10 Valuable Lessons from Growing Up in Financial Hardship

“Poor” is a term that varies widely in meaning. To someone facing homelessness, a person in subsidized housing with food assistance might seem quite fortunate. However, by the standards of middle-class America, my childhood after my parents’ split was undeniably challenging. My mother and I ended up in a cramped, run-down apartment with a mini kitchen, a small bathroom, and just enough room for a well-loved sofa bed. We relied on government support, I wore hand-me-down clothes, and I mastered the art of cooking instant ramen like a pro.

Though there were moments of embarrassment about our financial situation (like using food stamps, which were actual paper “bills” you had to peel from a booklet), I gained invaluable insights that I cherish today and aim to share with my own kids.

1. Welfare Isn’t Always a Free Ride.

Let’s set the record straight: not everyone using government assistance is trying to game the system. Sure, there are tales of folks who take advantage, but many, like my mom, genuinely utilize it as a temporary boost. When I grumbled about using food stamps, she would squeeze my hand and remind me that this was just a stopgap measure until we could stand on our own feet, working tirelessly to make it happen.

2. Less Can Be More.

When your budget is tight, you become a master at stretching every dollar. Thrift stores and yard sales can surprise you with great finds. You learn to whip up homemade cleaners for a fraction of store prices and keep a keen eye on double-coupon days and BOGO sales like a hawk.

3. Saving Is Essential.

When every drop counts, you learn to conserve. I remember filling the bathtub with water before we risked getting our services cut off, making it last as long as possible. To this day, I pour just enough milk to moisten my cereal, and we often lit candles, turning them into cozy moments instead of just frugality.

4. Perspective Changes Everything.

While government cheese might not win any culinary awards, it’s a feast when your cupboards are bare. Driving an old clunker with no A/C feels like a luxury when you’ve been on foot or relying on public transport.

5. Being Poor Has Hidden Costs.

This one baffled me as a kid. Overdraft your account by $20? Surprise! A $35 fee hits you. Need to reconnect your utilities? They charge you a hefty fee for flipping a switch. When you’re living paycheck to paycheck, you can’t afford to buy in bulk, even when it’s cheaper in the long run.

6. Comparison Is the Thief of Joy.

This lesson resonates beyond finances. No matter your situation, there’s always someone who appears to have it better. Constantly measuring yourself against others will only leave you feeling inadequate and unhappy.

7. Generosity Exists Everywhere.

I still remember the sting when a friend’s mom said she couldn’t come over because we didn’t have enough food. Shortly after, we began receiving anonymous care packages of food. My mom was embarrassed but grateful, reminding me of the kindness that exists in the world.

8. Little Moments Count.

For my 7th birthday, I had a grand party, but nothing compares to the joy of sharing a couple of Lunchables with my cousin, picnic-style outside our apartment. That simple moment of happiness stays with me more than any expensive gift ever could.

9. Creative Hustling Is Key.

There are countless ways to earn a little extra cash, from donating plasma to babysitting or even selling items from garage sales. If you’re willing to put in the effort, opportunities are out there—even if they’re not glamorous.

10. Small Luxuries Matter.

People often question why those in poverty indulge in small pleasures like coffee or fast food. The truth is, life in financial strain is stressful, and sometimes you need a little treat to lift your spirits. Recognizing the small joys in life is crucial.

While I wouldn’t wish poverty on anyone, the lessons I learned during those tough times have shaped my empathy and resourcefulness. They taught me to appreciate what I have and to find the silver lining even in challenging circumstances.

It’s funny how the lessons learned from financial hardship can turn out to be priceless.

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Summary:

Growing up in financial hardship taught me numerous life lessons, from the realities of government assistance to the importance of perspective and the value of small luxuries. These experiences shaped my understanding of empathy and resourcefulness, allowing me to appreciate the little things in life.