Save Up Program

During a presentation at a RISE community partner event a welcome home moment happened.  A RISE program coordinator spoke the magic words “a little determination and a lot of planning” to one of the attendees and Ms. Candi was convinced that she could become a RISER.  Her employer, MAXIMUS has been working with the RISE Foundation since 2016 and introduced the Save Up program to new agency employees like her in the fall of 2018.

Ms. Candi says that her experience in completing the program did not come without challenges. Her journey was long, but with the support of program staff, she developed a habit of discipline and determination.  She produced and maintained a spending plan and became good at balancing her budget. Learning how to differentiate between wants and needs led to her becoming a more consistent saver. She also developed the habit of creating goals that were short term, mid-term, and long term in nature, yet strategically detailed in how they would be accomplished.

Ms. Candi says that with what she has learned in the program her mind now is on building generational wealth for her children. The motto that she ingrained in her mind to succeed in the program was “never give up no matter what happens”. 

Since moving into her dream home, she is enjoying her new space by relaxing with a little TV binging of favorite Netflix documentaries with her family. She and the kids now have the space to enjoy playing board games that she usually loses.  Ms. Candi knows what real winning feels like every day her family steps through the doors of their new home.  Through her participation in the Save Up program she vows to continue seeking avenues to build wealth for future generations of her family.

The RISE Save Up program is multi-faceted and incorporates the Greater Memphis Financial Empowerment Center (GMFEC) as an essential component to assisting ALL residents of Shelby County in managing their financial wellness. This one-two punch that RISE provides is a knockout combination that clobbers debt.  Our programs make our city greater in terms of higher credit ratings, lower foreclosure rates and assurance that taxpayers are better informed and engaged.   

One of our participants, Mr. Dennis first became aware of Save Up and the GMFEC, when he attended a First-time Homebuyer Seminar, where a member of the GMFEC staff pulled and reviewed his credit report, and offered him an opportunity to schedule an appointment with a financial counselor.  He said, “I had been renting for the last six years and felt that it was time for a change.  So, not being a homeowner was my biggest struggle at the time.”

Since working with a financial counselor, Mr. Dennis has made great strides financially.  He has improved his credit score by over 30 points, paid off over $3,000 in debt, and believes that he will be able to purchase a home soon.  “Having someone to work with me has kept me focused, because I believe that I would have gotten distracted if I did not have a counselor working with me.”  He says that he would tell everyone that it has been encouraging and inspirational to be able to receive this assistance and he will not be deterred by anything that stands in his way of reaching his goal of becoming a homeowner.

The Greater Memphis Financial Empowerment Center/GMFEC is an exciting collaboration between the RISE Foundation, the Shelby County Trustee’s office and the Women’s Foundation For A Greater Memphis that provides free, one-on-one counseling by certified financial counselors to citizens of Memphis and Shelby County.