Money Advice for the Poor Modest Money12 Comments

Most financial advice is written for people who already have money. Not the wealthy, but people who actually have disposable incomes. With a few adjustments, they can follow sage financial advice like saving a certain percentage of their income each month, or cutting extraneous expenses to save money.

But if you’re poor — actual, hovering around the poverty line, poor – most financial advice doesn’t apply. Because once you (barely) take care of the necessities, you usually have nothing left until the next paycheck – and that check’s already spoken for.

However, just because you’re dead broke, that doesn’t mean that there aren’t little things you can do to help improve your situation. Once your situation improves, you can then go to financial advice sites like CNNMoney, Banking Sense, or Daily Finance to get even more information.

Track Your Spending

Chances are, you are hyper aware of where your money goes each month. Even if some of your expenses are subsidized, you know exactly how much you have to spend on rent, utilities, and other necessities. The thing is, no matter how tight your budget, there’s always hidden spending.

For example, if you don’t have a bank account you…

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This entry was posted in Financial Advice, and tagged , Modest Money12 Comments
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