Indiana and her son, Luis, enrolled in the Financial Opportunity Center program this year, wanting to find ways to cut expenses and save money. Indiana worked part-time while finishing her degree at the university. Her husband worked full-time at Olive Garden, while Luis was a high school senior who worked to save money for a new car after graduation.
Working with her CMCA FOC coach Jamie Wallingford, Indiana worked diligently to find extra money in her family’s budget to contribute to her savings. Through our IDA savings program, we were able to match her savings. Through careful budgeting and significant cuts, she saved $800 in just under four months, totaling $1600 with our match. They put some of these savings into an emergency fund and used some to address maintenance issues on their car, which helped boost their momentum.
The family also made changes at home. Luis obtained his drivers license and drove his parents to and from work, eliminating the cost of parking passes. Indiana started experimenting with new recipes and hosting potluck dinners with her community to share the cost burden.
After graduating high school, Luis was offered a full time job with a mortgage company, where he is learning about the housing market and will be eligible to receive down payment assistance on his first home. His goal is to buy his first home within a year, providing a stable place for his family. As he continues to work with the FOC, we look forward to his bright future.