If you're a low-income family, there's no time to waste. You have to make the most of every dollar you have and get it into your savings. Here are my top money tips:
1. Don't spend more than you earn. It's easy to go overboard when you don't have much money, but if you want to be able to save up for things like college or retirement, this is the key rule to follow.
2. Start small and work your way up. If you want to start saving for a new car, buy a used one instead of buying new right off the bat that way, if something goes wrong with it in the future, at least you'll still be able to afford transportation without worrying about how much money you'll need for repairs or replacement parts (or worse yet, not having enough saved up).
3. Set aside a set amount each month that will go directly into savings (like your retirement fund or emergency fund). This way when there's an unexpected expense (like a medical emergency or car repair), everything will already be accounted for and only one bill has been paid out of pocket instead of two!
4.Be careful of Ponzi schemes and pyramid schemes. These schemes promise big returns on small investments, but they're actually illegal and will leave you broke.
5.If you have children, pay for their college education early. it's not cheap! If you're not sure how much money you'll need for college, talk to an adviser at your child's school about scholarships and grants available to low-income families like yours.
6.Take advantage of tax breaks offered by the government through student loans, grants and other financial aid programs for parents who want to help their kids finish college without going into debt themselves.
1. Don't spend more than you earn. It's easy to go overboard when you don't have much money, but if you want to be able to save up for things like college or retirement, this is the key rule to follow.
2. Start small and work your way up. If you want to start saving for a new car, buy a used one instead of buying new right off the bat that way, if something goes wrong with it in the future, at least you'll still be able to afford transportation without worrying about how much money you'll need for repairs or replacement parts (or worse yet, not having enough saved up).
3. Set aside a set amount each month that will go directly into savings (like your retirement fund or emergency fund). This way when there's an unexpected expense (like a medical emergency or car repair), everything will already be accounted for and only one bill has been paid out of pocket instead of two!
4.Be careful of Ponzi schemes and pyramid schemes. These schemes promise big returns on small investments, but they're actually illegal and will leave you broke.
5.If you have children, pay for their college education early. it's not cheap! If you're not sure how much money you'll need for college, talk to an adviser at your child's school about scholarships and grants available to low-income families like yours.
6.Take advantage of tax breaks offered by the government through student loans, grants and other financial aid programs for parents who want to help their kids finish college without going into debt themselves.
