Save Up Program

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.

Two weeks after closing on her first home, the house caught fire, destroying all of her family’s possessions.

Take a moment to ask yourself, how prepared are you to make the tough decisions that need to be made in this scenerio.  One Save Up graduate, Ms. Munson lived through this exact situation and everything she had achieved while in the program, everything she lost and will regain as a result of the fire, she attributes to her faith and resilience acquired from money saving lessons learned at RISE.   

“People say to me, ‘You lost everything, but you’re still smiling.’ But I didn’t lose everything,” she said. “I still have the gift of life. My sons and I are still standing strong. Sometimes God tests your faith, but I know something good will come out of this.”

Save Up is a matched savings account program that teaches participants to create a budget based on their income and expenses and to establish a bank account and purchase assets, such as homes, small businesses and vehicles.  Within 10 months of beginning the program, Ms. Munson had saved enough money paired with matching funds from RISE for a down payment for a home.

“The program gave me a refresher on invaluable concepts, such as how to increase my credit score and saving money for purchases and emergency funds,” she said.

RISE provided Ms. Munson with the critical tools to purchase and keep a home, but she said her sons are the clear motivation for her accomplishments. Please consider a donation to the Save Up program at the RISE Foundation today.  This program is so successful that 85% of program graduates continue to save and implement the gains in knowledge acquired through Save Up classes.  With your help we can reach many more working families and guide them toward homeownership and self-sufficency.