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. another challenge: our work credentials did not transfer to the U.S. I started attending community college and obtained my nursing degree; my wife has been working on her Bachelor’s in cybersecurity at University of Maine at Augusta. She secured a job in Augusta, which was wonderful, but requires a long commute. Working one-on-one with NVME, we decided to re-prioritize and purchase a reliable car On a visit from Central Africa to Fort Kent, my wife and I decided that Aroostook County would be a good place to raise children. We moved and eventually settled in Presque Isle, where I learned about New Ventures Maine. I took the My Money Works class, which was an eye-opener; we came from a place where the systems around money are so different. This class helped me find money within our budget, even with four children, and I developed a savings habit. After completing My Money Works, I opened a Family Development Account (FDA) with the goal of purchasing a home, but qualifying for a home loan took longer than we expected. We were also facing
with our FDA account. We’ve been able to secure a car loan to complete our purchase of a family car and are working on building our credit score toward securing a loan to purchase a home in the future. NVME is ready to assist you in achieving your goals. This organization helped me to grow personally and has had a real impact on my family’s financial well-being.
Linus, Presque Isle
• NVME staff provided training and support for 48 Family Development Account program participants; 39 Rainy Day Savings Accounts were opened (10 accounts closed with a match, and 2 used a partial match and continued to save) • Under NVME leadership, CA$H Maine served 4,522 tax filers, generating over $5 million in federal income tax refunds, including over $1.5 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.
• Served 273 individuals with training and individual assistance
• Offered My Money Works to 99 individuals • Financial Wellbeing* scores for 62 My Money Works (MMW) graduates increased by an average of 25% over the 5-week class period
2022 Annual Report
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