Save Up Program

 
$310
$24,690
Raised
Remaining

Summary

Save Up helps low-income families to learn to better manage their resources so that they are able to purchase an asset, like their first home or a car to get to work. These asset purchases help them to build wealth and to lift their families into better circumstances.

What is the issue, problem, or challenge?

It is often said that there is "too much month at the end of a paycheck." Without financial literacy, low-income families don't know how to make the most of their money by making a budget and sticking to it. Save Up gives them the tools to learn to save then helps them to make saving a habit with an individual development account. Families eligible for the Earned Income Tax Credit and those who have transitioned out of traditional public housing are eligible to enroll in the Save Up program.

How will this project solve this problem?

The cycle of generational poverty can be broken with financial literacy. Savers participate in mandatory financial literacy classes and are coached in saving, as well as aided in the asset purchase process. With the right tools, low-income people can build wealth through savings. Our 2011 participant survey indicates that most participants continue to save monthly after exiting the program, with with 95% investing in retirement plans and 80% regularly contributing to savings accounts

Potential Long Term Impact

The entire community is lifted up when low-income families are lifted out of poverty. With the knowledge gained from Save Up, our program participants purchase homes, cars, and further education. Paying for social services treats symptoms for short-term benefit; investing in RISE teaches people to treat themselves for a lifetime. Save Up has helped over 500 people purchase more than 6 million dollars in assets. With your support, we can serve more of our community!

Funding Information

Total Funding Received to Date: $310
Remaining Goal to be Funded: $24,690
Total Funding Goal: $25,000

Resources

Donate by US Mobile Phone

Text GIVE 8880 to 80088 to donate $10 to Save Up Program. Message and data rates may apply. Only works for US mobile phones.
TXT MSG from our lawyers: Note that your $10 donation will be made to the GlobalGiving Foundation-Save Up Program project. Charges will appear on your wireless bill, or be deducted from your prepaid balance. All purchases must be authorized by the account holder. You must reply YES to the confirmation message. You must be 18 years of age or have parental permission to participate. Text STOP to 80088 to stop all communication. Text HELP to 80088 for help. Message and data rates may apply. Full Terms: www.mGive.org/T. Privacy Policy: goto.gg/privacy.

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Organization

Project Leader

Aimee Burnwatt

Memphis, Tennessee United States

Where is this project located?

Map of Save Up Program
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