1. Marketable skills: Without a skill, they usually hold more than one low-paying part-time job to make ends meet. The only effective solution is to acquire a skill which is in demand to get better pay and better working conditions.
2. A habit to save: The amount is not important but the habit is. Open an account just to deposit and not to withdraw. Save the balance from shopping or any other extra sources of income.
3. Purchase only the essential: Avoid impulsive buying to get what you want. Do not be seduced by TV and newspaper advertisements
4. Effective shopping: Do shopping according to your shopping list. Get you usual items when they are on promotion or on special offer. Use coupons and shop on days when sales are on. Always check online to compare prices of goods.
5. Park your deposit with a financial institution with the highest interest rate: Get the most out of your savings.
6. Things which are free and better: Go online to watch online TV for entertainment and read newspapers; connect and communicate with others at social networking sites like Twitter and Facebook instead of using your mobile phone. Go to the nearest library to get the books instead of buying.
7. Save for the big-ticket items: Set aside an amount to buy essential big-ticket items instead of getting a loan and paying interest
8. Look after your health: Be healthy and fit to avoid incurring medical expenses and also not getting paid because you are sick and not working.
9. Frugal habits: Eat at home more often, wash the car yourself, avoid TV subscription and walk more and use your car less.
10. Be hopeful: Be happy and smile often. Expect things to be better and take a positive outlook on life.
The best investment is to educate yourself and be equipped with marketable skills. This is the best way to avoid being one of the working poor.
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