Keep It – Reduce Expenses

While it is important to get low-income families on the road to higher earnings, it is equally important for families to work with a financial coach to “stretch” and manage those earnings so they can pay all of their bills on time, put aside money for emergencies, and build their “nest egg” for the future.

Manage Money
CWF offers financial literacy classes on topics including budgeting, debt reduction, credit building, and choosing financial products. Participants put this knowledge into practice as they work with their financial coach to develop a budget and track monthly expenses. They learn where their money is going, rein in expenses, and find saving opportunities.

Access Financial Products
Too often families use predatory financial services that charge high fees to cash checks or take out loans. Financial coaches help participants connect to safe and affordable financial products such as checking and savings accounts, direct deposits, and retirement plans.

Reduce Debt
Escaping the cycle of debt is one of the key elements of escaping a life in poverty. Financial coaches teach participants how to communicate with creditors, make debt reductions plans, and find ways to build emergencies savings.

Build Credit
With a good credit score, families not only minimize their risk but have lower utility deposits, insurance premiums, and loan interest rates. Financial coaches help families understand their credit reports and improve their credit scores, which can save a family upwards of $200,000 in fees over a household’s lifetime.

Access Free Tax Preparation
CWF provides free tax preparation assistance through the Voluntary Income Tax Assistance (VITA) program. Families secure credits, such as the Earned Income Tax Credit, and receive their full refund to put towards savings. In 2013, the average tax refund paid through the Indianapolis VITA program was $1,701.

 

Special Announcement

Join us in celebrating the growth of the CWF Network through a new partnership and a new CWF site.

When: July 11th at 10:00 am

Where: Community Alliance of the Far Eastside (8901 E. 38th Street, Indianapolis)

Centers for Working Families make a difference in peoples’ lives every day

From 2011-2013…

852 people have found employment

779 people are enrolled in training and education programs

268 people increased their credit scores