MANAGING MONEY
NVME helps individuals manage their current resources and prepare for the future through classes and individual coaching. Financial education and a personal financial plan contribute to success in higher education, employment, and small business ownership. SUMMARY • Served 510 individuals with training and individual assistance • Offered My Money Works (MMW) to 97 individuals • Financial Wellbeing* scores for 54 MMW graduates increased by an average of 26% over the 5-week class period • NVME staff provided training and support for matched savings programs: 28 new Family Devel- opment Accounts were opened; 31 New Ventures “When I reached out to NVME in 2020, I was a newly single mom caring for three children while working two jobs in healthcare. There were limited finances for paying the mortgage and all of our bills. And our house needed repairs. I took the My Money Works class and learned about home spending plans, increasing savings, cleaning up debt, and using resources such as matched savings programs. I was approved for a Family Development Account (FDA) to save $1,000 and get a match of $4,000 towards repairing our home. As it turned out, there were so many needed repairs that I wondered if I should sell my home. This was followed by going from two jobs to one, decreasing my earnings, and I fell behind in mortgage payments. Luckily, because I had been saving for over six months, I was able to change my FDA goal from home repairs to emergency savings and use the funds to pay my mortgage and bills and purchase a reliable car. After selling my home, I used my remaining FDA funds in 2023 when we experienced health challenges
and my earnings fell short of our financial needs. Again, my savings and the match helped me pay the rent and bills. I’m now working in education–my new job pays better and my schedule aligns with my children’s schedules, which is much easier to balance and manage. I am very happy in my new job, renting a home that is near my work, and building my savings up again. My next goal is to buy an affordable and safe home for my family.”
Jennie, Limestone
Maine Matched Savings Accounts were opened (31 accounts closed with a match, and 2 used a partial match and continued to save) • Under NVME leadership, CA$H Maine served 6,058 tax filers, a record number, generating nearly $4 million in federal income tax refunds, including $1.24 million in EITC refunds * Financial wellbeing is defined by the Consumer Financial Protection Bureau (CFPB) as circumstances wherein a person can fully meet current and ongoing financial obligations, can feel secure in their financial future, and can make choices that allow them to enjoy life. It is measured using a set of questions developed and tested by the CFPB. Visit www.consumerfinance.gov to learn more.
2023 Annual Report
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