Financial Roadmap

Household Budgeting Training

Community Need:

Early intervention with financial literacy is critical in building a sustainable life – The 3R Foundation recognizes the need to educate our community, whatever the age, on the basic building blocks of creating a budget and the importance of managing our day-to-day expenses.

Objectives

To provide basic financial training and support for the Akron community by educating individuals in the importance of understanding, creating and managing their own household budget.
Break the generational cycle of debt, governmental financial dependence and non-profit assistance.
Building relationships with individuals that are not transactional, but long lasting with purpose.
Working with broad set of Akron agencies to address the holistic needs of individuals.

“Too many Americans lack comprehensive financial literacy, which causes them to have lower credit scores, prevents them from getting credit with good interest rates and lowers the amount of wealth they build throughout their life, among other negative consequences. Because financial literacy is so essential, states should prioritize teaching it from a young age. It’s not surprising that the most financially literate states all require personal-finance education before students graduate from high school.” Cassandra Happe, WalletHub Analyst

Success Stories

Suzie was financially distressed at her first class. Her fiancé left her with 5 credit cards maxed out, 4 months behind in mortgage payments and 2 car loans. Simply stated she was over $20K in overdue debt, in addition to her day-to-day expenses. She took our course and put together her Roadmap she accomplished the following:

Sold one car
Consolidated her credit card debt-and paid them off
Worked with the bank and paid 2 months of her past due mortgage and had the balance put to the end of the loan
Took a second (part time) job

Suzie is on solid footing. When she entered the class, she had a hard time holding the tears back. Today she is working at Amazon (full-time) and Dollar General (on the weekends).

Heather has a dream of owning her own home. She built her financial Roadmap, but while she was getting pre-qualified for a mortgage, she discovered her mother had taken out a credit card in her name and owed $4K. Working with our resource team she is paying off her credit card debt and has moved into an apartment in Middlebury neighborhood. “The Well” an Akron based community development organization for Middlebury owns properties, that when she is ready, will be willing to help her purchase the unit.