"Pay yourself first." You often hear this advice from personal finance experts, but it's rarely followed. What it means is that before you even think about paying bills or debts, you should put some of your income into savings for long-term goals, such as owning your own home, sending your child to college or enjoying a comfortable retirement.
But that just isn't possible when your entire paycheck is gone almost the minute you get it. So, how can you ever pay yourself first? By plugging up the drains that are putting your money into other people's pockets instead of your savings for a brighter future.
1. Eliminate/avoid high interest debt.
This includes credit cards and payday loans, and it's the biggest money suck most of us face. We just don't realize how much it costs us to use those cards; but if your average daily balance is more than, say, $700, you're paying well over $100 per year in interest.
Eliminate: Some banks offer 0% APR for a limited time (i.e....