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

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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