Services



Financial Stability Coalition

DID YOU KNOW?:

  • From 1992 to 2000 in the United States personal disposable income rose 47% but personal spending climbed by 61%. 
  • The overall personal savings rate fell from 8.7% in 1992 to just below 0% in 2000.  In 2006 it was - .05%  In the United States our citizens are and have been spending more than they make.
  • The average American household with at least one credit card carried a balance of $2,985 in 1990, fan average balance of $7,942 in 2000  and almost $9,000 in 2006         

United Way's Financial Stability Coalition has worked since 2005 to help Escambia County residents improve their financial condition and shape their  financial future through these activities:

  • Free Personal Income tax preparation for low- moderate income families, helping these families receive all refunds for which they are eligible, avoid cost of a paid preparer, and become informed about hints, tips and general money saving information and how-to’s.
  • Information & Education to reduce susceptibility to predatory lending, rapid advance tax returns (aka "loans"), cash advance pay-day loans, car title loans, buy-here-pay-here car lots, and check cashing services. 

OUR VOLUNTEERS IN ACTION
 

WHY FINANCIAL STABILITY?

Personal financial management skills are at the very core of healthy families, productive employees and communities. A basic understanding of money and credit – and how they work in today’s society, is crucial to functioning in the main-stream and a person’s ability to build wealth.

The ability to build wealth, acquire savings and home equity is what moves a person into the financial mainstream.  They increase family stability, encourage better consumer habits make a better employee and eventually increasing an individual’s stake in the health and wealth of their community – our community.

In addition to mobilizing and training volunteers as IRS-certified tax preparers, United Way of Escambia County partners with the FDIC and local volunteers to provide free MoneySmart workshops for interested residents. 
  
The FDIC Money Smart concepts are vital to the information/education process. Training is available for all ten Money Smart modules and the workplace is the perfect place to start:

  1. Bank on it: Reasons to use a bank, opening and maintaining a deposit account, major types of insured financial institutions
  2. Check it out: Deposits, withdrawals and reconciling an account
  3. Borrowing Basics: Types of loans (secured or unsecured)
  4. Money Maters: Tracking spending and relatively painless ways to decrease it; Preparing a budget with tools to stick with it
  5. Pay Yourself First: Why you should save, save, save
  6. Keep it Safe: Your rights as a consumer
  7. To your credit: What a credit report is, how to order yours and how others use it; Reading and understanding a credit report; Ways to build credit and repair credit 
  8. Charge it right: Credit cards, store and gas cards, fees, and APR
  9. Loan to own: Loans for major purchases – like a car or appliances
  10. Your own home: Benefits and pitfalls of renting versus homeownership; Determine your readiness to buy; Steps in the process; Basic terms of a mortgage and different types of mortgages; Foreclosure prevention 

Education and training sessions can be as short as a 20 minute overview at a Lunch & Learn or a full workshop generally lasting from 1 ½  to 2 hours. A regular schedule presents at least one module every week for 10 weeks. Select modules can be presented for faith congregations, at community centers, businesses, civic groups and/or local associations based on needs and preferences of the group.

Basic personal financial services through United Way's Financial Stability Coalition are presented by trained and certified volunteers. 

For more information, call us at 444-7042 or e-mail financialstability@unitedwayescambia.org.