- 1). Build an emergency fund. This is a wise way to avoid getting into debt and financially over your head in bills you cannot pay. If your central air conditioning goes out, you can pay cash for the repairs, instead of having to use a credit card or take out a loan. This needs to be a top priority in your monthly budget.
- 2). Aim for enough money in your emergency fund or savings account to carry your household expenses for three to six months or longer if you work on commission or have an unpredictable income, according to the CNN Money website.
- 3). Gather your family around and create a monthly budget. Allow each person a weekly or monthly allowance that she can use in whatever way she chooses. Do not slack on this discipline. If an individual runs out of blow money before it is time for the allowance again, do not let her borrow from the next allowance or advance her any money. This will teach all the family members to save for something they really want or to do without.
- 4). Pay down your credit card and installment loan debt. If you purchase bargains with a credit card, you really are not saving any money due to the high interest rates.
- 5). Use coupons, discounts and other ways to get more for your money and to save on necessities. Comparison shop by using the mailers from the grocery store. Alternately, use online ads for other goods and services to get the most benefit from your money.
- 6). Move to an area that has a lower cost of living, particularly if you waste a great deal of time and money on your commute each day.
- 7). Find a part-time job. Even if it is temporary, it can help you meet your financial goals, pay down debt and build your savings.
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