Pay off your highest-interest bill first and then focus payments on the next highest-interest bill until you are completely out of debt. This plan will cost you the least in interest. An alternative method is to pay off the smallest loans first. This allows you to see progress being made by quickly eliminating some of your bills.
Look for every opportunity to make money. Sell items you don't use anymore, no matter how small.
Keep your credit record clean. Having a low credit score will make it hard to qualify for loans or a line of credit.
If you find yourself wanting something expensive in the quest for immediate gratification, divert yourself with a small indulgence rather than giving in to the large one. Walk away from the designer suit or purse, but buy an ice cream cone or catch a movie instead. The $8 movie ticket is a lot less expensive than the $800 purse but may give you the same feeling of doing something "just for you."
Borrowing money is acceptable when it's going to be used for acquiring income-producing assets.
Try to cook at home and do the daily chores yourself. Avoiding professional services such as laundry and domestic help can save you lots of money.
Do clothes shopping in the fall or spring when there are often more good sales.
Buy only what you need, not what you want. Stop buying on impulse, and stop playing catch up with the Joneses. Buy things you really need, not what you merely want. Be wise with your money––if you don't need it, don't buy it. Make careful choices.
Write down all of the things you buy and all the prices, and see where your money is going. Often when people do this, they are amazed to learn exactly how they spend their money.
If you frequent bars and clubs, skip the trip once in a while. Go one week, skip the next two.
There is no such thing as free money unless you inherit it, and even then, you must handle it wisely or you will lose that as well. The other exception is the employer match for your IRA or 401K, as mentioned above.
Having more than one income in the family will help secure your financial status better than having just one.
Every night before you go to bed, empty all of your spare change (coins in particular) into a jar. After a year or so, you may have at least $150 saved up in coins. Periodically deposit this money into savings.
If you're a business owner, keep your personal expenses as low as possible and re-invest in your company until you are financially independent. In the meantime, contribute to an emergency fund amounting to about six month's worth of living expenses. Put this sum in a savings account, a money-market account or a very-short-term CD.
If money is burning a hole in your pocket for something specific (a new car, when your current model works fine), force yourself to wait a month before buying. Ask a family member or very trusted friend to hold your money for you if it's that much of a temptation. Spend time considering the real cost of what you want to buy, the pros and cons, how much it will set you back in your aspirations versus the immediate satisfaction, and how that money might be put to better use.
Surround yourself with self-made millionaires. Get all the information you can about how rich people started making big money and what they are doing to maintain their wealth.
Sometimes you have to spend money to make money.
If you want to get rich very fast, you will most certainly have to take risks. A much better approach is to accumulate wealth in a slower, safer manner.
Resist the temptation to buy expensive merchandise. Cheaper items can be high quality, and keeping tight control on your wallet will always pay off in the long run.
When your about to buy something (for example clothes), think "where can I wear this?". If you can't think of at least 5 situations don't buy it. This will stop you from wasting money on unnecessary items.
Research sufficiently on any business ideas you are attracted to before starting.
Ask yourself always, "is this a need or want?". If your answer is "need", then buy it, but if your answer is want, don't buy it.
If you haven't gone to college yet and you want to save money, then put all your money in a jar and put it on your desk or somewhere you will only find it when you are leaving for college.
