Save Up Program

by Rise Foundation, Inc.
Vetted
Ms. Tee
Ms. Tee's Save Up Success Story

 Dear Friends,

The Save Up program has helped many low-income families in our community to do incredible things with their meager earnings.  I would like to share with you one of our success stories, that involves a hardworking mother, Ms. Tee:

Ms. Tee, a divorced mother of four sons ages 14-19, saw a lifelong dream come to fruition when she closed on a home of her own.

A Department Tech for a local nonprofit, which serves people with disabilities, Ms. Tee spends her workdays shuttling clients to and from doctors’ appointments. Although Ms. Tee always dreamed of becoming a homeowner, she never believed homeownership was within her reach – that is, until she heard about RISE through a coworker.

Ms. Tee enrolled in the Save Up Program, which teaches participants how to create a budget based on their personal income and expenses, and how to obtain and improve their credit scores and credit reports. The Save Up Program also helps participants establish bank accounts and purchase assets.

RISE then helps participants obtain asset-specific training as needed, at no cost to the participant. For example, those saving for homeownership will need to complete homebuyer education classes. Finally, RISE will help Save Up participants purchase the asset for which they’ve saved. Assets include homes, cars, computers, post-secondary classes and small businesses.

“Being in the Save Up Program was a faith builder,” said Ms. Tee, who moved her family into their new home this past December. “Now I feel that I can accomplish anything. RISE is a symbol of me having faith in myself. Learning how to budget and save has helped me to purchase a home. My next goal is to save for my children’s college education.”

With your help and support, the RISE Save Up program can help create even more successfull stories like Ms. Tee's. We currently have a waiting list and with more support, can help more low-income working families to make better choices that benefit their families.  .

We are counting on you!

 

Karen Madlock, RISE  Save Up Program Coordinator

Tracie is a divorced mother of four sons between the ages of 14 and 19 years old.  She is employed b yan organization helping people with developmental disabilities to lead full lives.

She had always dreamed of being a homeowner but thought that it was not within her reach.  Then she heard about RISE through a co-worker and decided to become a Save Up participant.  She said that the biggest challenge that she faced as a participant was doubt, but through her faith, was able to overcome it. Tracie has something to be thankful for this holiday season.  In October 2014, her family moved into their brand new home.   

She said “being in the Save Up Program was a faith builder.  Now I feel that I can accomplish anything.  RISE is a symbol of me having faith in myself.  Learning how to budget and save has helped me to purchase a home.  My next goal is to save for my children’s college education.”

In 2012, we first met Brian, an unemployed father of a seven year old son.  He heard about the Building Assets for Fathers and Families (BAFF) program though Maximus, a partner agency.  As a non-custodial parent, he wanted to find a good paying job that would enable him to save money, pay his bills, and meet his child support obligation. 

His job search led him to a Maximus sponsored job fair, which he learned about at a BAFF workshop.  At the job fair, he was interviewed and hired on the spot to work for Maximus as an Establishment Caseworker. Once he became employed, he used the skills that he learned in the BAFF Program to manage his credit and create a realistic spending plan.     

In January of 2013, he enrolled in the Save Up Program.  As a Save Up participant, Brian became a focused and diligent saver, setting his sights on purchasing a vehicle.  He says that he is grateful for the opportunity to purchase reliable transportation, which is essential to realizing his dream of working in the IT field. 

On April 17, 2014, Brian purchased a beautiful 2007 Chrysler 300 Touring!  Now he is able to get to work, to see his son, and to get to class.  He is set to graduate with his Bachelor's degree in Information Science next year.

We are so glad that we could play a part in helping Brian to stabilize his family situation and to make better informed financial choices so that his family could prosper!

Ms. Taylor, a divorced mother of four, entered the Save Up Program in March of 2013 with dreams of becoming a homeowner.  

Getting to the six weekly financial management workshops was a challenge for Ms. Taylor.  Her plate was full as a mother, a graduate student, and a full-time social services worker. In January 2014, she was able to purchase her home.

Ms. Taylor believes that being a part of the Save Up Program enhanced her life in many ways.

She says that Save Up has helped her to set financial goals.  She said, “I want to be sure that I take the knowledge that I have gained one step further by saving and investing my tax returns this year. I have been doing the research so I can make an informed decision on how to invest my money."

She has also shared with her children the importance of developing good spending and saving habits. She says, "I want them to grow up making financially sound decisions.”

 

Ms. Taylor was able to make her dream of homeownership a reality with the knowledge and skills that she acquired in the Save Up program!  

Erica and her sons
Erica and her sons

Erica, a Save Up participant, worked in manufacturing and wanted to make a better life for herself and her two sons. After completing the financial literacy component of Save Up, Erica began saving.  She saved enough to purchase her first asset - a new computer!  She and her sons use the computer for schoolwork.  Erica has gone back to school and hopes to open her own business after completing her education.  She is still saving and working towards her next asset goal!

She has found having a computer to be especially helpful for her family because her sons are able to do their homework without having to go to the library.  She also finds it helpful in advancing her career because she is able to fill out job applications online.  She says that the computer has been a lifeline for her family.

Your support helps savers like Erica - and the 550 current savers and graduates - learn the skills that they need to help their families build better lives.  We look forward to sharing more of the successes of our program participants!

 

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Organization Information

Rise Foundation, Inc.

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

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