It’s hard to believe it but it’s true: they give money to those who save
By Spectrum News NY1 Brooklyn
PUBLISHED 7:35 PM ET Feb. 10, 2020
To pay her car fee, Jennyce García had to do it using a credit card. The interest did not let her breathe.
But a year ago she began to develop the habit of saving and now she has about $1,700 in his savings account.
“Having a savings is good for any type of emergency. It is your own money you can occupy at any time, you will not pay interest because it is your money,” said Jennyce García.
Bedford Stuyvesant Restoration Corporation is a community organization dedicated to financially helping Bed Stuy residents. Together with Brooklyn County President Eric Adams, they have just launched a program called “Brooklyn Saves,” which will give you $ 10 a month, for 6 months, if you save at least $ 20 a month in a savings account.
"People understand that having savings for emergencies gives them the opportunity in the future to cover any financial need. A need that we want to cover is that people understand that having savings for emergencies gives them the opportunity in the future to cover any financial need,” said Julian Stillman, financial advisor to Bedford Stuyvesant Restoration Corporation.
It is estimated that 47% of people in the United States do not have access to a savings account with at least $400 for an emergency, so they end up using a credit card or a bank loan.
Here they point out that to have a profit of 10 dollars through a traditional savings account you must save more than one thousand dollars a month and be under certain restrictions and penalties. This program is different.
It has nothing hidden that then they will take some money from me, then they will charge me something, no. The idea is that at least six months participate "" It has no 'fee', it has nothing hidden that then they will take some money from me, then they will charge me something, no. The idea is that at least six months participate," Stillman added.
To participate and obtain the funds it is not necessary to show your immigration status or income level.
"It's not that I'm focused on people with low incomes, it's people of any level are not used to saving a little to cover an emergency," Stillman said.
To participate you just have to live in Brooklyn. You can apply in person at the Bedford Stuyvesant Restoration Corporation office or through the http://partner.saverlife.org website