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Is it possible to save if you're living paycheck to paycheck?

By Steve Kraske,

Published February 16, 2022 at 10:15 PM CST

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For low-income individuals, saving can be a seemingly impossible task.

14.6% of Missourians are in poverty, making it incredibly difficult for them to build up savings.

Teresa McGarry runs the local non-profit Moneytalk Financial Foundations, where she helps guide low-income people in the Kansas City area through their personal finances. Her conversations are often focused on budgeting and setting financial goals.

"If you don't have something you want to accomplish with your money, you will not stick to a budget. Pretty much guaranteed." she explains.

McGarry believes short-term goals can often be the most effective when it comes to building a foundation to be able to save.

"Like, I want to be able to get my bills paid on time so I'm avoiding late fees," McGarry says. "I wanna be able to pay off my car so I can avoid paying interest."

Teresa McGarry, founder and executive director, Moneytalk Financial Foundations

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Steve Kraske

When I host Up To Date each morning at 9, my aim is to engage the community in conversations about the Kansas City area’s challenges, hopes and opportunities. I try to ask the questions that listeners want answered about the day’s most pressing issues and provide a place for residents to engage directly with newsmakers. Reach me at steve@kcur.org or on Twitter @stevekraske.

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Reginald David

As an assistant producer on Up To Date, my goal is to amplify voices of people who serve as pioneers in their respective fields while shedding light on issues that affect underserved communities. I produce daily conversations to uplift and inspire the people of the Kansas City area to make the world a better place. You can reach me at reginalddavid@kcur.org.

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Zach Wilson

As Up To Date’s senior producer, I construct daily conversations that give our listeners context to the issues of our time. I strive to provide a platform that holds those in power accountable, while also spotlighting the voices of Kansas City’s creatives and visionaries that may otherwise go unheard. Email me at zach@kcur.org.

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