I have always thought that when persons are poor their monthly expenses are normally very small or minimal. I have always believed that in society the low income individuals spend almost all of their money but they do so on themselves. I was utterly disappointed when I realized how high the cost of being poor is.
I found that in many poor communities, individuals are unable to access or afford normal financial and banking services; many big banks are closing their doors in poor and vulnerable communities. According to these banks, the cost of doing business there is too high for the returns they are receiving on their investment. With these banks shutting down shop, a hole is left in these communities that must be filled, and this is normally filled by pay day loan stores and loan sharks that are there to exploit the poor people, charging insanely high interest on loans. Interest rates that are way over what a normal commercial bank would charge.
Many banks now have minimum balance requirements, if your balance falls below a certain limit; a monthly charge will start to occur. In my mind, if my balance falls below a certain limit, that should mean I don't have money, so why reduce my money further by charging this monthly fee? Why not charge this fee to the persons that can afford it?
Then there are taxes, and sometimes I don't believe that we poor people really understand what we are doing especially when we request for more taxation on the rich. I am always hearing the poor calling for the government to tax the rich people more. But really and truly, are they taxing the rich? NO, they are taxing the high income earners. That's the reason why the middle class is shrinking in the U.S. Whenever a new tax is introduced, it is the poor people that pay this tax. The truly rich persons, such as the true capitalist, does not pay these taxes. In fact, many persons, entrepreneurs, are given tax breaks by the government for their contribution to society, contributions such as job creation and helping provide certain public goods.
I found that many persons have different alternatives for dealing with the financial pressures they may be facing, but lately I have found that interestingly coupons can go a very long way in easing any financial squeeze. Every week when I check my mailbox, I get coupons and promotional materials from different businesses places and I just throw them away. However recently I started thinking, what if I take these coupons and make them a part of my monthly budget? With these coupons I can get discounts when I shop. I can get special deals and offers; I believe that in today's economy when it is so costly to be poor making use of coupons delivered to our doors can be a means of dealing with the challenges that the economy is throwing our way. Groupon is one website that I always liked, it's all about deals and promotions and it can help make shopping easier, even if you're not a low income person. It's a great place to start your shopping.
I recently came across a coupons blog. Coupons Lady is the blog that helps to get coupon codes, promotional offers and daily coupon match-ups for various stores. I was particularly interested in this blog because I came across websites on coupons, but as a blogger myself I never saw one dedicated to coupons. Persons may frown on coupons but I believe that it can make a difference in person's lives especially to deal with the high cost of being poor.
Finding creative ways to deal with the financial pressures that one is facing will be the very thing that may get many persons to brave the economic pressures. Everyone needs to find ways that works for them to survive. I believe that entrepreneurship is still one of the best solutions there is. I believe that through entrepreneurship, persons can truly reach their true potential; I believe that entrepreneurship is one of the best ways of alleviating poverty; I believe in the opportunities that this can lead to.