Saving Circle - An SMD Clearing House success story!
June 11, 2009
Some 13 students and one instructor are now specialists in personal finance following the first session of the brand new Saving Circle program.
The first batch of students began their exploration in January and completed their session in June, with another session expected to start in January 2010.
Participants in Saving Circle have the opportunity to learn quite sophisticated financial skills, far removed from budgeted shopping and “how to cook lentils 47 ways.” They learn how to create financial security and strength through forethought, diligence and most importantly commitment to themselves. They explore the development of personal financial plans, balance sheets, establishing relationships with banks or credit unions, credit ratings and the all important concept of wiggle room.
They also have the opportunity to be rewarded for their efforts through matched savings. For every dollar each participant saves, the program places three dollars in a special account at Assiniboine Credit Union. At the end of the six-month term, or when they have saved the maximum $250, participants are eligible to claim these matched funds of up to $750 to purchase a long term asset.
This year’s batch of 13 participants clearly demonstrated their dedication and the program’s usefulness. With their earnings, they are expected to purchase things such as computers, home furnishings, glasses or other medical items, according to the goal they set at the beginning of their involvement in the program.
The Saving Circle program was piloted by SEED Winnipeg, an agency founded on the principles of community economic development, with a commitment to local business development, financial literacy and economic inclusion.
Funded by the Province of Manitoba, the United Way, Investors Group and other sponsors, the program has over the past two years been offered through other community organizations such as SMD Clearinghouse. Account management services are provided by Assiniboine Credit Union.
Anyone wishing to be notified of the next intake is welcome to contact Zanna at 975-3103 or email her at zjoyce@smd.mb.ca.
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