT DOWN YOUR BIGGEST EXPENSES

3. TAKE ADVANTAGE OF FREE MONEY

NOW HERE WE DISCUSS THIS TOPIC IN BRIEF.....

1. TACKLE HIGH-INTEREST DEBT FIRST: To start saving more, you have to tackle your debt head-on. Specifically, high interest rates from personal loans, or credit cards, because they force you to pay outrageous fees and interest charges. When paying off debt, you need an attainable yet challenging plan to pay it off. Start by prioritizing your debt, so you're paying off the ones with the highest interest first. Then as you go forward, avoid accumulating any more high-interest debt, especially credit cards.

2. CUT DOWN YOUR BIGGEST EXPENSES: Trying to save money when you have a low income can be very difficult. Sometimes it feels impossible to cut down even a dollar or two every month. Aside from the usual money-saving ideas, like cooking meals at home and canceling your cable bill, what more can you do? Instead of trying to cut back your small expenses, focus on the larger ones so you can make more of a significant impact. For most people, housing costs tend to be the biggest part of their expenses. If you're renting, consider downsizing to a smaller home or living with roommates. If you own your home, consider whether or not refinancing your mortgage for a lower rate would be beneficial. You can also rent out a room or parking spot for additional income.

3. TAKE ADVANTAGE OF FREE MONEY: Take advantage of Free Money when you can. As a family with a low income, you may qualify for the earned income tax credit. According to the IRS website, the EITC can be a large refund on your taxes, helping you keep more of what you earned. Sometimes even as much as a few thousand dollars. You should also look into a 511k at work and see if your company matches up to a certain percentage of our contribution. Suppose they should take advantage of it and start saving as much as possible. The company match is basically free money that will help you save towards retirement.

4. KEEP YOUR BUDGET LEAN: To save more, you have to take control of how much you spend. Choose the categories you want to indulge in and keep the rest of your budget as lean as possible. You'll have to make sacrifices, but it's not impossible. Just learn to spend in moderation. For instance, cut back on how often you dine out. You can still enjoy a nice meal at a restaurant, just not multiple times a week.