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.
If you’re over 50, take advantage of massive discounts and financial resources
Over 50? Join AARP today — because if you’re not a member you could be missing out on huge perks. When you start your membership today, you can get discounts on things like travel, meal deliveries, eyeglasses, prescriptions that aren’t covered by insurance and more.
How to become a member today:
- Go here, select your free gift, and click “Join Today”
- Create your account (important!) by answering a few simple questions
- Start enjoying your discounts and perks!
Important: Start your membership by creating an account here and filling in all of the information (Do not skip this step!) Doing so will allow you to take up 25% off your AARP membership, making it just $12 per year with auto-renewal.
Enjoy a little luxury to get you through the week
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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.
Find a better-paying job
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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.
Resolve $10,000 or more of your debt
Credit card debt is suffocating. It constantly weighs on your mind and controls every choice you make. You can end up emotionally and even physically drained from it. And even though you make regular payments, it feels like you can never make any progress because of the interest.
National Debt Relief could help you resolve your credit card debt with an affordable plan that works for you. Just tell them your situation, then find out your debt relief options.1
How to get National Debt Relief to help you resolve your debt: Sign up for a free debt assessment here. (Do not skip this step!) By signing up for a free assessment, National Debt Relief can assist you in settling your debt, but only if you schedule the assessment.
Be honest about your situation
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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.
Take advantage of community resources
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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.
Get good at saying no
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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.
Buy quality when it counts
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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.
Combine resources
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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.
Get a hobby that benefits you
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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.
Earn cash back on everyday purchases with this rare account
Want to earn cash back on your everyday purchases without using a credit card? With the Discover®️ Cashback Debit Checking account (member FDIC), you can earn 1% cash back on up to $3,000 in debit card purchases each month!2
With no credit check to apply and no monthly fees to worry about, you can earn nearly passive income on purchases you’re making anyway — up to an extra $360 a year!
This rare checking account has other great perks too, like access to your paycheck up to 2 days early with Early Pay, no minimum deposit or monthly balance requirements, over 60K fee-free ATMs, and the ability to add cash to your account at Walmart stores nationwide.
Don’t leave money on the table — it only takes minutes to apply and it won’t impact your credit score.
Bottom line
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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.
Lucrative, Flat-Rate Cash Rewards
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Wells Fargo Active Cash® Card
Current Offer
$200 cash rewards bonus after spending $500 in purchases in the first 3 months
Annual Fee
$0
Rewards Rate
Earn unlimited 2% cash rewards on purchases
Benefits
- Low spend threshold for its welcome offer — $200 cash rewards bonus after spending $500 in purchases in the first 3 months
- Cell phone protection benefit (subject to a $25 deductible)
- Can redeem rewards at an ATM for literal cash
Drawbacks
- Foreign transaction fee of 3%
- No bonus categories
- Select “Apply Now” to take advantage of this specific offer and learn more about product features, terms and conditions.
- Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
- Earn unlimited 2% cash rewards on purchases.
- 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers. 20.24%, 25.24%, or 29.99% Variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min: $5.
- $0 annual fee.
- No categories to track or remember and cash rewards don’t expire as long as your account remains open.
- Find tickets to top sports and entertainment events, book travel, make dinner reservations and more with your complimentary 24/7 Visa Signature® Concierge.
- Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.