A FIFO memory having an available capacity of no more than N words deep by M bits wide. A write port receives data to store in the FIFO memory, and a read port provides the data stored in the FIFO memory. X memories store the data, where each of the X memories has a size of N/X by M. Control logic receives the data from the write port, writes the data into at least one of the X memories in a serial write manner, reads the data from at least one of the X memories in a serial read manner, and provides the data to the read port. The control logic also disables power to selected ones of the X memories when they are not being written to or read from. The FIFO memory is configured to both read and write the data at a given time to a given one of the X memories.