Translating the Language of Money

Free Tax Prep Can be First Step for Financial Success

January 30, 2012 By Maria Stokes Leave a Comment

It’s hard to believe, but there is a benefit to filing your taxes – even if you don’t get a refund! That’s because getting free tax preparation at an Earn It! Keep It! Save It! site can open the door to hundreds of local programs that can help you improve your finances.

For example, Yolanda D. visited the Earn It! Keep It! Save It! site at the SparkPoint San Francisco at Plaza Adelante last year. Free tax preparation was just the first step for Yolanda. She earns a living by cleaning houses, and dreamed of formally starting her own house-cleaning business someday.

Our free tax sites can connect you with local programs that can help you start saving, go back to school, get a good job, buy a first home or start a new business.

With SparkPoint’s help, she connected with a business consultant who helped her register her business and develop a business plan. Mission Economic Development Agency, which runs the SparkPoint San Francisco center, provided Yolanda with a $1,500 business-startup grant, which she invested in her business. Yolanda was also referred to the Mission Asset Fund, a partner organization at Plaza Adelante, to sign up for the Individual Development Account (IDA) matched-savings program with the intention of saving more money to invest in her business.

With a robust plan for expanding and sustaining her company, Yolanda is well on her way to financial success. And, it all started with a tax return.

Earn It! Keep It! Save It! kicked off in the Bay Area last week and is providing free tax preparation at more than 200 locations to households that earned less than $50,000 in 2011. Call 211 or visit www.earnitkeepitsaveit.org to find the free tax site near you.

And when your taxes are done, don’t forget to ask about programs

Filed Under: Pathways out of Poverty Tagged With: Earn it Keep it Save it, Income, success story

Strengthening Families by Helping Single Dads

December 8, 2011 By Ena Yasuhara 1 Comment

We often talk about single mothers, but what about fathers?

In 2006, the state of New York piloted a program to increase employment and earnings of noncustodial parents, most of whom were fathers. The state Office of Temporary and Disability Assistance worked with nonprofit organizations in four New York cities – Buffalo, Jamestown, Syracuse, and New York City – to deliver job training and other support services to low-income parents behind in their child support.

Participants not only experienced gains in wages, but also increased child-support payments.

Read the program evaluation, “Strengthening Familes Through Stronger Fathers,” written and conducted by the Urban Institute.

What are some lessons we can learn about tackling poverty from this pilot program? Share your thoughts in the comment section below.

Photo courtesy of Tony Alter via Creative Commons license.

Filed Under: Pathways out of Poverty Tagged With: children, families, Income

Translating the Language of Money

October 14, 2011 By Leah Staub-DeLong Leave a Comment

“How can I save if I feel like I’m barely making ends meet?” “What’s the best way to start paying down my debt?” “Will I ever be able to buy my own home?”

SparkPoint financial coaches help clients tackle challenging questions like these every day. To succeed, they need to address complex financial issues in terms that are easy to understand.

To help coaches continue to improve the way they work with clients, professional financial counselor Kate Wilusz addressed these and other questions last week during a financial planning workshop at United Way. The workshop offered new approaches for discussing financial challenges, tools and goals with clients.

Key takeaways included the strategy of “hiding” money in savings before it reaches a checking account, the benefits of certain accounts such as Roth IRAs, and the role of financial planning in achieving long-term goals.

Deana Deleon, a financial coach and CPA at SparkPoint East Contra Costa in Bay Point, came to the workshop to get new ideas for how to talk to her clients about their finances.

“The Financial Planning 101 training underscored the importance of having a cash reserve as a way to reduce and stay out of debt,” Deana said. “Savings is a hard topic to teach our lower-income clients. With the new information and techniques I learned from this training, I hope to empower more individuals and families to save!”