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Bankruptcy: The Power of the Clean Slate

It doesn’t take many clicks online to find writing and advice on how to shape up your finances, even First30Days has a great financial advice section found here. There are...

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Joanne Heim

Joanne Heim

Author of Living Simply: Choosing Less in a World of More

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Gary Foreman

Editor and publisher of The Dollar Stretcher Newsletter

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Melissa Tosetti

Editor and publisher of Budget Savvy magazine

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Saving on a Low Salary

Saving on a Low Salary

It's a frugal living question we get alot: How can I save when I'm barely making it from paycheck to paycheck? Believe us, we've been there! It isn't easy but it can be done.

The first thing that you need to do is get a grip on where you actually stand. How much do you have in retirement savings as of now? If you haven't yet begun, this is the time to think about it.  It's also important to have an emergency stash, especially if you're trying to get out of debt. After all, you don't want to start paying off those credit cards only to find yourself back in the hole because you were laid off, had an accident or another unexpected expense.

Here's the bottom line: you should begin setting aside even the smallest amount from each paycheck, just to get going. Try $10. That's the difference between going out to dinner and cooking at home one night out of the week—an easy thing to do. Then, after a few weeks, save a little more, like $15. Soon, you'll feel like you're making the most of your hard-earned money.

That's our take. Now it's your turn. Share a financial tip here.

 

Posted: 7/11/08