Budgeting the Working Poor
In class this week I really enjoyed our group projects- figuring out a way for a family of a different social class to budget their lives and deal with the unexpected financial difficulties that life brings. My group was assigned a family in the Working Poor, a family of 4, with a baby on the way that only made $25,000 a year. Figuring out a way for this family to make ends meet was a struggle, and definitely made me more mindful of the difficulties that other social classes may face.
One thing I noted while working on this activity, is that it is often hard to choose where to invest your earnings. There were so many things that seemed important to provide for our family- and yet we knew that we could not afford it all. Making those decisions, deciding what mattered most, was a very big challange. Another difficulty was taking into account the "life happens" moments. At first while budgeting we intended to put all of our money to use- but through this activity we learned that this is not always the best option- you have to save money for a rainy day, because you never know what life will throw at you. Although at first it seemed impossible to get by on what we had, we soon realized that government programs for the poor were invaluable to us. I had never known much before about food stamps, or medicaid, but this project really helped me to see their importance. Without programs like these, families in the working poor, or in poverty, would not be able to get by. I am grateful that we have these initiatives in place, to help those who are down on their luck.