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

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Susan Bughdaryan
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."

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When I host Up To Date each morning at 9 a.m., 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. My email is steve@kcur.org.
Reginald David is an assistant producer with Up To Date. You can reach him at reginalddavid@kcur.org.
As Up To Date’s associate 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.