1. Auto-deposit a portion of your paycheck into savings. Automatically save money every month. If you don’t see it, you won’t think you can spend it.
2. Wait a week to ponder big purchases. Avoid impulse buys. Ask yourself, if somebody came up to me and offered me the cash value of this item or the item itself, which would I take?
3. If you don’t have the cash, don’t buy it. Don’t buy anything unless you have the ability to pay for it in cash right then and there.
4. Learn to cook. Eating out is expensive. Making your own food will save you a ton.
5. Only buy used cars. New cars depreciate greatly in value once driven off the lot. Don’t buy a new car.
6. Don’t worry about keeping up with the Joneses. You don’t need the newest gadgets. Remember, it’s better to be anonymously rich than deceptively poor.
7. Avoid bad debt. Avoid debt for anything other than school or a home.
8. Build credit, but never carry debt. Get a credit card to establish credit, but always pay it off before the end of the month.
9. Know where your money is going. Track your spending (check out mint.com).