Follow these five helpful tips during these economic times.
1. Watch Your Spending
Do you need all the stuff you're buying? You must live within your means and the only way to save money is to spend less.
2. Start Saving
Every bit helps, no matter how small it is. You can start small and if you're consistent about it then your money will accumulate and you'll end up with something substantial.
3. Don't Go for Fads
Don't invest in the latest and newest. There was a time in 2000 that everyone was investing in the Internet, which was bad and took a turn for the worse.
4. Diversify Over Many Investments
Don't invest in just stocks; buy real estate or jewelry, or invest in oil, gas contracts, or something that you know.
5. Don't Obsess Over Financial News
Stop obsessing and constantly looking at the news. Pull yourself away from the TV, radio, or newspapers and stop panicking. People need to be less emotional and smarter about their money. You cannot spend more money than what you are bringing in.
Special thanks to Fox News business anchor Neil Cavuto for sharing these helpful tips. Learn more money-saving tips from "The Martha Stewart Show."