When you need a little help
Let’s be real for a second. For some minimum wage workers, no amount of scrimping and saving alone will lead to a substantial safety net. Delusions won’t be helpful on that front. But Humphrey suggests some tools that can actually be of assistance. “Every dollar saved is building your financial safety net,” she says. “One step that someone making minimum wage can take to grow their small savings is to consider opening a Self Credit Builder account. Self is a great way to build positive credit while building savings, and they have flexible pricing options. Another great way to grow your small savings is to sign up for Saver Life. Saver Life is a nonprofit that offers cash rewards and prizes for saving for a rainy day. Opening an IDA account with your local nonprofit is a great way to save and many offer a one-to-one savings match.” You can learn more about what an IDA is here.