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So much traditional money advice is targeted toward people who have enough but are just making bad choices or refuse to track their spending — not for those who are actually poor.
It’s true that when you’re barely living paycheck to paycheck, it’s hard to get ahead financially. Here’s money advice that’s actually useful when you’re poor.
Make Money: 8 things to do if you're barely scraping by financially
1. Enjoy a little luxury to get you through the week
Finance gurus like to tell you how your weekly latte is why you’re broke. However, you know that’s not the case.
When you’re in the depths of working one or more jobs to keep a roof over your head, little luxuries can give you the strength to keep going.
You’re not ignorantly spending money; you’re consciously choosing to provide yourself with a little mental relief, even if you have to find ways to stretch your eating-out budget .
Own a car? Here's 7 warning signs you're paying too much for car insurance. 2. Find a better-paying job
You can only reduce your expenses to a certain point. The next step is increasing your income. Don’t quit your current job until you have a new one, though.
You may need to take a sick day to look for a better-paying job or go to interviews. Make sure your friends and family know you’re on the hunt for a new job.
A whopping 70% of people got a job at a place where they already had a connection. Use your network to your advantage.
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3. Be honest about your situation
Let your friends and family know about what’s going on in your life. Ignore any prideful urge to resist offers of help and accept graciously if extended.
People can get weird about money, but help isn’t limited to offers of cash gifts or loans from loved ones. Dinner invitations, free child care, and hand-me-down clothes are all ways you can accept help without cash exchanging hands.
4. Take advantage of community resources
Communities are often full of resources to help those in need. Food pantries, clothing drives, and medical schools are all places you can receive free or discounted assistance.
If you aren’t sure what programs are available in your area, you can start by dialing 2-1-1. That will put you in touch with The United Way. Through that network, you can find assistance with food, utilities, housing, and medical expenses.
5. Get good at saying no
Being able to say no is a vital skill when you’re broke. No isn’t just for drinks to celebrate a co-worker’s birthday; it’s also something you’ve got to get good at saying to yourself.
It’s not about saying no to everything but evaluating when it’s the right time to say yes.
Get Out of Debt for Good: Try these 6 clever ways to crush your debt 6. Buy quality when it counts
Buy it nice, or buy it twice is how the saying goes. While price isn’t always an indicator of quality, there are times when spending more pays off.
Buying a high-quality item that will last you for years is often a better choice. If you spend $80-$100 on a pair of shoes that will last you five years, it’s better than a cheap pair you need to replace every few months.
7. Combine resources
If you have friends, family, or neighbors in a similar situation, you may be able to pool your resources and help each other out.
This could look like swapping babysitting to reduce child care costs. Maybe you share appliances like lawnmowers or washing machines, so you don’t need to buy your own.
8. Get a hobby that benefits you
Hobbies can reduce stress and add fun to your life. Choose a hobby that offers a beneficial byproduct; that way, you’re helping yourself. Hobbies like cooking, running, gardening, and reading are all fairly inexpensive and have added benefits.
If you get good enough at your hobby, you may be able to use it as a side gig to earn extra money .
Grow Your $$: 11 brilliant ways to build wealth after 40
Bottom line
Research suggests if you grow up poor, you’re more likely to remain there. Traditional financial advice isn’t applicable for those struggling to make ends meet.
Even if it’s hard to see past your current reality, the good news is you can take control of your finances .
Money tips that can work for everyone
No matter what your bank account balance is, there's always an opportunity to optimize and improve your finances. Here's a quick checklist of things you can look at today.
Focus on paying off your debt . Debt can hold you back from making progress with your overall financial well-being. Aside from cutting expenses, there are tools that can help you pay off debt faster like balance transfer credit cards and debt counseling.
Earning extra income can give you breathing room. If finances are tight, earning some extra money to supplement your income can make a huge difference. A new job is one option to consider, but if you're not ready to make a big change or already retired, a part-time side job could be a better choice.
Cut your expenses. It sounds painful and so not fun, but it doesn't have to be. Take a look at your biggest expenses because that's where you'll probably find the biggest savings. For example, auto insurance rates have been soaring so shopping around for a new insurance company can be the fastest way to cut your bill. Also, look for ways to cut your grocery bill (despite rising inflation).
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