We are pleased to announce the launch of $aveUP Club, a new program to help low-income individuals and families increase their financial skills and emergency savings. Through this yearlong program, participants will be able to earn approximately $250 of monetary incentives for making monthly savings deposits, saving a portion of their tax return, and attending financial management classes.
In addition to the savings rewards, club members will receive support from professional financial coaches and other club members with similar goals. Through this program, we aim to help residents of Utah, Wasatch and Summit Counties whose household income is less than 200 percent of the Federal Poverty Level.
To apply, individuals must attend one of three orientations held at Community Action Services and Food Bank at 815 S Freedom Blvd. Ste. 100, in Provo, Utah. The sessions will be held on
- Monday, November 19, at 5:30 p.m.
- Tuesday, November 20, at 10:00 a.m.
- and Tuesday, November 20, at 5:30 p.m.
Having emergency savings is essential for financial stability and self-reliance—and even a little bit helps. A 2016 study from the Urban Institute suggests that having even a small emergency savings fund of $250 to $749 decreases a family’s risk of being evicted or missing a housing or utility payment. Individuals who participate in all aspects of $aveUP Club will finish 2019 with at least or more than $1000 in savings.
But the goal of $aveUP Club goes beyond the first $1000. We hope that having a taste of success will help club members develop a lifelong savings habit. Individuals who participate in savings incentive programs often continue to save at higher levels after the program ends.
Why? Because having something in the bank helps a person see beyond the crisis of the moment and plan for the future. Increased saving leads not only to increased financial stability but also to greater hope for the future. And increasing individuals’ and families’ personal safety net makes our whole community stronger.
If you would like to donate to $aveUP, please visit our secure donation page and indicate in the comments that your donations is for the $aveUP Club.
Interested in learning how to manage your finances? Our Financial Learning Center offers financial management classes and one-on-one financial coaching to help you with budgeting, understanding and improving your credit, getting out of debt and building your savings. Walk-ins are welcome 9 a.m.-2 p.m., Monday-Thursday, or appointments can be made for individual needs for counseling or coaching Monday-Friday, 8 a.m.-5 p.m.