Helping Women Help Themselves

Transcription

1 Helping Women Help Themselves Summer 2018 From our Founding Mothers Welcome summer! It has been a wonderful season of graduations here at Budget Buddies with celebrations at Community Action in Haverhill, Methuen Housing Authority, and a Spanish-language program at Acre Family Childcare in Lowell. Congratulations to all buddies who completed the program. And thanks to the coaches, program leaders, and workshop presenters who contributed their time, energy, and passion to helping each buddy take control of her finances. Programming in the Merrimack Valley has increased 20% over last year with programs continuing through the summer at House of Hope family shelter in Lowell, the Lowell Housing Authority, Lazarus House in Lawrence, and Emmaus, Inc. in Haverhill. Additionally, two programs are underway at our new regional hub in Boston for Women s Lunch Place and Hildebrand Family Self-Help Center. This spring we also wrapped up a valuable consulting relationship with Harvard Business School s Community Action Partners (see page 2). It s been an exciting year for growth! We love hearing from buddies who have gone through our program. We recently caught up with Nadine, who graduated our program with Habitat for Humanity back in 2014 (see page 3). We are grateful to our dedicated corporate sponsors for helping more women like Nadine. These include Acadian Asset Management, one of our newest corporate partners (see page 4), and NetScout, a long-time sponsor and host of our recent Women Inspiring Women executive tea fundraiser. We re gearing up for a busy fall. In addition to more programs in both the Merrimack Valley and Boston, we re excited to have an Americorps Ambassador joining us August to lead our first Girls L.I.F.E. (Learning Independence through Financial Education) teen programs. More on this in our next issue! It is our valuable supporters, like you, who make all of this possible. Thank you for your continued commitment to empowering low-income women through financial literacy! Have a great summer! Anita and Kathy Inspiring Transformational Change By Robin Toof See page 2 >> Five Years Later: The Lasting Impact of Budget Buddies By Katie Stoll See page 3 >> Partner Highlight: Acadian Asset Management By Kaitie Chakoian-Lifvergren See page 4 >> 1

2 Congratulations Graduates! One graduate wrote in her exit survey: "I am forever grateful and only hope that someday I may coach a buddy and empower her!!" Budget Buddies Staff Anita Saville, Executive Director Kathy Brough, Director of Operations Katie Neville, Senior Operations Manager Katie Stoll, Senior Program Manager Julie Lemire, Senior Coaching Coordinator Bernadette Wheeler, Coaching Coordinator Catherine Pedemonti, Grant Specialist Budget Buddies Board Cathy Jenkins, President Brenda Gould, Vice President Sarah Ihugo, Treasurer Nicole Nguyen, Clerk Nancy Coan Rebekah Dufrene Susan Graves Darlene Hagan Anne Muita Todd Smith Sean Spaulding Robin Toof Inspiring Transformational Change By Robin Toof A Board Member s Reflection on the Harvard CAP Engagement with Budget Buddies or Wait, what just happened? Budget Buddies was one of Harvard Community Action Partners (CAP) pro-bono consulting clients for their cycle. CAP is an alumni volunteer organization of Harvard Business School and Harvard Kennedy School created to help Boston-area nonprofits apply management skills to their business challenge. Budget Buddies Board Member Robin Toof shared her experience. The last six months has been transformational for the Budget Buddies Board of Directors. I could not have imagined we would be where we are now. I could not even tell you I knew what was happening but clearly Harvard CAP did. A talented, diverse, and committed group of professionals, all graduates of Harvard, shared with the Board their analysis, expertise, and more than a little coaching. Budget Buddies applied for this pro-bono consultation for assistance with business and growth planning but we received so much more. After getting the full picture of our organization and where we wanted to go and what was happening in the immediate future, the Harvard CAP team nimbly adapted to meet our needs. You see, the Board is a wonderful array of thoughtful people who care so much for the Budget Buddies mission. Many of us never having served on a Board, showed up at each meeting hearing about the successes of each group, voting on budgets, offering our thoughts and opinions, contributing what we could. We functioned well. As the organization grew, more women were being served, more staff hired and most urgently, decisions for succession planning were made. The Board didn t know what it didn t know. I imagine that our dedicated Harvard CAP team looked at each other and said, I think we have some items to add to our consultation plan. Right out of John Kotter s (Harvard Business School) eight-stage process for creating major change, they impressed upon us the sense of urgency we needed to make sure Budget Buddies would continue on. They helped us to realize our roles as leaders and the importance of working together to create the vision for a true governing Board, one that can manage the organization effectively during and through change.cap not only communicated with us (a lot!) to check in and coach, they stressed the importance of constant communication with each other, staff, volunteers, partners and funders. Together, solutions to obstacles were brainstormed and minds were changed to think actively about different ways to do things that would bring about the actions we wanted in ourselves and others. The Harvard CAP team was quick to let us know we were on the right track providing that positive reinforcement I, at least, needed. That cliché can-do attitude was not lost on me. While each of my calls with members of the CAP team were filled with challenges to figure out, we also talked about how to create structures and systems we need to be successful. I know this was a similar experience for my Board colleagues as well. I can palpably feel the change in our Board s culture as a result of this experience. It is hard to describe like most imbedded cultures. In this reflection, I shake my head in disbelief that this transformational change occurred at the exact right time and that we could not have had a better team of people from Harvard CAP to help us to this point. And I could not have asked for a better group of women and men to go through this with The Budget Buddies Board of Directors who are so committed to making sure all women are financially empowered. Learn more about CAP at www. hbscp.org. 2

3 Awarded $100K Grant! Budget Buddies is thrilled to have been awarded a Cummings Foundation $100K for 100 grant! The $100K for 100 program supports nonprofits that are based in and primarily serve Middlesex, Essex, and Suffolk counties. Through this place-based initiative, Cummings Foundation aims to give back in the area where it owns commercial buildings. Founded in 1970 by Bill Cummings of Winchester, the Woburn-based Cummings Properties leases and manages 11 million square feet of space, the majority of which exclusively benefits the Foundation. Five Years Later: The Lasting Impact of Budget Buddies By Katie Stoll Habitat for Humanity of Greater Lowell understands the importance of financial education. Everyone who applies for a home with them is required to attend a financial education program. For many women and families who apply for a Habitat home, Budget Buddies is the financial education program they choose to go through. In 2013, Nadine Jordan applied for a home with Habitat for Humanity and entered into the Budget Buddies program. Soon after starting Budget Buddies, Nadine learned she was selected for a home with Habitat. Nadine and her coach, Allison, immediately went into overdrive to prepare for the changes to Nadine s budget. It s been five years now and so we checked back in with Nadine to reflect on the experience she had with Budget Buddies. Budget Buddies helped me learn how to track my expenses, says Nadine, I learned how to decide between things I want versus things I need. Owning a home can be a financial burden; bills get more expensive, routine maintenance costs money, appliances need to be repaired or replaced. But through Budget Buddies, Nadine learned how to work these variables into her budget. I learned the importance of saving money for a rainy day, explains Nadine. Recently, my dishwasher broke, and I had enough money saved to buy a new one. Budget Buddies helped me figure out where I could cut back so that I could save more. Nadine doesn t just credit Budget Buddies with helping her get her finances in order; she is also sure to thank her coach, Allison. It was great to have a coach! I always needed someone outside of my family to look to for advice, says Nadine. I trusted that Allison would approach things differently from what I was used to. I appreciate Allison so much for her time. She listened and helped motivate me to pay off my debt and make a plan to save for what s important. Nadine moved into her home in February of Since then, she has worked hard to save for expenses that may come up, but also for fun activities like taking her kids to the movies. Nadine says I ve been saving and tracking my expenses since Budget Buddies. This is something that stays with you for life. 3

4 Healthy Eating on a Budget Eating healthy doesn t have to break the bank. Our coaches and buddies learn how to get the most for their money at the grocery store without sacrificing nutrition. Women Inspiring Women Many thanks to all who supported our Women Inspiring Women event on May 17th! Best-selling author Stacey Alcorn shared her personal success story and then led a discussion with Anne-Marie Sousa (founder of Catie's Closet) and Cathy Mercado (a Budget Buddies coach). All three women offered a unique take on our theme: Courage, Risk, and Success. We are immensely grateful to NETSCOUT for hosting this event to support the Budget Buddies financial empowerment program! Partner Highlight: Acadian Asset Management By Kaitie Chakoian-Lifvergren This year as Budget Buddies has begun to build a presence in Boston we have developed a multifaceted partnership with Acadian Asset Management, a leader in active global and international investing. Acadian is a mission-driven institution, with an ambitious and motivational focus to be their clients most valued resource for investment insight and success. They pair this mission with a commitment to diversity and to the local community. Acadian is dedicated to actively supporting charitable organizations in the local community and around the world. Acadian Asset Management LLC invests on behalf of institutional investors such as pension funds, endowments, governments and foundations, as well as individual investors. As of December 31, 2017 the firm managed over $92 billion. Budget Buddies was selected by Acadian s Charitable Giving Committee following a months-long information gathering and due diligence process. Lauren De Greef, Committee Co-Chair and Director of Client Solutions and Product Development for the firm, said, Acadian is a mission-led organization, and we believe that we can only thrive if our local community thrives. Acadian said it wanted to focus on local organizations with a strong educational component to their mission and sought organizations where it felt the firm could have the most tangible impact. In addition to providing Budgets Buddies with a three-year generous grant, Sean Spaulding, a vice president at Acadian Asset Management, has joined the Budget Buddies Board of Directors. Acadian is also providing physical office space in downtown Boston for our Boston Regional Program Coordinator, Kaitie Chakoian-Lifvergren, as well as meeting space for Volunteer Information Meetings and Orientations. Employees of Acadian have been introduced to our organization and volunteer opportunities within it. This summer two Acadian employees are coaching with our Budget Buddies program at the Women s Lunch Place and four Acadian employees are presenting across the two programs in Boston. As Budget Buddies has built new connections and networks in the City of Boston, it has quickly become clear that there is a wealth of knowledge, resources, and interest in our organization. We have had numerous conversations with individuals who are passionate about our work and excited to get involved, but have skills and insight to offer that is outside that of our traditional volunteer roles. In order to capitalize on this amazing volunteer energy, Acadian Asset Management is hosting a Boston Advisory Committee to help Budget Buddies continue to think strategically and intentionally about our expansion into Boston and how best to make use of the resources in the city. We are grateful for the partnership and investment that Acadian Asset Management has made in Budget Buddies as we continue to grow and expand in Boston. We look forward to all that is to come! For more information on Acadian, please visit 4

5 Local Flower Shop Gives Back Success in Sudbury We are truly grateful for the generosity of A Floral Moment by Juju Buds, located right in Chelmsford center, for their donation of flowers to our coaches for each graduation! Our coaches give so much of themselves to help the women in our program tackle their financial challenges. It is so nice to be able to offer them a token of our appreciation. Taxes and Retirement Our Spanish-language program with Acre Family Child Care was customized for the specific financial challenges the women face as in-home childcare providers. Workshops focused on taxes and retirement were developed to build upon our standard curriculum. Bethany Hadvab, Board of Health Social Worker for the Town of Sudbury, reflects on the impact of Budget Buddies for her clients. Several weeks after the program concluded, the Board of Health followed up with all participants to obtain their feedback on the Budget Buddies program. The response was overwhelmingly positive. Clients commented on the program as a whole stating: Everyone should have to learn this, This program got me back on track, and Amazing experience! I highly recommend it! They also commented on the culture of the program and style of the presenters, noting: I felt no shame and a real connection with the facilitator, and There was no judgement! In the weeks and months following the conclusion of the program, residents have shared the impact that Budget Buddies has had on their financial behaviors. One participant reported that her credit score rose 60 points, she had increased her emergency fund, and had been able to manage several emergency expenses on her own without a sense of panic or a need to seek outside help. Another participant reported that she was well on her way to saving enough money to make a large necessary purchase, rather than putting the expense on a credit card and having to manage exorbitant interested payments as she would in the past. Others shared the increased confidence and self-sufficiency that resulted from their participation, noting an increased sense of control over their lives and finances. In addition, this program brought women together through engagement in collaborative problem-solving and mutual support. Following the program, half of the participants reported that they remained in contact with other group members and half reported that they remained in contact with their coaches. As a result, these women left the program with an enhanced support network, in addition to improving their financial literacy. Through word of mouth, and as a result of positive reviews from participants, several new residents have requested to participate in Budget Buddies. Each week, new clients seeking rown social work services present with financial stressors and note deficits in their financial literacy knowledge and skills. It is clear that the Budget Buddies program, from its philosophies to its implementation, is an incredible and needed resource that facilitates personal growth and community wellbeing. As soon as the program ended, we began collaborating with Budget Buddies to host another program in Sudbury. For the financial wellbeing and stability of our community, I look forward to an ongoing partnership with Budget Buddies. 5

6 Budget Buddies 114 Turnpike Rd., 2D Chelmsford, MA Summer 2018 Look What's Happening at Budget Buddies! newsletter Inside: Harvard Alumni Inspiring Transformational Change Five Years Later: The Lasting Impact of Budget Buddies Partner Highlight: Acadian Asset Management Success in Sudbury We envision a world in which all women are financially empowered.