So, you chose to have employment over defrauding welfare programs,–the same loophole that was left open for anyone to exploit. However; without a job, you won’t have any money to spend for essentials like food, housing, clothing, transportation (public transportation only), etc. Well, I am experimenting on changing my financial habits, but sometimes it won’t always go to plan. Most people who are poor often fall into these financial traps that are scattered everywhere, that can range from your parents who refused to have normal employment… to subscribing to unnecessary cable TV services that can further drain your finances. Also, the poor gets less money, and the rich gains more money. This balance is like this for years. Well, breaking out of these bad habits can take some time.
Take Care Of Dets (If You Have Any)
Living debt-free is essential for us to ensure financial stability. However; most people in poor communities often get themselves into debt, and believing in these myths that can lead to serious trouble down the road. For example; you as a working person is just minding your own business, typing away on your computer that is designed to only open-source OSs. You live next to your neighbor who was released from prison,–after serving a sentence for possessing harmful substances that are illegal to possess. However; your neighbor couldn’t find a suitable job that offer higher wage payments. Unfortunately, he can’t find a suitable job that is ideal because, he has a record that is associated with cruelty to children, and spiking someone’s food with harmful toxins that are illegal to possess/use. Typically, this person was ordered to find a job as a mandatory condition for his supervised release.
You also encountered other people who intentionally skip finding a job to spend their own money, or start their own businesses properly. You hear some people who struggle because, debt is blocking their way, and obstacles are everywhere. No person wants to live with this junk!
Debt collections are common, some people respond, and some don’t respond at all, resulting to consequences down the road.
Imagine, your neighbor is working longer, and received a raise on his wages, he uses some of his money to pay off debts as a priority, and he set aside other money to his savings. He must’ve used his credit card by 99% by mistake, and he has a plan to pay back his balance. He also uses a website to make money by taking surveys on an occasional basis. He cares for only 2 children as his wife works as a computer technician, repurposing machines for developing arcade machines that are suitable for arcades that are relying on 100% recycled computers, she saves money aside, and she also uses the rest of her wages to pay off bills. Like her husband; she does the same. She and her husband often discuss about catching up, and rebuilding financial stability with a slow and gradual format. They often sit below a tree canopy, and have a cup of tea. They accomplish 4 milestones by planting trees to indicate their effort of getting out of debt with style.
Some of these debtors in this village often argue with finding a job, and being away from home. Being a such a villager without a job is a bad practice,–unless you have a specific disability that prevents you from working.
The poor who hold credit cards often get over their limits, and do all of that spending that is OUT OF CONTROL, resulting to serious trouble down the road.
You heard a news about credit card debt from your local newspaper, or news website. You offer help to get them back on a correct track, and make ends meet! Some of the poor communities often try to get money by asking for donations that aren’t meaningful, or in some cases; they tried to sell products that aren’t meaningful, or too expensive. They often eat poor quality food, and NOT allowing their 16 year-old children find jobs to get started with vocational skills.
You are just wondering what is actually going on? There’s a cycle that is still going. Debt collectors are raking money like a hurricane! Even if the poor have jobs, garnishments, and liens are active against them. This is a serious example of some of these villagers who are in debt facing financial consequences. Some of these debtors often rob other people for money, and even deceive someone by scamming someone.
Typically, people who were in debt often have no place to live, and no proper education,–and even no proper access to quality food to eat.
You managed to get ALL of your debts paid off. And you continued working like usual. However; you decided to save some of your money as a way to buy a new building, or live in a better apartment as a way to upgrade your living conditions.
If you are taking care of debts, and you need a refresher, refer to these articls:
- How To Pay Off Credit Card Debt – If you have an existing credit card debt to pay; keep it as a priority. This is important to get your financial stability back up. Common ways how credit card debts occurred are holders overusing their cards for unnecessary purchasing of products/services, and even borrowing money what you don’t need at this moment.
- How To Pay Off Debt When You Are Broke – This article has resources for paying off debt when you are broke. This is the most difficult experience for people who are in poverty. However; paying off debts is very important to ensure you rethink about financial responsibility.
Open A Savings Account
Imagine, you are just working, and you just earned your payment on Friday, you decided to save up your money for the future down the road. You usually have your payment be deposited to your savings account as a way to earn interest with your saved funds. Your regular checking account is only used for daily spending use. Typically, you pay bills first, and you set aside surplus funds to be saved later on.
You also set aside loose change to be saved at your local bank as a way to free up resources at your home/apartment. You as a working parent save up at least $99.00 weekly, and you let your earned interest grow as a way to boost your stability,–with a power of a local bank what you rely on.
You usually take surveys, or have other sources of income as a way to put your hours to work. However; your wife catches up by saving up, and you taught her how to save up slowly. Well, your 3 children visit public libraries as a way to read books, and get educated,–offsetting time of reading at school (with common sense). Your wife as a restaurant employee lives a gas-free lifestyle, by NOT using natural gas, and other fossil fuels.
However; your wife buys quality food for 3 of your children as a way to ensure they’re eating correctly. You ditched low-quality food items, and you used some of your money for planting trees in your large yard to keep your home cool. Your critical thinking,–with the power of trees enables you to make correct financial habits, and choose NOT to own an automobile.
If you managed to save enough money, but you don’t want to spend it; head to your local bank and open a savings account with them. Have your funds ready to be deposited. Business owners should do the same. However; pretending this money is NOT on hand can be handy as you practice saving up your money, and saving up for real.
For the best results, always choose a local bank in your area, NOT a large bank like Citibank, Chase, Wells Fargo, etc. Local banks are designed to support your local communities, such as: small towns, large cities, farming communities, etc.
If you have a job at 16, or you got an allowance saved up someplace; use your preserved money to open a savings account, and keep your funds there.
If you are setting money aside, and your financial cushion grows slowly, you are done setting aside money for the future. However; you can always add more money on demand. This is useful for saving up loose change for later on,–or as a safeguard to prevent hardships from happening in the first place.
Each time as you get a paycheck, ask your employer to have your payments be deposited into your savings account, that way; you can use your money what you earned from your employment for a dedicated purpose, like paying bills, saving up for buying buildings, planting trees, taxes to pay, etc.
If you repeat the cycle of saving up money with a small amount; and you are using common sense as you save up; you can build up a cushion for any critical event, such as: moving from an apartment where bigotry has occurred, needed to pay up credit cards, repairs for your home/building, a medical emergency (medical bills), etc.
Typically, the poor often fail to save up money daily, resulting them relying on poor quality products and services,–including accessing pirated movies, and other forms of entertainment.
If you have a personal PayPal account; a savings feature may be available. You can use this feature for the purpose of setting your money aside. This is a useful tool for PayPal account holders who wanted to start saving, and slowly grow their financial stability. In order to do this, your PayPal account must be in good standing, and your account must be verified with a valid bank account; SSN or other information, and even a working phone.
Ensure you are following these guidelines:
- Don’t give up – Never give up on saving your money on a regular basis. Keep trying, until you succeed!
- Let your savings grow – Give it some time for your savings to grow slowly, that way; you can earn interest. This is a fun part, but let it do its job.
- Treat your savings account as a vault to store your earned cash – Pretend your savings account is a vault that will NOT open,–until you reached a goal amount. Its like building up a backup of cash to spend down the road. If you have a goal of $4000 for buying a custom toy what you want to add to your collection, or you wished to have a custom lifestyle for your house that is designed for your preferred lifestyle.
- Keep building up your savings – Even if you are done paying bills, and you have some money left over; immediately set aside your funds to add it to your savings account. If you are paid weekly; do the same implementation as you build up extra cash to spend.
- If you reached a milestone of $5000.00; and you are still saving up, don’t start using your money just yet, use your earned funds wisely. For this instance; you need to save little amounts of money, and keep your employment like usual. Speak to your coworkers about saving up for the future, convince them to do the same!
- For business owners; save at least $40,000; and keep it set aside – This is necessary to ensure your funds are NOT spent incorrectly. If your account is beyond $120,000; keep building up this cushion,–until you reached your $500,000 milestone. Do this,–after essentials are taken care of.
If you have a PayPal savings account, follow these steps:
- Visit PayPal’s website, and log into your account.
- Go to your savings dashboard, or something similar, and add your money. Use a debit card, or bank transfer to add your funds.
- If you have surplus funds in your bank account–after essentials are taken care of; add your funds.
- Give your funds some time to increase via interest. You can always look back at anytime.
- Don’t stop saving, unless you have other things to take care of. Always use common sense as you build up your cushion.
If necessary, pick a goal with a goal amount, or create one.
You should always practice saving money on a regular basis,–even if you have the next paycheck each Friday,–depending on your schedule of payment via your employer. Keep track of your saved cash in your jars, or other places where you store your hard change. Cash is king when budgeting, don’t believe in these myths that won’t make any sense. Practice makes perfect. If you managed to keep the rhythm of saving money, you can be rich someday!
Convincing your children to save money is important for them to be successful as they grow up. If they managed to save lots of money, you may need to set aside some of your own money, and ensure your financial stability is in check.
If you managed to reach pass your milestone of $250.000; and you ensure your financial habits are under control, don’t celebrate just yet, you still need to ensure you do the following:
- Pay Down Debts – If you have debts to pay off, keep it as a priority. This is important to ensure your credit card debts, loans, and other debts are paid off first. Speak with these folks about making payment arrangements,–until you got all of these debts paid off. If you don’t have any debts to pay, no action is needed
- Redesign your food purchasing efforts – Shop for sustainable food that will NOT impact our ecosystem. You can buy sustainable seafood, and other sustainable sources of plant-based foods.
- Taxes Go First – Pay taxes like normal. This is important to keep your home country’s financial stability in check. Taxes fund Emergency services like EMS (emergency medical services), fire departments, police departments, and more.
- Keep building up your savings – This is a recommended action to take on a regular basis. Always save surplus dollars and cents to ensure you have enough funds for the future down the road.
If you managed to break out of these bad financial habits; you are done with this effort. If NOT; you may need to add more effort to save up like normal.
However; welfare programs, such as Social Security and SNAP prevent folks who are disabled from saving up lots of money. I’ve signed this petition to have asset limits raised to $5000 estimate. I’ve also stumbled upon the another petition to help the disabled get out of poverty. No disabled person wanted to be in poverty for a long time. Making ends meet is very important for some people who want to get out of financial hardships. Having less money doesn’t always mean better. However; I am rethinking about using my money differently, treating it as a tool, and saving it for later on,–or in some cases; a rainy day. Also, saving up money is good for your financial stability. Think about how the rich has gone successful after these years!
