| Issue At Hand: Financial Stability | | Print | |
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As we approach tax season, financial stability becomes an important factor in many families. If you're expecting a tax refund, now is the time to learn how to become financially stable through educational seminars and help from certified professionals. See how finding Financial Stability can impact your future.
Free tax preparation is available from the EITC Coalition starting today at multiple locations across the metro1. The program, partially funded by United Way of the Midlands and the Financial Stability Partnership, is available to the elderly, disabled and working families. Many of these locations offer a variety of financial services including free credit reports, financial education seminars and free bank accounts. We’ll continue to feature Financial Stability as this week’s Issue at Hand. Take a look at the locations here.  How can families work towards financial stability? United Way recognizes 5 key areas to achieving stability2:
This week, we’ll feature how United Way and our partner agencies work with families and individuals to implement strategies in these key areas.
Finding a steady source of income is the first step to becoming financially stable and independent. According to the Common Good Forecaster, Americans who did not complete high school make 40% less that high school graduates3. Providing educational guidance and courses gives families and individuals the chance to better their financial prospects through higher education. United Way partner agencies work in the community to help hundreds attain employment:
These are just a few examples of the help available in the Omaha area. Securing employment can provide peace of mind on the road to financial independence. Financial Stability Step 2: Affordable Housing Buying a home requires a lot of planning that can seem overwhelming without a little guidance. Pre- and post-home purchase workshops teach new homeowners how to prepare for home ownership, apply for a mortgage, improve credit ratings and close on a home. Their post-purchase counseling provides guidance in the how-to's of home maintenance, budgeting and steps to take if the financial burden from a mortgage become unmanageable. Purchasing a home brings stability to your finances by ensuring a steady monthly payment to work around. The Pre-Purchase Education Program provided by Family Housing Advisory Services, Inc. (and partially funded by United Way donor dollars) is available to any potential homeowners. Contact them to get started today! Family Housing Advisory Services, Inc. - Main Office - 2401 Lake St, Omaha, NE 68111 - (402) 934-1777 or www.fhasinc.org Financial Stability Step 3: Savings and Assets Did you know? In a survey taken in 2009, a whopping 61% of Americans are living paycheck to paycheck without any money in savings4. Without savings, families aren't prepared for the financial hardships brought on by unemployment or illness. Learning how to save is an important skill that can have a huge impact on a person's future. Money management is the cornerstone of financial stability. By focusing on creating long term savings and assets, families will be prepared in the long run for the financial burdens of everyday life. Budgeting courses teach families how to provide for the essentials while setting aside a little money each month. The first step to savings is creating a savings account, and the Financial Stability Partnership has teamed up with various local banks to provide that option at multiple tax sites around the metro. Begin saving today by signing up at a local tax site: http://bit.ly/taxlocations Financial Stability Step 4: Manageable Expenses Did you know? According to the Urban Institute, lower-income families are twice as likely as middle-income families to have food insecurity, housing insecurity and lack of health insurance5. Education should be the center of a young child’s world, not the question of where they’ll get their next meal. When United Way partner agencies provide meal and utilities assistance, housing foreclosure counseling and reduced-rate healthcare, they’re helping low-income families improve their quality of life by adding some stability to their lives. Teaching families how to manage their money while providing much needed human services helps increase the quality of life for children and their parents. Our agencies are there along the way as families slowly work towards stability. Financial Stability Step 5: Income Supports Did you know? Each year, billions of dollars in benefits for low-income families are unclaimed6. Many of these benefits are available through tax deductions but most people don’t know they exist. Take your tax documents to an EITC Coalition tax site and get the refund you deserve. You’ll save the fees through this free service and have the extra money you need for the necessities. 1Document on EITC tax sites provided by the EITC and Family Housing Advisory Services, Inc. (http://www.fhasinc.org) |
