![]() ![]() Sometimes these forces of habit are harmless, like letting the phone ring at least twice before answering it or turning down the car stereo when we’re looking for our destination. The phrase “force of habit” means we do something because we have always done it, rather than because we have carefully considered it. To secure a less stressful financial future and achieve your monetary goals, get into these five better money habits. We are excited to bring this workshop series to more LIFT regions, partnering with Bank of America employees to train our advocates and enable more families to build strong financial foundations.Bad money habits like impulse buying, high utilization of credit cards and not budgeting can put us in excessive debt and keep us from achieving our dreams. We realized that by connecting members to vital resources in the community (discounted internet, food pantries, transportation assistance) that reduce their monthly expenses, they can start to build savings for their broader goals.Īll in all, it was a hugely upLIFTing day and the LIFT-Philadelphia team is now equipped with the financial coaching tools they need to help members get ahead. Many advocates are still learning how to manage their own finances and they learned a lot of tips that will make them more confident discussing financial wellness.Īt the end of the session, we broke into small-groups to practice making budgets for LIFT members. For many LIFT members with little income, saving may seem daunting, but by putting a little away money every month they can begin to build a nest-egg for a security deposit, college classes, and life’s unexpected emergencies.īecause finances are such a personal issue, we talked about connecting your own efforts to reduce spending on everyday expenses to a member’s budgeting goals. Using three Better Money Habits™ videos from Khan Academy as teaching aid, an all-star team of Bank of America leaders talked about connecting budgeting to our member’s major life goals like getting a job, home, or education. On Friday April 4 th, 4 Bank of America professionals led a lively discussion for 20 of LIFT-Philadelphia’s staff and advocates about the financial situation of LIFT members, their critical needs, and how we can incorporate conversations about expenses and savings into our ongoing work with members. ![]() As part of our national critical needs partnership with Bank of America, we leveraged the bank’s financial coaching expertise to put on a “train-the-trainer” event for our staff and advocates in Philadelphia. ![]() Budgeting can be an uncomfortable, delicate topic, but we also know it’s an absolutely essential building block on the path to financial stability.įor Financial Literacy Month this April, we decided to launch a “Building a Financial Foundation” workshop series to train LIFT advocates on talking to members about budgeting and financial wellness. There is something about talking about money that makes just about everybody squeamish. But there is a topic that can be difficult for our advocates to broach: PERSONAL FINANCES. Advocates work side by side with members to solve the biggest challenges in their lives and this often leads to very personal conversations about circumstances that put them on shaky ground. At LIFT, we help people find jobs, secure housing, and navigate to vital resources to meet their critical needs.
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