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For example, if you're unable to afford to pay a speeding ticket, it will accrue late fees, making it even harder to pay off.
If you need money right now to buy food and pay rent, Payday Loan shops can help you, but with exorbitant interest rates so you'll end up paying back way more than you borrowed.
If you have a toothache but can't afford to see the dentist, it can grow into something worse and more costly to fix.
As disadvantaged as some of us might start, there are things we can do to help our financial situation. Michelle Schroeder-Gardner, the founder of Making Sense of Cents, where she helps readers make smart decisions about how to earn, save, spend, and invest, told Bored Panda, "No matter a person's background, learning how to budget and understand the difference between needs and wants is very important."
"It’s also important to understand the concept of saving early on, even if it's just small amounts, and to recognize the value of delayed gratification—waiting for what you truly want instead of making impulsive purchases," Schroeder-Gardner added. "It's also important to learn the value of working for something yourself. When you earn your own money, you understand better how much things really cost, and you are more likely to spend it wisely. This responsibility helps you make better choices about spending and saving your money."
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But the road might be long. Almost 6 in 10 Americans say they'd need to earn at least $100,000 a year to stop feeling anxious about their bills, according to a new report from Edelman Financial Engines.
About half of that group set the amount even higher at $200,000 per year or more, the financial services firms found.
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Only 12% of the 3,000 respondents said they consider themselves wealthy and only 4 in 10 people who are objectively wealthy, with assets of more than $2 million, said they considered themselves rich.
At the same time, anxiety about personal finances has increased from last year, Edelman found, with roughly a third saying they're worried in 2024, versus 29% a year ago. That's despite a soaring stock market and wages that have been edging ahead of inflation since May 2023.
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I grew up poor and my partner grew up upper-middle class. We have managed to carved out a pretty comfortable life but I still have panic attacks about money and being able to afford essentials (food, rent, etc.). They are flabbergasted every time it happens. Like supportive but completely confused as to why I get so upset. My response is always "money can run out". .
Ultimately, Michelle Schroeder-Gardner of Making Sense of Cents believes that people who grew up poor and those who grew up wealthy can understand each other, "but it takes work/effort and good communication."
"They have different experiences, so how they think about money and life can be very different," she explained. "Someone who grew up poor might focus more on saving and basic needs, while someone who grew up wealthy may not have faced those struggles. But if they listen to each other and try to learn, they can understand each other better. It’s all about being open and caring/empathetic about the other person’s experience."
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It doesn't matter if that s**tbox isn't worth $500; a $600 repair that you're going to have to beg, borrow, and steal to afford is still cheaper than coming up with a down payment, monthly payments, full coverage insurance, etc that you need for a decent used car.
Also, just how many laws and proposed laws utterly f**k over the poor. Emission inspections being a big one.
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Well... I just made myself sad lol.
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Any extra expense can be catastrophic.
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The most mortifying experience ever is getting to the register and discovering your total is mere cents above what you can afford so you have to pick an item to put back.
Or, finding out your card won’t go through because you forgot you paid your car insurance and there’s not enough money in your account to cover your groceries.
“Oh, wrong card, let’s try this one…” declined.
“That’s not the one, let’s try this one…” declined.
“Can we split the payment onto multiple cards?
“Oh, there’s not enough on that card to cover it? I’m sorry. Never mind. I’ll find out what money I have where and come back.”
As you walk of shame worse than any college one night stand has ever felt. Carrying your infant child on your hip leaving your groceries all behind because you can’t afford them.
I wish no one ever had to feel this way. But I also kinda wish everyone had to at least once.