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Innovative Changes
Every Penny Counts: Abby Rippy Interview
Abby Rippy’s favorite expression about savings is “Every penny counts.” Abby knows all about pennies adding up. When she was growing up in Oregon City her mom kept a change jar to put coins in at the end of each day. When Abby was about 7 or 8 she and her mom took the jar to their bank and opened up Abby’s first savings account. Over time that initial deposit grew, as Abby added her birthday money and Christmas money. Once a year her mom would allow Abby to make a withdrawal for something she had planned to buy. “I remember having my own ATM card to access it and my mom taught me how to use the machine. I would only do it with her permission. My mom taught me how to save and budget.”
Abby kept adding to that savings account over the years, depositing her wages from summer jobs in anticipation of college. She worked while in college and continued to save. “I needed to start paying my student loans once I graduated, but I was not sure I would get a job right away, so I used my savings to fall back on to make the loan payments for the first year.”
Abby is now a Personal Banker for Bank of America in Portland. As a fairly recent college graduate, she knows about the uncertainties that life brings. “Who knows what will happen a week from now or 10 years from now. Having an emergency savings fund allows you to not have to worry. You can maintain your lifestyle and not have to cut back, and that is important to a lot of people.”
Abby continues to save, having a portion of her paycheck go directly into her savings account. “I like to have the automatic transfer because I can keep it out of sight. I don’t see it as available in my checking account. Even if an employer does not do automatic transfers, every bank has the means to do an automatic transfer for you on a regular basis so you can save without thinking about it. You can write it off as out of bounds.” From the coin jar to her automatic savings, Abby knows that Every Penny Counts!
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What Does Savings Mean to You?
*This is part of a series of photos of our education participants, borrowers, staff and partners on “What savings means to you” that we are posting to celebrate America Saves Week. Get in touch with us at contact@innovativechanges.org or 503-249-5205 to share what savings means to you!
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Your Money Will Wait for You: An Interview with Colleen Toste
As a single mom, the life lessons Colleen shares with her children come from her own upbringing. “My dad is very conservative. He worked hard for his money; he really valued it, and was very conscientious about how he spent it.” She also understands the impact of modeling the right behavior, “If my kids saw me coming home all the time with
new shoes, new clothes or a new car, it would be hard for me to teach them about savings.”
When asked what she tells her kids about savings, Colleen says, “We talk a lot about needs versus wants. If my gas gauge is low, I need to buy gas. If the kids want to go out to dinner I point to the fridge and say, we need to fill the fridge; we don’t need to go out to an expensive restaurant. And we talk about it not just in regards to money, but time too – like TV, my daughter may want to watch her favorite TV show, but she needs to do her homework first.”
This understanding of the importance of planning for her needs started when Colleen was young. “When I was in elementary school my parents started talking to me about the need to save for college, and how much college cost. We set up a savings account for my college
One of Colleen’s favorite experiences with savings comes from when she and her kids faced tough times. “I was going through a divorce. We had a lot of unknowns, not knowing tuition.” Colleen’s mom was clearly a big advocate of savings. As a school superintendent in Humboldt County, Colleen’s mom worked with Umpqua Bank to set up the “Learn to Earn” program to make savings convenient, easy and fun for students. Colleen now manages the program for the bank, “I’m really proud that all of the components that my mom put in place years ago are still in place today. And I love that it gets kids jazzed about savings!”
what was ahead. I wanted to do something neat with the kids, because now it was just the three of us. We were a little family on our own. I saved up, cut corners and was smart about my money until I was able to afford a trip to Hawaii for us. It was such a wonderful vacation, and I remember that having the kids at the forefront and knowing how much they would appreciate it made it easier to save for it.”
Colleen’s final words of wisdom have to do with her favorite habit for saving. “I don’t carry around a lot of cash. I try to get it out of my wallet and into the bank. I know myself, I like to shop, so not having easy access to it helps me plan my spending. Sometimes when my daughter has some money and we go shopping she feels badly if she has not spent her money. I tell her, your money is not going to go away if you don’t spend it, it will wait for you till you find something special.”
*This is the first interview of a series that we will be posting daily to celebrate America Saves Week! Stay tuned for more or get in touch with us to share your savings story: contact@innovativechanges.org or 503-249-5205
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IC$ is Now Offering IDAs for Post Secondary Education!
The vision of a three legged stool is often used to signify that something has a stable base. If you sit a little bit off center on the stool, you won’t fall over, and you’ll have time to right yourself and get back in balance.
Just like that stool, household financial resiliency needs to be set on a stable foundation of financial capability, good credit, and savings. To date, Innovative Changes has been helping people build their financial capability with in touch education, workshops, seminars and coaching sessions. Our responsible small dollar loans and credit building program help people establish solid credit behavior and grow their credit scores. Our education and loans have always had a savings component, from the latest budgeting tool to receiving a security hold back when a loan is paid off. Now, we are thrilled to offer a matched savings product to help people pay for post secondary education.
To mark America Saves week, Innovative Changes announces that we will be providing Individual Development Accounts (IDA) to foster goal oriented savings throughout our participant base and the community. Through funds awarded by Neighborhood Partnerships and CASA of Oregon, we will provide matched savings for those aiming to further their careers and household resiliency by pursuing higher education. We are also partnering with Mercy Corps Northwest to provide the financial education for their IDA savers from the Re-entry Transitions Center.
The IC$ IDA program offers a 3:1 match for those saving to attend an institution of higher education. Our program is the only education IDA open to the public (although we suspect our spots will go fast) and participants must meet IDA criteria specified on our website as well as attend an IDA orientation to be eligible to apply. The IDA orientations will be on Tuesday, May 15, 2012 from 5:30-7:00pm . To register for one of these orientations click here. For more information on our IDA program please visit our website or contact Talia, talia@innovativechanges.org.
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Linda’s Story
As part of a collaborative partnership with Community Vision, Inc., CASA of Oregon, Innovative Changes manages the Oregon Accessibility Loan Fund (OALF)for the purchase of assistive technology. Currently in its pilot phase, borrowers are referred by Community Vision and their application is put before a loan committee consisting of a representative from IC$, CASA and Community Vision.
In December, we disbursed our OALF loan to Linda G. Linda had a clear purpose for her loan: for years, she has wanted a wheelchair accessible van “because I didn’t like taking the cab/lift and I’ve wanted a van for a long time to get around and be able to go on trips,” says Linda.
It been about a month since Linda purchased her van and she says that it has helped her “get around more than I was able to on the bus and using the lift. It lets me be more spontaneous instead of having to schedule trips a day or more ahead of time.”
Through the loan application process, Linda spent time making a detailed budget. Linda remarks that all this budgeting “helped me to learn how to save money by cutting back on things I didn’t really need.”
Linda has adjusted her budget in order to make her loan payments and even save some money for future goals: “I’d like to save for a road trip to Washington, D.C. to see the Vietnam War Memorial and see my brother’s name on it.”
When asked if she has any advice for future IC$ borrowers, Linda says, “If you really want to do something, go ahead and try it – even if you think you can’t do it, just TRY. I didn’t think I’d be able to do this, but if I hadn’t tried to it never would have happened!”
We are grateful to have met Linda and have the opportunity to assist her in purchasing a van! Keep up the great work Linda!
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Spotlight: Carmina Lass
In this newsletter, with sadness, we announce that Carmina Lass, our Financial Education and Loan Program Manager will be leaving Innovative Changes in the beginning of March. Carmina is moving back to her homeland Colorado, to be closer to the rest of her family. Carmina has been with IC$ for over two years and has played a pivotal role in shaping and guiding IC$ to the place that it is today.
Her passion, pragmatism and creativity will be missed around the office and among her clients! Keep reading to hear Carmina’s reflections on her time at IC$ and future speculations…
What drew you to working at IC$?
I have always been interested in microfinance and economic empowerment as strategies to alleviate poverty in the world. Innovative Changes offered me an opportunity to engage with these issues on a practical level, within my community. With my experience as an educator and facilitator, I was also drawn to IC$’ high-touch model of lending and financial education. Ultimately, I was really excited to be a part of such a compelling and unique new program!
What was it like when you first joined IC$ staff?
When I joined IC$ in late 2009, we were in the final stages of planning and preparation before opening for business in early 2010. It was an exciting time! In the first few months that I worked with IC$, I spent a lot of time getting to know the community organizations and their staff who would become our referring partners, and sharing information about our programs. It was so wonderful to meet so many amazing people during this time, and to learn about all of the remarkable work they are doing in the community.
Looking back, it is incredible to see how far IC$ has come! In our first year we were operating primarily from our New Columbia office, gradually refining our systems and programs as we started to make loans and learn more about the communities that we serve. Some of our first clientele are still participating in our programs today; I have really enjoyed following their progress alongside the growth of IC$.
Do you have a favorite anecdote from workshops/coaching/etc?
I have collected so many wonderful experiences of working with participants, partners and staff of IC$, it is impossible to choose a favorite! Some of my most memorable experiences have come out of facilitating our Financial Household Resiliency workshops. I love the feeling of shared experience that is created during the workshops as we discuss our common struggles, stressors and feelings surrounding money and household finances. During one of the very first FHR series that I facilitated, two of our participants were a couple. Throughout the workshops, they each discovered their own strengths related to money management: one was really good at finding the best deals and savings on groceries, clothes and other shopping, while the other person was really good at tracking their spending and monitoring their cash flow. It was a great balance within their partnership that they had not identified before. When the workshops ended, the couple shared with me that they had never spoken very openly about money amongst themselves before the workshops. That experience really has stuck with me, reminding me that just opening up a space for an honest conversation about some of these issues can be a powerful first step towards taking control of one’s financial future.
Other highlights of working with IC$?
I have really enjoyed being a part of the planning process and watching our Women’s Borrower’s Support Group come to fruition. (Of course my colleague, Talia Kahn-Kravis gets all the credit for making this amazing program a reality!) I feel like this program really represents what Innovative Changes is all about: providing access to information, financial tools and building community in order to support our participants in achieving their financial goals. The work that the women in these groups are doing is so inspiring and I feel so grateful to have been involved in this project.
What do you hope to do in CO?
I am not quite sure yet! First, I am going to take some time to spend with my family and get settled. I am really looking forward to reconnecting with the place that I grew up. After that, I aim to begin learning more about the different organizations in Colorado that provide alternative lending, asset-building, and other types of financial capability programming. I am interested in continuing to be engaged in issues of consumer protection as well as economic empowerment programs geared towards women. I am also looking into teaching at the university level again. I hope to bring some of the perspectives and learned experiences from Innovative Changes to my next opportunities, whatever they might be!
Where do you see IC$ headed in the future?
I think that IC$ is poised for continued growth and expansion in the coming years. With all that has been learned in the past two years and with such a strong reputation in the community, there are a lot of opportunities for IC$ to strengthen its programming and expand its reach by utilizing technology, a growing volunteer base, and capitalizing on the creativity of its superb leadership team and staff. It is hard for me to say goodbye in light of all of the exciting changes ahead, but I am really looking forward to following IC$’ evolution in the years to come.
What will you miss most?
Another impossible question! I will miss the work environment and my remarkable colleagues who provoke creativity, collaboration, and cultivate my passion for the work that we do. I will miss the clientele who share their stories with me and inspire me with their strength and perseverance. I will miss the community of Innovative Changes!
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Partner Spotlight: Multnomah Library
Over the past year Innovative Changes has worked with Multnomah County Library to deliver financial education programs to diverse communities across the Portland Metro Area. In particular, we co-taught, collaborated and got to know Joanne Kahn, the library’s Financial Literacy Coordinator. IC$ growing partnership with Multnomah County Library’s Financial Literacy initiatives has helped IC$ to expand our reach in the community as well as to further develop our repertoire of financial curricula. Keep reading to learn more!
What is your role at the Multnomah County Library?
I joined the library in 2010 as Financial Literacy Program Coordinator. The Library Foundation had recently secured a grant from Smart Investing @ your library, a national partnership between the American Library Association and the FINRA Investor Education Foundation. Smart Investing grants are awarded to select libraries across the country to increase financial literacy in our communities. My job is to achieve our grant goals, which include developing programs for low-income families and at-risk seniors, creating a Personal Finance section of our web site, training library staff, and piloting the use of mobile computing as a way to deliver workshops.
I first became interested in financial literacy when teaching my own daughters how to manage a checking account and use debit and credit cards. Knowing that many children needed those skills, I began volunteering through Banking on our Future in K-12 schools, and that experience led to my work with the library.
What type of activities have you organized since being at the library? What has been successful? What has been challenging?
Previously, there was no information on personal finance on the library’s web site, so the new Smart Saving site (www.multcolib.org/smartsaving) is an enormous step forward. By partnering with several local organizations, including Innovative Changes, we have also provided dozens of public programs and covered a wide range of financial topics, on money management, credit, foreclosure, social security, and retirement finances. Upcoming events are posted on the Smart Saving site. A large portion of my work is outreach. Because the library had existing outreach channels through retirement communities and Head Start centers where we deliver library services, we used those relationships to begin delivering financial literacy programs. The Head Start programs we have done with Innovative Changes, especially on Teaching Children about Money, have been very successful. The most challenging activity for me has been the tablet-computer-based class for seniors, about post-retirement finances, which broke new ground on how the library does outreach.
How does Innovative Changes fit in with your/the library’s work?
Innovative Changes has become our primary partner for budgeting programs, both at branches and in Head Start centers, because of your experience providing nuts-and-bolts tools for families with limited resources. It is especially rewarding to know that after the program people can follow up with Innovative Changes to get individual help.
Do you have any anecdotes/success stories from our mutual activities through out the community?
Many program attendees have commented that they were more motivated to get their finances under control, which is what it’s all about – to create a budget, get and read their free credit report, and manage their debt. At one of our budgeting classes, Carmina had explained that the first step, when starting to budget, is to track spending and find out where your money is going. We distributed little notebooks people could use to jot down their spending, and when I handed one woman her notebook her eyes grew wide and she looked at me in a sort of shock and said “Everything??” I could see her suddenly realize how much money she was spending without thinking about it.
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