this post was submitted on 01 Sep 2023
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I'm in my 30s so I should be used to this by now, but this shit is getting so stressful guys. I have no savings, my checking account is drained every month with rent, and if there's ever a serious emergency I have no safety net, I'm legitimately fucked. I'm one unplanned expense away from absolute ruin. Those in the same boat as me, how do you deal with this?

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[โ€“] [email protected] 5 points 1 year ago* (last edited 1 year ago) (1 children)

This is going to be from my very American perspective on being broke. Your circumstances may be significantly different.

I used to be in your boat. I started working in the trades and being an apprentice at the same time. It wasn't amazing pay to start, but it was enough and significantly better than the minimum wage I'd been earning before.

The way I managed for years on minimum wage was the following:

  1. Live with others. Spread the bills around, have some good times, and save money.

  2. Food prep and creation. Spend a bit of money to save some time and effort. I own a rice cooker and a breadmaker. The rice cooker is a bit extra, but the breadmaker is wonderful. Just load in the ingredients, set it and let it go. You can go to work or whatever and come home to an awesome loaf of bread. Another lovely one is a slow cooker. I spent 2 hours and 12 lbs of chicken with other ingredients and made 7 meals for 2 prepped and in gallon bags that can just be dumped into the cooler and turned on.

  3. Side work or donations. If you don't have family to rely on, another solid source of income is helping the elderly. 70+ year Olds often need help with daily tasks, from yard work to light bulb replacement. It may be a bit awkward to put yourself out there like that, but if you can put forward a decent enough impression at first, and you're honestly there to help, they will pay you a bit and be very thankful. As for how to find the elderly, either wander around or take on a political canvassing job. The listings for political flyers on where to go usually have an age listed with an address. You could also donate blood or plasma. It's very simple to do and (at least in my area) a quick way to get up to $100 per visit, which they allow up to 8 a month. Only annoying part of that is the diet restrictions. Hell, even a cooler with some Ice and bottles of water on the side of a road On a hot day can yield some mild results.

  4. Couponing/second hand shopping/flea markets. Self explanatory. You can save quite a bit on food and some other stuff if you are willing to sacrifice your precious time to travel and hunt for deals.

  5. {Risky} credit card. If you use it responsibly, there is free money to be had by spending money you were already planning to spend anyways. Getting a card with cash back, even with awful interest rates (mine is sitting around a lovely 26%) can be fundamental in earning you a bit over time. The way to do this is very simple. Pay for required items with the credit card, pay off the card at the weeks end. It doesn't do much for your credit score, but earning card points on money you already have to spend is the goal. The thing you want to avoid is having a remaining balance on that account near a pay period. If that even starts to get away from you, it won't be saving anything and actually costing you.

And finally 6. Government assistance. If you simply cannot make ends meet, applying for food stamps and/or medical insurance is something you should do. People generally don't want to think they need it or just don't know how to sign up for it. Having a bit of savings on food and at least some medical safety/help for any prescriptions is always useful.

The thing you will definitely run into as you more than likely know is a complete lack of free time.

[โ€“] [email protected] 2 points 1 year ago (1 children)

Ignore 5, OP. As described, it's exactly the trap the credit card companies want you to fall into, and you're susceptible at the mo.

I've never had one, don't know anyone that has one. There's nothing you can buy with it safely that can't wait without getting in debt, no matter how short a timescale

[โ€“] [email protected] 1 points 1 year ago (1 children)

It's listed as risky for a reason. The thing the credit card companies want is for you to overspend, or buy something beyond your means that will take you awhile to pay back so they can make interest money. The way in which people can benefit from is purely by making it a stepping stone payment system. Never spend money you don't have and just keep it purely for earning points.

[โ€“] [email protected] 2 points 1 year ago

That's why I said it's really bad advice for OP