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Need to Know: July 27, 2012: Living on the financial edge

This week's host Ray Suarez

In our ongoing series “Your Money, Your Life,” Need to Know takes an in-depth look at the difficult spending decisions facing the nation’s working poor.

This week’s episode profiles one Newark, N.J. family, who keeps a monthly financial diary detailing its expenditures, including the additional costs incurred by living in a poor neighborhood and by not using available banking services.

Anchor Ray Suarez interviews Rachel Schneider, Vice President at the Center for Financial Services Innovation and a lead investigator for the U.S. Financial Diaries Project.

The “American Voices” essay is by Mae Watson Grote, founder and executive director of the Financial Clinic, which services the working poor.

What’s on this week:

Hard choices

One family in Newark, N.J. keeps a monthly financial diary of expenditures, which demonstrates the difficult choices made each day by Americans living on the outskirts of the mainstream financial system.

Interview: Rachel Schneider

Rachel Schneider, Vice President at the Center for Financial Services Innovation and a lead investigator for the U.S. Financial Diaries Project.

American Voices: Mae Watson Grote

This week’s essay is by Mae Watson Grote, founder and executive director of the Financial Clinic, which services the working poor.

Watch more full episodes of Need to Know.