Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

Single Moms Single Moms

Can You Invest On a Tight Budget??

Posted by on Oct. 8, 2012 at 6:19 PM
  • 10 Replies
Can you invest on a very tight budget? I make about $14000.-$16000. A year. And yes my income is low. I want to invest for retirement. I'm 36 yrs old. I'm afraid to start a IRA due to I receive foodstamps and live in government apartments,if they found out I had a IRA or any extra money they could jackup my rent,evict me and I could lose my foodstamps. I can't afford to put but maybe $20.00 a week in investments. Every little bit adds up. Anyone here have advice?
Posted on CafeMom Mobile
by on Oct. 8, 2012 at 6:19 PM
Add your quick reply below:
You must be a member to reply to this post.
Replies (1-10):
brieri
by Platinum Member on Oct. 8, 2012 at 6:51 PM

I would think if you can put the very minimum in an IRA account, they can't do much.  You don't say how many is in the household, what your making is not much at all.

Zacknalexmom
by on Oct. 8, 2012 at 6:53 PM
There is 3 in my household. Just me and my 2 children. Correct,my income isnot much at all.

Quoting brieri:

I would think if you can put the very minimum in an IRA account, they can't do much.  You don't say how many is in the household, what your making is not much at all.

Posted on CafeMom Mobile
brieri
by Platinum Member on Oct. 8, 2012 at 6:59 PM

 I know, I am in the same boat, it's just me though.  I not collecting Foodstamps or anything at the moment, but I have other equity but can't reach it, til I am at retirement age,which is another 5 or 20 yrs, depending on the situation.  I may need to get Foodstamps soon, because the money I do live on, may run out very soon.  Like you my income is very limited too.

Quoting Zacknalexmom:

There is 3 in my household. Just me and my 2 children. Correct,my income isnot much at all.

Quoting brieri:

I would think if you can put the very minimum in an IRA account, they can't do much.  You don't say how many is in the household, what your making is not much at all.

 

Zacknalexmom
by on Oct. 9, 2012 at 7:12 PM
BUMP
Posted on CafeMom Mobile
dutchmama2011
by on Oct. 9, 2012 at 8:17 PM
1 mom liked this

most ira require a min of 5000 a yr , you can start with 20 but must have 5000 for whole yr,I just looked into it at least thats what wells fargo told me

Robsessed98
by on Oct. 9, 2012 at 10:56 PM
I have never figured a way to do it since my income is less than half of what it used to be and isnt enough to live on now. Why dont you consult a financial advisor for suggestions?
Posted on CafeMom Mobile
LifeCafe42
by Nora on Oct. 9, 2012 at 11:55 PM
I put money straight from my paycheck away what I don't see I don't miss
Posted on CafeMom Mobile
tyfry7496
by on Oct. 10, 2012 at 8:47 AM
Yes they can do something. Check what the asset limit is for the benefits you receive. They can and will cut your benefits if your assets are over the limit. That includes IRAs and other retirement accounts.

Quoting brieri:

I would think if you can put the very minimum in an IRA account, they can't do much.  You don't say how many is in the household, what your making is not much at all.

Posted on CafeMom Mobile
aj23
by Amanda on Oct. 10, 2012 at 9:09 AM
If you are on any kind of assistance then now isn't the time to invest.
Save the $20 a week in a simple savings account until you have 6 months of living expenses (without assistance) covered. Then when you have that move the money to something that gets more interest but is accessible with minimal penalties like a c.d. or money market account and keep saving the $20 a week into the regular savings and when you get a couple of thousand then move it and start again. Always have an emergency fund where you can get it quickly but keep moving the money up into higher invested accounts until you get it where you want it then just add to the account.
Without a emergency fund you could lose a large chunk of what you've saved in fees if something came up and you needed the money quickly. Also most states have a cap on assets so you could be cut off of assistance once you hit certain amount and you need access to the money if that happens. Some states exclude certain types of accounts so you should check and see exactly what yours allows.
When I first started saving I signed up with Sharebuilder to buy stocks. I put money in mine and my sons accounts weekly and once it hits a certain amount I selected they take the money and buy the stock I picked. Buying very small amounts of stocks monthly has added up over the years and the amount goes up and down with the economy but overall its been a great investment but if I needed to pull the money out for an emergency it would cost me a lot so I don't touch it.
Posted on CafeMom Mobile
Marsella
by on Oct. 10, 2012 at 11:50 AM
Call 211. There are an amazing amount of resources for people that are on state benefits. Including in some areas rapid saving plans. I know in my old town the had a dollor for dollors savings plan that could be used for a down payment on a house or toward tuition for school. If you could find something like that it could give you an edge to get yourslf in a better position to start your savings plan.
Posted on CafeMom Mobile
Add your quick reply below:
You must be a member to reply to this post.
Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

close Join now to connect to
other members!
Connect with Facebook or Sign Up Using Email

Already Joined? LOG IN