Joining Forces in Times of Crisis

As our country gets mired in a deeper economic recession, public benefit programs become ever more important to help working families make ends meet. Yet, precisely when they are most needed, such programs are often targets for severe budget cuts that can have devastating impacts on the well-being of families. That is the reason why community organizations in the Mission District are joining forces to help families access the supports that they need now.

On Saturday, February 28 we are organizing the "2009 Mission Asset Fair: Stretching Your Money During Difficult Times" where we will connect Mission families, low-income immigrants to information, resources and services that can help them during these difficult times. A cadre of VITA volunteers will be on hand to help families file their income taxes and help them claim tax refunds that can go a long way in stabilizing their financial situations. We are also providing a number of workshops to inform Mission families of the various asset-building opportunities in the community; and to connect them to the right financial products to help manage their money safely and securely.

If you would like more information on how to participate in this important community event, follow the link below:

http://fondonpopular.org/feria

Help us spread the word by downloading the English and Spanish event fliers and share them with your contacts!

What will be indisputably clear after the dust settles from the current economic and financial crisis is that everyone in America needs financial education. Some may need more than others, but everyone will need a refresher course at the very least.

As we wait for the storm to pass, we want to share two key lessons in our current financial education work.

One key lesson is that financial education is best when it is coupled with relevant and useful financial products that can make financial education come alive. Our hands-on approach is particularly important when working with adults who need practical tools to learn new methods for managing their finances. Indeed, this is the premise for all of our work.

Take for example MAF’s IDA program. It is a savings product that encourages low-income families to save by providing them financial incentives in the form of a match-savings. The financial incentive is coupled with financial education to train savers on budgeting and financial management. It is this coupling that makes asset-building programs work.

The second key lesson is that even as important in having the right incentives and structure, it is critical to have a welcoming and supportive environment for savers. Daniela Salas, Assets and Savings Program Director, designed MAF’s IDA program with this principal in mind.

As a neighborhood-based organization, MAF's IDA program is creating opportunities for neighbors to meet neighbors. We see entire families participating in the required financial management classes; mothers and fathers along with their kids attend class to learn how best to manage their finances. Participants share stories of struggle and survival; they give each other tips on jobs and where to find good deals in the neighborhood. Indeed, they form community in the classroom.

Our neighborhood-center approach is working. The results speak for themselves. In just under 6 months, Daniela has successfully recruited 34 IDA savers, and has 15 more who are now working together on their path towards financial security.

MAF IDA Saver Profile

Meet Johanna Suarez, one of our IDA savers who also participates in our financial fitness program, a combination of financial education, one-on-one coaching and group activities. Johanna is currently saving to obtain her citizenship and to continue with her education.

"Desde que inicie el programa con el FPM me he sentido respaldada al 100%, pues ellos siempre tienen una solución a cualquier situación o pregunta correspondientes a mis finanzas. He tenido atención uno a uno y gracias a Daniela, su paciencia y su tiempo, veo con claridad mis cuentas y entiendo cómo manejar mi dinero por medio de un presupuesto y con ayuda de un programa en el internet. Se que estoy en el lugar perfecto, pues con amabilidad y en mi idioma, me guían paso a paso para poder obtener mi meta: libertad económica."

“Since I started MAF’s IDA program, I have felt endorsed 100% because they always have a solution to any situations that corresponds to my finances. I have had attention one-on-one and thanks to Daniela, her patience and time, I see with clarity my accounts and understand how to budget my money with the help of a program in the Internet. I know that I am in the right place, because with friendliness and in my language, they guide me step by step to be able to obtain my goal: economic freedom.” - Johana Suarez – January 2009