Save Up Program

by RISE Foundation, Inc. Vetted since 2010 Top Ranked Effective Nonprofit

Summary

Save Up educates low-income families to better manage their resources. Program participants are empowered to purchase assets, like a first home or a vehicle.

$25,000
total goal
$24,170
remaining
10
donors
0
monthly donors
6
years

Challenge

It is often said that there is "too much month at the end of a paycheck." Without financial literacy, low-income families lack the skills needed to make the most of their monthly income.

Solution

Save Up teaches participants to create a budget based on their personal income and expenses and to establish bank accounts and purchase assets. After participants complete financial education classes, RISE helps them open a special savings account that requires them to deposit $25-$75 per month for six consecutive months. After six months of saving, RISE matches each dollar saved with two dollars, tripling participants' savings and making it possible to save a combined total of $3,000.

Long-Term Impact

The entire community benefits when low-income families are able to rise above poverty. With the knowledge gained from Save Up, our program participants are able to purchase assets, further their education and launch small businesses. RISE equips its program participants with financial knowledge and skills that have a deeper, long-lasting impact. Save Up has helped more than 700 people purchase more than 7 million dollars in assets. With your support, we can serve more of our community!

Resources

http:/​/​risememphis.org
Taking Back Our Neighborhoods-WMC 5 TV
Unbanked: The high cost of doing business
Rise "Save Up" Program Helps First-Time Homebuyers

Organization Information

RISE Foundation, Inc.

Location: Memphis, TN - USA
Website: http:/​/​www.risememphis.org/​
Project Leader:
Tangela Morgan
Memphis, Tennessee United States
$830 raised of $25,000 goal
 
21 donations
$24,170 to go
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