Money Management Tips for Those with a Criminal Record
Once you’re free to earn your own money again on the outside, you need to start thinking about creating a budget and financial management. It isn’t enough to simply cash a check and hope you can cover bills. As ex criminals, you’ll need to set aside funds for health insurance, food, gas, and a number of other things.
While we’re certainly not financial advisors, the articles you’ll find at The Felon’s Guide provide insight into financial literacy. As ex offenders, there is plenty you can learn to ensure you always have the money you need, when you need it most.
If you can think of a topic for our money management tips, be sure to send us a message or leave a comment below any of the articles.
RECENT POSTS: FINANCIAL TIPS FOR EX CRIMINALS
Unlocking Educational Opportunities: Pell Grants for Felons
Rebuilding your life after a criminal conviction can be challenging, but pursuing a college education can be a powerful step forward. Fortunately, there are various financial aid options available to help individuals with previous criminal convictions fund their education. One such option is the Pell Grant, a federal subsidy designed to
Can a Felon Drive for Uber? Finding the Best Business to Start
More than 36% of Americans use a ridesharing app like Uber. Everything from picking up a crossbow for hunting season to finishing a passport application requires everyday riders to get around the city, and Uber is a fantastic solution. That being said, starting a new business can be challenging, especially for those with a criminal record.
Financial Literacy for Ex Criminals is Important
Trying to make it out in the “real world” after you’ve been locked up for a while sucks. You have to have money in your pocket to cover all kinds of expenses just to scrape by with a living. Then, there are the concerns about your probation or parole regulations. Most of the time, you’ll need a regular flow of income to meet those requirements.
We provide all kinds of information about why you need a budget when you have a criminal record. Even if you find a quality paying job, you are more susceptible to scams, tax problems, and other financial issues. The better you can protect yourself and your family with a robust financial position, the easier it will be to manage life with a felony conviction.
Many people with a criminal record will find future economic opportunities a bit limited. Using proper financial management maximizes what funds you do have so you can pay for basic needs, reduce stress about money, and avoid financial issues that could lead to further legal troubles.
What are the Basics Ex Offenders Need to Know?
We’re not going to pretend to be highly experienced financial advisors. Our goal at The Felon’s Guide is to provide the foundational information you need to do better. That is why most of the articles you’ll read on this page cover topics like:
- Creating a Budget: You must know you need a budget. Creating a budget outlines all your monthly expenses like rent, water, electricity, food, and debts so you know where and how to spend your income. Roughly 3/4 of Americans have a budget.
- Emergency Fund: Getting a broken arm or needing to pay for a car part can cost thousands. Having funds set aside for rainy days like this is crucial to anyone with a criminal record.
- Debt Management: Odds are, you have some credit card debt or school loans creeping up after being released. Learning financial management for felonies helps you better plan to cover and move past previous debts.
- Investing: Spending a bit of your hard-earned cash on education and other financial opportunities has to come after your essential needs are met. As ex offenders, you want to be ready to jump on these chances because they can be the difference between success and being stuck out in the cold.
How Financial Management Helps in the Future
The more we can help one another with financial management, the fewer ex criminals like us are out there trying to scrape by with nothing more than a couple of bucks to rub between their fingernails.
When felons and others with criminal convictions are taught to manage money, we lower the recidivism rate. When you’re broke, selling drugs to get by is way more attractive. If people have their basic needs met, then the chances of going back to prison lower drastically.
Not just that, but you can start to build credit again and start achieving financial goals. Our money management tips are only the beginning. Little by little, you’ll begin to feel a sense of freedom and independence because you’ll see how powerful having financial resources can be for your future.
Final Thoughts
We’re not going to sugarcoat this, as an ex criminal, you must know more about money management than others. Take your time, learn from the mistakes of others, and start to grow your financial wealth.
This success is possible. There are all kinds of stories about people with regular jobs being secret millionaires because they follow some basic ideals we’ll lay out in the articles above. Good luck, and please let us know if there’s a topic you’d like to see us write about money management tips for ex criminals in the future.