Economic Solutions Center pilot “Brooklyn Saver’s Club” program help resident’s save over $34,000
April is Financial Literacy Month. Each week, the Economic Solutions Center (ESC) will share inspiring stories, tips, tricks, and resources to help you get your financial life on track. According to the Federal Reserve Board, 47% of Americans have less than $400 saved for an emergency, and the numbers are worse for people of color. This grim statistic informs our efforts to close the racial wealth gap to increase savings in the communities we serve.
This week’s topic is: Savings. Last fall, we piloted an initiative called the “Brooklyn Saver’s Club” with our clients and staff. To date, 59 people have saved over $34K, with an average per person savings of over $580. Veniece, Carlos, and Jerrell are Restoration employees and intern who shared their stories with the same result: this program works!
Members of the Brooklyn Saver’s club commit to a 6 month plan to build their savings. With the help of ESC’s financial counselors and digital savings tools like Saver Life, which provides a $60 match if you save $20 a month for six months, club members reach their financial goals with the support they need to form new saving habits. Restoration staff members piloted the program with great success and shared their experience:
- “I achieved more than I had expected…I put in $1,000 and soon that had grown to $1,500. I got this urge to invest an initial amount and then watched that money grow week by week.” says Veniece B.
- Carlos S. says, “My credit was already great, but in order to buy a home i needed an even better score...I began paying off a smaller balance card, then my score went up 35 points...I was able to improve to the score I have now -- 768!”
- “The advice I received from Restoration’s financial counselling was invaluable,” Jerrell G. says. “I was able to start a budget, get a credit card, and open a savings account.”
Are you ready to sign up for the Brooklyn Saver’s Club? We are looking to build to 1,000 strong savers.
Sign up for the Saver Life match savings program and contact us a firstname.lastname@example.org to stay in the loop about special income opportunities, news, Book An Appointment with our award winning financial counselors.
No matter where you are in your financial life, the Economic Solutions Center has the tools and expertise to take you to the next level.