Since January, a small group has gathered every week to discuss their finances in a class called Faith and Finance. The purpose is to help navigate budgets, understand credit, and begin to set short- and long-term goals. Twelve weeks seems long but in this short amount of time, life-long bonds with like-minded friends are made.
Each participant came with different life experiences and different perspectives on money and the provided curriculum was a great guide to help participants consider what their presumptions were about budgeting and goal setting. In the beginning, it was difficult to admit that some weren’t managing their money wisely, while others found it challenging to let go of things that were creating unnecessary financial stress.
As the weeks progressed, a few participants recognized that they were not ready to make the necessary changes in their financial habits, and this caused them to step away from the weekly meetings. We hope they’ll try again when the next session is offered. Everyone else pressed in, leaning into the support of the group and soaking up each week’s lessons like a sponge. Over the twelve weeks, participants tracked their spending by keeping receipts and writing down purchases, then they built a budget that was refined week by week. Each participant set savings goals by giving up one small item (ex. a soda) a week, which they found adds up over time. Then they learned about long term goals and how credit card interest can quickly compound your debt.
During the final class on April 11th, the participants gathered to talk about what they learned. Bethany* shared that, despite being in the lower middle class, she had come to realize she was stuck in a poverty mentality. The class taught her that she didn’t have to live paycheck to paycheck or settle for rent-to-own furniture. She learned she had the power to make smarter financial choices. Together with her husband, they created a budget and developed a plan that will have them debt-free by December!
Susie* was struggling to live on a very small income. She realized that by tracking her receipts, she was able to find some places where changes could be made which would allow her to save for the future. On the last day of class, she shared that she was approved for an apartment that before Faith and Finances she would not have been able to be approved for!
We’re grateful for the opportunity to offer classes that bring hope and empowerment to participants, helping break the cycle of poverty.