Beating Broke

Can You Really Budget Your Way Out of Poverty?

May 1, 2025 By Teri Monroe Leave a Comment

Can you budget your way out of poverty? — Image Source: 123rf.com

If you’re living in poverty, it may seem like there’s no way out. However, improving your financial literacy and learning how to budget can make a difference. While it might not be the sole escape from poverty, it can help you understand where your money is going. Here are a few tips to help you create a budget and improve your financial situation.

Creating Spending Categories

A Budget is an excellent way to understand your cash flow. By creating spending categories, you’ll be able to see how much you spend on things like food, bills, clothes, transportation, etc. This in turn can help you understand how much money you’ll need each month to cover your expenses. Once you’ve set your spending categories, you can check in throughout the month to see where you’re at spending wise. Once you’ve observed your spending patterns for a few months, you can easily set limits for each category. Then, you can easily keep yourself on track throughout the month.

Making Changes

Within your budget, eventually you’ll want to allocate money for savings and any debt repayment. While you might not be able to make these changes now, a budget will help you use any extra money you have wisely. Even just putting $5 a week into a savings account can help you work toward a better future. Especially if you’re in debt, getting out of the debt cycle can feel overwhelming, but the only way to become debt free is to take the first step toward repayment.

Additionally by managing your spending, you can find areas where maybe you can cut costs and use that money for another purpose like creating an emergency fund. Then, when an unexpected expense arises you’ll be ready to cover the cost. While it’s not easy to do, learning to manage your money can help you get out of poverty.

Do You Need Additional Income?

Creating a budget can help you see exactly how much you are missing to cover your expenses each month. With this information, you’ll be able to see if you need additional income and just how much you’ll need to earn. This can help you get out of poverty and improve your finances.

Will Budgeting Alone Get You Out of Poverty?

The true answer is that there is no one simple solution to getting out of poverty. Often, finding a way out is challenging and is sometimes called the poverty trap. Your financial situation may be due to systematic issues like limited access to employment opportunities, healthcare, or education. Budgeting alone is not a way out, but merely a tool to help you take control of your finances and work toward a solution. Use the resources around you, consult a financial advisor, and read or listen to financial literacy books and podcasts. Ultimately, the more you learn about managing your finances, the more equipped you’ll be to find a way out of poverty.

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Fast Food, Fast Debt: How Convenience Culture Eats Your Savings

April 29, 2025 By Teri Monroe Leave a Comment

fast food eating away at your savings — Image Source: Pexels

With so many options at our fingertips, fast food is the ultimate convenience. It’s easier than ever to reward ourselves with a treat and pick up our favorite fast food. According to a study by the Journal of Marine Medical Society, The fast-food market is growing at a compounded annual growth rate of 4.6% worldwide. However, with rising prices fast food is no longer an inexpensive food option.

History of Fast Food

Fast food establishments were first born to provide quick, affordable meals for busy individuals. White Castle is often dubbed as the first fast-food chain. Founded in 1921 it offered affordable hamburgers and pioneering assembly-line methods for efficient food preparation. After WWII, car culture led to the rise of fast food chains like McDonalds gaining popularity.

Rising Costs

Between 2014 and 2024, average menu prices at popular fast-food chains increased by 60%, with some chains like McDonald’s experiencing increases exceeding three times the national inflation rate. Rising labor costs have contributed to this rise in prices, with some chains paying workers up to $20 per hour. According to a March 2024 report by the Federal Trade Commission, higher operating costs, supply chain disruptions, and corporate profits have also contributed to high food prices. These additional expenses have been passed down to the consumer making fast food restaurants no longer an affordable option.

Most Americans eat fast food 1-3 times per week. Data from the National Center for Health Statistics from the Center for Disease Control shows that a little over one-third (36.6%) of adults in America eat it on any given day. On average, a US household will spend 10% of their annual income on fast food. This amount of money spent on fast food can be detrimental to your savings. To keep your budget on track, it’s important to resist treat culture and the convenience of fast food. There are still affordable ways to feed yourself and your family, some of which are still easy.

Ways to Adjust Your Spending

According to a 2024 survey conducted by LendingTree, 78% of consumers now consider fast food a “luxury” purchase due to its increasing cost. Many consumers now look for chains that offer meal deals. Recently McDonald’s has launched their $5 meal deals and Taco Bell offers a value box. While these initiatives don’t really increase sales for fast food chains, they do retain customers who are shying away from fast food due to its cost. If you do purchase fast food, look for value items and take advantage of deals, which are usually offered in the chain’s app.

To truly save money, you may have to ditch fast food altogether. Many consumers find the most value in cooking at home and purchasing read-to-heat meals from grocery stores. If you rely on fast food for affordable options, you may have to find new ways to save on food. Consider finding ways to save on groceries like couponing, using services like Flash Foods for discounted items, or using a low-cost meal delivery subscription like EveryPlate.

How often do you eat fast food? How much do you spend per month? Let us know in the comments.

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7 Things Your Mom Should Have Told You About Men and Why She Didn’t

April 24, 2025 By Teri Monroe Leave a Comment

The truth about men that your mom didn't tell you — Image Source: Pexels

There are some things about dating and relationships that your mom held back. Some of these things she knew you’d figure out, and some she couldn’t bring herself to say. Here we’ll tell you the real truth about men that she left out.

1. Not All Men Are Good with Money

We often assume that men are more analytical and good with numbers. Although this might be true, it doesn’t mean that they know how to manage their money. The truth about men is that they have different money strategies than women. Many studies have found that men tend to be more confident in their financial knowledge and more open to risky investments. Women are more cautious investors with an eye toward the future.

In 2021, CNBC reported on a Fidelity study that found women investors are outperforming men. The CNBC article said that “women may outshine men with a buy-and-hold investing strategy. Women have also made strides beyond retirement accounts, with two-thirds now investing extra savings outside of emergency funds.”

2. They Don’t Always Understand You

Men aren’t mind readers and communicate differently from women. Women can be passive-aggressive when mad or drop subtle hints. Men usually don’t pick up on these cues. If you want to have a healthy relationship, clear communication is key. Your mom probably expected you to figure this out as you started dating that men communicate differently.

3. They Want to Fix Things

Sometimes women just need emotional support, but men tend to be fixers. In challenging situations, men want to provide solutions and sometimes forget to listen. Women may need to be clear that they just need a shoulder to cry on or validation. This may come from the fact that men have a hard time showing emotional vulnerability. Being vulnerable and emotionally available comes more easily for women.

4. They Want to Be Needed

The truth about men is that they like to be relied on and feel that they are needed by you. Your mom probably wanted to raise you as a strong and independent woman. However, in any partnership, you both should be able to lean on each other. In many ways, you’ll have to learn what works in your relationship and not pay attention to stereotypes.

5. Some Have No Motivation

Not every man has aspirations to climb the corporate ladder. Some are content having a steady job with no desire to seek a promotion or a better job. Some are more focused on quality of life or following their passion than chasing a bigger paycheck.

6. Some Can’t Commit

No matter what you do, you may not be able to get some men to commit. It’s not you, some men prefer to be single or in a casual relationship. Men also mature more slowly than women, so this may play a role in men settling down later in life.

7. Some Don’t Want a Family

You may learn as you get older that some men don’t want children. This can be especially challenging as a woman if you want kids. Don’t waste your time if you can’t agree on having a family or not.

What are some other things about men that your mom didn’t tell you? Let us know your experience in the comments.

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