8 Actually Useful Pieces of Money Advice When You’re Poor

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.

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.

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.

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.

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.

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 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.

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.

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.

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.