Inside the Mind of Subscribers
April '25 Edition
Inside the Mind of Subscribers is your exclusive chance to tap into the expertise of a certified financial professional. Submit your toughest money challenges or burning financial questions, and get insightful, actionable advice tailored just for you. Submit your question today and take a step toward financial clarity!
Advice by Dana Miranda, a Certified Educator in Personal Finance (CEPF®).
1. I’m in a situation where I've been trying everything I can to find stable work but haven't had much luck, despite looking for nearly two years. Right now the money that I do earn comes by way of odd jobs, and on top of this, I'm still in school. My primary question is what can I do to turn things around and get into a better situation?
I’d start by taking a broad look at your available resources to add a cushion to your finances. When you’re piecing together a living through odd jobs, you might be able to find significant relief by using resources beyond income to meet your needs. In addition to income from working, consider:
Assets: What do you own that you could sell or leverage for cash — like a home equity loan or a withdrawal from a retirement account, or, on a smaller scale, items like clothing and media that you can sell.
Community/government support: Are you eligible for any assistance in your state or city? Look for programs that help pay for rent (or for reduced-cost housing), food banks, utility assistance, Medicaid or a health insurance tax credit, etc. Depending on your work situation and how many classes you’re taking, you might even qualify for unemployment benefits in your state.
Debt resources: As a student, are you taking the full amount of student loans you qualify for, beyond what it takes to pay for school? You could also use credit cards to get by while you’re struggling to earn income. If your credit score is too low to let you access credit, here are some tips to raise it.
As for finding stable work, analyze your experience to learn what’s not working. Are you applying for jobs that fit your skills, experience, interests and personality? Looking for the right work is the best way to find something that’s sustainable and stable for you. Is school in the way right now? Maybe this is just a time in your life when you’re going to work more sporadically and lean on other resources. Is your resume holding you back? Review resume-writing tips in your field, and consider how to create a resume that works for AI scanners.
As a student, you might have access to a job center at your school, too. Meet with someone to review your resume, practice interviewing and set up a plan for next steps.
If you’re going to rely on odd jobs for a while, you might be able to find some stability by focusing on a single area of work: If you have a car, you could sign up to drive or deliver food with Uber, Lyft, DoorDash or a local service, for example. You can find online gig work in writing, design, virtual assistance and other areas through freelance broker sites like Upwork.
2. Do you have tips for lowering costs on groceries and medical?
You have three basic options to reduce the costs of necessities:
Buy less (i.e. restrict your use of the necessities).
Find cheaper options for the same products and services.
Get assistance.
Our culture of money often encourages you to restrict yourself to save money, but I don’t consider that a truly viable option. You should buy all the food and medical services you and your family need. So you have to find cheaper options where you can and use whatever assistance is available.
For groceries, cheaper options come in the form of generic brands, bulk shopping, shopping coupons and discounts, and making from scratch, for example. Whether an option makes sense for you depends on your circumstances and what you’re buying, but adding a little bit more labor and attention to how you shop and cook could shave off quite a bit. At my house, we’ve also been able to save money and cut food waste by making a single dish at the beginning of the week — like, cooking a bunch of chicken breasts — and remixing it throughout the week with just a few vegetables and a cheap staple like rice or potatoes.
For medical care, you don’t have a lot of control over how much services cost, because you’re probably tied into a network by your insurance provider and your location. Start by making sure you’re getting any insurance subsidy you qualify for through HealthCare.gov to keep your monthly costs down.
Next, know how medical bills impact your overall finances. Under Consumer Financial Protection Bureau oversight, the three major credit bureaus have recently updated their policies so medical debt less than $500 is not reported, and other debts have a one-year grace period before they’re reported. This doesn’t change what you owe, but it gives you some wiggle room in paying medical bills, because they won’t hurt your credit like other unpaid bills. Related: Avoid paying medical bills with a credit card, because these policies will no longer apply; you’ll just be dealing with regular credit card debt.
Finally, know your rights regarding medical bills. The No Surprises Act of 2022 protects you from surprise medical bills that often pop up when you visit an emergency room or hospital and receive care from a provider you didn’t realize wasn’t covered by your insurance. Some hospitals ask you to sign a form waiving some of those protections; avoid signing that if you’re able to do so without compromising the care you need. If you receive any surprise bills, you can appeal those with your insurance provider or contact the No Surprises Help Desk (1-800-985-3059) to learn your options before paying the bill.
3. Are there any resources besides podcasts that you think would be helpful for beginner investors?
The book The Index Card by Helaine Olen and Harold Pollack is the most straightforward guide to personal finance for new investors — and a quick and easy read. It intentionally simplifies investing and strips away the complexity of analyzing trends and choosing stocks, because typical investors shouldn’t be doing those things, anyway.
Everyone just getting started with investing for long-term savings should read this book and, I recommend, ignore all of the other noise out there about investing.
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I love this post and the individualized financial advice. Thanks for sharing, and looking forward to more!