She Strengthens

Breaking Free from Financial Shame

Growing up in a low-income household in New York City, I knew the harsh reality of living paycheck to paycheck. My mom and I struggled to make ends meet, and the thought of saving money seemed like a distant dream. As a teenager, I worked in retail to contribute to our household income, but even then, financial stability seemed out of reach.

The Weight of Financial Insecurity

For years, I harbored a deep-seated hatred towards money and the concept of personal finance. It wasn’t just the lack of funds that bothered me; it was the feeling of being trapped in a cycle of poverty. I didn’t understand how to budget or why having a savings account was crucial. The idea of setting aside money for emergencies seemed like a luxury we couldn’t afford.

The Reality of Living on a Low Income

The truth is, many people in the US struggle to make ends meet, despite working hard. The harsh reality is that fair compensation is often elusive, making it difficult to survive, let alone achieve financial goals. This is why I avoided the world of personal finance – it seemed inaccessible and tone-deaf to my situation.

A Shift in Perspective

Now, as a comfortably middle-class individual, I’ve had several epiphanies about personal finance. I’ve realized that:

1. Paying Bills on Time is a Major Accomplishment

According to CNBC, 78% of full-time American workers live paycheck to paycheck. Paying bills on time is a significant achievement, especially for those struggling to make ends meet. We should celebrate these small victories and acknowledge the efforts of those who are keeping their heads above water despite economic adversity.

2. Saving is a Privilege, Not a Given

Having a healthy savings account is a luxury not everyone can afford. When you’re living on a low salary, it’s challenging to focus on long-term goals like building an emergency fund. We need to recognize that saving is a privilege, not a universal expectation.

3. Side Hustles are a Necessity, Not a Shame

Many people take on multiple jobs to make ends meet or build savings. I, too, have a side hustle – mystery shopping – which I initially kept hidden due to shame. However, I’ve come to realize that earning extra money is nothing to be ashamed of. Money is money, and it’s essential to be proud of our efforts to improve our financial situations.

Breaking Free from Shame

My journey from financial insecurity to stability has taught me that we should never be ashamed of our financial circumstances. So long as we have the basics covered, we should feel proud of ourselves. The mere act of surviving is progress, no matter how insignificant it may seem. By acknowledging our struggles and celebrating our small victories, we can break free from financial shame and work towards a brighter financial future.