I’ve read a lot of financial help articles, and their advice seems sound. Put 10% of your income into savings, don’t dip into your 401k, invest in a variety of stocks. This is all great advice, but it stems from one premise: that you in fact have money, and just need to know how to use it properly. While there are thousands of people in that situation, there are thousands more who simply don’t have enough money. These finance articles seem to ignore these people’s plights. After all, cutting out your daily Starbucks won’t work if you don’t have the money to spare on five dollar coffee monthly, let alone daily.
Here are some tips I have for those of us who don’t have a penny to spare on frivolity.
1.) Don’t be afraid of getting help. Many of us, due to pride or fear of being looked down upon, refuse help when we need it. Many people who would qualify are not on public assistance. While I would agree that this is only a short-term solution, sometimes signing up for welfare is the boost many people need to get back on track. Other programs that people shy away from are WIC, food banks, and the Salvation Army. Assess your current situation, and see which areas of your budget could use a boost.
There are other overlooked avenues of help besides the federal government. When friends and family offer to help, it is all too easy to refuse. If a fellow parent offers to babysit weekly while you get your shopping done, take them up on it. It can relieve the stress of shopping with children, and can reduce the number of extras that end up in your shopping cart. If your parents offer to give you a ride to work, accept. The amount of gas you save will more than make up the shot to your pride.
2.) Learn to make the most of what you have. Sometimes the tools we need to stretch our money are right under our noses. Reduce, reuse, recycle is not just the green thing to do. It also keeps us from spending money on things we can already do at home. For example, while cleaning out your bathroom, you discover you already have enough shampoo to last you for many months. Then you can eliminate it from your weekly shopping. Or, instead of buying new plastic totes to store the trappings of your scrapbook project, you can use the ones that were holding all the excess linens you don’t really need.
Another creative method of stretching your money is making your own supplies out of common household items. Using vinegar to clean your coffee pots is a common example. (Though it tends to have a strong smell!) Making your own baby food is another way to save a lot of money. A place with a lot of these kinds of tips is The Dollar Stretcher. Sign up for their newsletter to have these tips delivered straight to your inbox. The only drawback to DIY savings is that some of them can be time consuming.
3.) Increase your income. Yes, this one may seem obvious, yet incredibly difficult. Many of us in the low income bracket have limited avenues of income. If possible, a second job may bring in enough money to be worthwhile. The trade-off, of course, is less downtime, which makes getting a second job not an option for many people. Searching for a better paying job can also be worth it, increasing your income without adding a lot of extra work hours. Or you can join the ranks of thousands of people and begin freelancing or starting a small business. Often, you can start working in your own home while keeping your real job until you become self-sufficient.
Speaking from experience, increasing your income can be difficult, especially if you have had a low income for most of your life. Many employers (subconsciously, I’m sure) typecast minimum wage workers, and are less inclined to hire them for more lucrative jobs with more responsibility. Also, many workers are in low paying jobs because they don’t have the education and/or experience that better jobs require. Taking an online college course (with scholarships) can be the career booster you need. In addition, after becoming accustomed to living with a limited income, many people do not have the mindset to welcome additional money. Subconsciously, they sabotage their own efforts, and become stuck in a rut of their own design. If you suspect that you have done so, study what opportunities you have passed up, and why. Come up with an action plan to make more money, and stick with it, no matter how scary it seems. The worst that can happen is that you get no further ahead. The best is that you come out ahead, with a few more dollars in your pocket.
Do you have any tips or suggestions for those of us who are struggling on the bottom rung of the financial ladder? Leave a comment; we could all benefit from your knowledge!
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