Save Up Program

by Rise Foundation, Inc.
Vetted

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.
$25,000
total goal
$24,390
remaining
8
donors
0
monthly donors
4
years active

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.

Solution

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

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!

Resources

http:/​/​www.risememphis.org
Taking Back Our Neighborhoods-WMC 5 TV

Organization Information

Rise Foundation, Inc.

Location: Memphis, TN - USA
Website: http:/​/​www.risememphis.org/​
Project Leader:
Aimee Burnwatt
Memphis, Tennessee United States

Learn more about GlobalGiving

Teenage Science Students
Vetting +
Due Diligence

Snorkeler
Our
Impact

Woman Holding a Gift Card
Give
Gift Cards

Young Girl with a Bicycle
GlobalGiving
Guarantee

Sign up for the GlobalGiving Newsletter
WARNING: Javascript is currently disabled or is not available in your browser. GlobalGiving makes extensive use of Javascript and will not function properly with Javascript disabled. Please enable Javascript and refresh this page.