How Being Poor is Costing You Money

Hello Savers,

Ok, the title of this post might seem weird to you and you might wonder how if this costing a poor person money if they have no money in the first place. Bear with us and we will show you.

This post is “How Being Poor is Costing You Money”. List of hows and whys could be endless, but we picked out most important ones in order to see if you can get on track to a healthier and wealthier future.

Food 

This is top of our list and should be top of anybody’s. We all now know and recognise the value of the good food and how it makes our bodies less prone to disease and builds healthy cells. Proper nutrition comes at a price, not everybody can afford to pay. But taking care of yourself and eating well means you can function better, attend work daily and take on challenges.

Bank Matters

So with most banks in Ireland now charge a service/banking fee. If you do not lodge somewhere between 1,500 and 2,000 a month (and in some cases maintain 3,000 balance) it cost you 4 euro (at least) in bank fees. So if you are not making above those amounts (which is not very much in reality, but for a lot of people it is a lot and they might not have it) and lodge it into the account. Then BOOM, the bank comes and takes a fee out of already a small balance. There is also lost interest on savings you may not have. So according to many financial gurus, you need to set aside 10% of your income, then this sum grows and makes an interest or some heard something called compound interest (in other words interest on top of the interest and on top of the sum you started with). So if you do not make enough to even avoid bank charges, you probably cannot afford to save anything, therefore missing out on the interest bank would have given you. Another reason to keep reading this post.

Cars

So if anyone could afford a brand new car, I think they would go and get it. Many know that if you own a second-hand banger, it cost a lot more to repair than if you bought a brand new one. Yes, you may argue that it is not as expensive as owning a second-hand car and all those issues with accidents and that. We get it, but if you bought a brand new car now and maintained it, we guarantee you will have made a saving after several years and your life would be hassle and stress-free. See all those stuck at the side of the road trying to get assistance and get to work on time? 9 out of 10 those are old cars.

Education 

If you do not come from a wealthy or stable background, you probably cannot afford to get a good education. That, in turn, limits your career options.

Housing

If you do not have a lot of money, you probably live in a very average, possibly cold and dump home. The place that does not provide you with comfort and space for creativity. Hence, you probably do not develop a lot of ideas that you could monetize or put to work. If you had more money, you could probably find a way to make more. Ever heard the expression “money attracts money”? Well, there is truth in that.

Dress code

So you probably heard expressions like “Dress for Success” or “Dress to Impress” or even “Dress for the job you want, not the one you have”. It is hard to do so if the clothes are just not a priority. But if clothes are the last thing you buy, in the long-run it may cost you a raise, promotion, and many good opportunities.

Liked this post? You may want to read this one about Saving on Your Social Life.

Happy Savings,

Ireland Check.

You may also like...