September Book Pick: The Financial Diaries

Each month, our director, Mikel, shares a book recommendation for anyone interested in learning more about poverty, homelessness, and community programs.

September’s pick is The Financial Diaries: How American Families Cope in a World of Uncertainty by Jonathan Morduch and Rachel Schneider.

The book follows 235 low- and moderate-income American households over the course of a year. Researchers tracked how the families earned, spent, borrowed, and saved money to understand how they managed financial instability.

The book shows that annual income does not always tell the full story. Changes in work hours, unpredictable paychecks, medical bills, car repairs, and other unexpected expenses can make it difficult for families to plan and consistently cover basic needs.

It also challenges the assumption that financial hardship is caused by poor planning. Many of the families use careful and creative strategies to make ends meet, but unstable income and expenses can quickly disrupt even the best plans.

This isn’t a formal book club. There are no meetings and no pressure. It’s simply an opportunity to learn more about the challenges facing families in our communities. If you read along, we would love to hear your thoughts!

Learn more about The Financial Diaries and order here: https://www.amazon.com/dp/0691172986