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Do you have enough savings to cover 3-6 months of expenses in order to be prepared for emergencies?

Are you prepared?

  • For emergency medical bills?
  • To replace major appliances?
  • For emergency car repairs?
  • To meet any unexpected expenses?

Join the Emergency Savings Plus Program

Using secure online platforms you will learn how to:

  • Develop effective saving habits. 
  • Learn how to improve your saving habits.
  • Improve your family budgeting skills.
  • Take advantage of investment tools.
  • Increase your financial literacy
  • Save $100 and get it matched 4:1.

Yes, save just $10 a month for 10 months and the Emergency Savings Plus Program will add $400 to your savingsā€¦.an effective way to start saving money and preparing for unexpected expenses.

What is the Emergency Savings Plus Program (ESPP)?

Thanks to funding from Capital One Bank, and in partnership with Capital Area Asset Builders, the Housing Opportunities Commission is offering the Emergency Savings Plus Program to HOC customers.

The ESPP will help HOC families better prepare for emergencies and strengthen their overall self-sufficiency, giving them access to financial wellness training and services helping them to develop the habits needed to build an emergency savings account.

From the safety of your own home you will access these services and receive expert advice using secure online platforms.

What does ESPP offer?

HOC customers who enroll in the ESPP will receive

  • Three (3) financial education workshops online
  • Two (2) one-hour long individual credit counseling and financial coaching sessions
  • Access to a bank account at a financial institution for your deposits
  • A 4:1 match of your savings up to $400 per participant.
  • All coaching sessions and workshops are virtual

How much does it cost to enroll?

Nothing. Just save $10 a month

How do I receive the match of $400?

Program participants will have ten (10) months to achieve the savings goal of $100 ($10 per month). Each participant will make deposits into their own special savings account created for them by CAAB. At the end of the program, their savings will be matched at a rate of 4:1 up to $400 in matched funds.

 

How does the program work?

Financial Counseling

Upon enrolling in the program, participants will meet with a CAAB financial counselor for their first one-on-one meeting. At this mandatory counseling session, the participant will complete a pre-survey and a comprehensive personal financial assessment. The participant's soft credit score pull will be made. The financial counselor and participant will review the credit report, compose a plan of addressing adverse credit history issues and better managing debt, will develop a realistic family budget, will explore banking services, and will discuss ways to effectively build credit.

Financial Literacy Workshops

Then, the participants will meet as a cohort for the three financial literacy workshops to be conducted by CAAB at times and places convenient for all. These classes will expand upon the financial literacy skills introduced during the individualized counseling sessions.

Financial Literature

Also, all participants will be given a one-year subscription to online and printed consumer protection resources. This will help to further strengthen the financial literacy skills learned at the workshops and counseling sessions.

Making savings deposits

Also, during this time the participants will make regular savings deposits in their CAAB established accounts. All participants will be expected to save half their goal ($50) by the end of the fifth month and another $50 during the second half of the program.

Final wrap up

Finally, before the close of the program, each participant will be required to attend their second one-on-one counseling session with the CAAB financial counselor to measure their progress and discuss ways to further strengthen their financial literacy and savings skills. Also, a post-survey will be completed in order to measure program success.

Receiving the match

Upon completion of the program, CAAB will transfer the combined savings and match funds of each participant, into a savings account owned by the saver. Remember, completion of the program means that you attended the two (2) mandatory individualized financial counseling sessions. Participants who do not attend these two sessions will not be eligible to receive the match.

How long does the program run?

The ESPP runs for only 10 months. All individual counseling sessions, financial literacy workshops and monthly deposits will take place during this 10-month period.

To enroll click here!

If you have questions, please contact Shirley Benning at This email address is being protected from spambots. You need JavaScript enabled to view it.  or  240-528-4858