How can I save money instead of spending it?

I've heard that one of the best ways to get rich, or to have better spending control of your money includes 'saving up'. But how in hell can you 'save up' when you have nothing to save with? Some people really do live 'check to check'...

• Answer:

  Yes, it's true that saving up can be a good way to become wealthy. One often-recommended practice is to put away 10% of all money you receive, whether that's wages / salary, presents / gifts, or even money you find on the pavement / sidewalk, into an interest-bearing account. With compound interest (i.e. interest on the account is added into the same account), it can accrue relatively quickly. I appreciate that many people do live paycheck to paycheck, but it is still worth examining all of your expenditures to see if there are any unnecessary items, however small, that you could live without in order to get your savings fund off the ground.