Busting the Myth: Yes, People with Low Incomes Can Save

By YWCA Evanston/North Shore Financial Experts, featuring Fabiola Zdrubecky

When it comes to saving money, a common myth persists: that people with low incomes simply can’t save. At YWCA Evanston/North Shore, our financial experts see things differently—because we see success stories every day.

“It is a myth that people with low incomes cannot save,” says Fabiola Zdrubecky, a financial coach with over 15 years of experience in financial wellness.

The Power of Purposeful Saving

Saving is possible for everyone, especially when there’s a clear goal in mind. When savings goals align with personal values—whether it’s building an emergency fund, saving for education, or planning for a special event—saving becomes more meaningful and motivating.

“People can save when they have a goal in mind that aligns with what they value,” Fabiola explains. “I’ve seen people save small amounts and reach financial goals.”

The Importance of Access and Support

Having the right tools and support makes a difference. Financial literacy, access to savings accounts, matching savings programs, and nonjudgmental financial coaching all help make saving possible for everyone.

“The proper and direct access to financial tools and services, such as financial literacy, savings accounts, matching saving programs, nonjudgmental financial coaching, and more, to make saving happen is essential, too,” Fabiola emphasizes.

Budgeting: The Foundation of Financial Wellness

One of the most effective tools for money management is budgeting. Creating a realistic and balanced budget helps people prioritize their needs, find room to save, and avoid sacrificing essentials.

“In my 15 years of experience providing financial wellness, I’ve seen that budgeting is one of the most basic but effective tools of money management. Budgeting is highly recommended for people who want to find a way to save money without sacrificing basic needs. I’ve seen the financial transformation of the people who budget and the financial frustration of those who don’t. Personal budgets are powerful when they are realistic and balanced, and they can be adjusted appropriately to people’s values,” Fabiola shares.

Every Little Bit Counts

You don’t have to save large amounts to make a difference. Starting small is not only okay—it’s often the best way to begin.

“Yes, people can save, and small amounts are fine when they can’t save more. People with low incomes can save, and that's a fact and not a myth. They can definitely reach their financial goals. People get encouraged, feel accomplished, change their mindset, and feel they can reach more. Saving small amounts or whatever people can afford can become the beginning of their journey toward financial stability,” says Fabiola.

The Bottom Line

Saving is possible for everyone, regardless of income. With the right support, tools, and mindset, anyone can take steps toward financial stability. If you’re ready to start your own savings journey or want to learn more about budgeting, reach out to the financial experts at YWCA Evanston/North Shore. We’re here to help you succeed—one small step at a time.

Fabiola Zdrubecky is an expert with years of experience helping individuals and families achieve their financial goals.