Saving Money and Being Low Income

This question came to me and I thought I would address it across the board. It came from a colleague in another board that I belong to. She was watching the video about saving money and said should men and women that are on low income, that are working to get by day-to-day really pay their credit card bills 5 to 7 days in advance?

Let me be candid and share with you Ladies, that I told her yes because it is when you do not  pay the credit card bill on time that people are hit with late fees. The late fees have the potential of putting people over their allowed limit and therefore they are also now going to be hit with an overlimit charge and once that pattern begins it can be difficult to break that trend.

Listen Ladies, when it comes to saving in the beginning it is not about the amount that you are saving but the discipline to continuously put money in an account regularly the same time each month. If you have the option of setting up an automatic deduction like I shared in the video, then do it so you will not miss it. Let’s face it, every little bit adds up over time. So if you have to start with $5 or $10 a week then that is what you do. I am sure you have heard if you do something for 21 days it becomes a habit. Form a new habit today and begin saving money no matter what your income level is.

Weigh in and share what you think.