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Financial Fitness Program
What is the Financial Fitness Program?
We partner with schools, community organizations and private institutions to provide adults and youth with an opportunity to increase financial knowledge and build assets.
Program Components
1. Personal Money Management Course a series of 7 workshops that provides low-wage workers with the knowledge and resources to successfully administer their finances.
- Beginning Money Management
- Dreams, Goal Setting, Obstacles, and Resources
- Savings and Spending Plans, Attitudes toward Money and Record Keeping
- Communicating about money and Challenges of Consumerism
- Credit and Credit Use
- Financial Institutions
- Retirement
2. Free Tax Preparation (VITA/EITC) Community Action Partnership of Sonoma County is part of the Sonoma County VITA Coalition that provides free tax help to low- to moderate-income, $52,000 per year and below.
3. Individual Development Accounts match the savings of low-wage workers and helping them invest in assets like homes, small businesses and education -- creating a cycle of prosperity across generations.
Matched Savings and Financial Education for Sonoma County Working Poor
Through Community Action’s matched savings accounts, known as Individual Development Accounts, or IDAs, low-wage workers put aside a portion of their monthly income and participate in ongoing required financial education. They can save up to $2,000 toward education and earn a 1:1 match, up to $1,000 at a 4:1 match to invest in a home, or $1,000 toward micro-enterprise for a 3:1 match.
Community Action’s Results
- In 6 months 13 Savers put away a more than $17,000. 10 Savers invested more than $10,000 of their own hard earned money in their post-secondary education.
- 38% of participants come from families that have income below the federal poverty guidelines. 38% of participants are below 150% of the federal poverty guidelines.
- Financial Fitness clients opened 67 bank accounts in the past 10 months
- In 2009 the Sonoma County VITA Coalition assisted over 700 people to file their taxes for free returning more than $1,000,000 back to Sonoma County residents
- In the past 10 months 188 people have completed the Personal Money Management Course.
Financial Fitness works to break the cycle of poverty through financial education and asset building.
LEARN ABOUT THE IDA
In an Individual Development Account, also called an IDA, Community Action will match your savings 1:1 up to $2,000 for education, 4:1 up to $1,000 for purchase of a home, or 3:1 up to $1,000 for micro-enterprise.
After taking the required (free) money-management training, you can open an IDA with as little as $50.
In order to receive the matching funds, you must complete all the required (free) money-management training and invest your savings in one of the following assets:
Home ownership for first-time home buyers
Post-secondary education or certified vocational training for the account holder
Small-business development or business capitalization
REQUIRED (FREE) MONEY-MANAGEMENT TRAINING
10 hours of Community Action’s Personal Money Management Training
2-12 hours of asset-specific training related to the savings goal
At least 1 Saver Group per month
Step 2: Find out if you qualify
Check below to see if you qualify for an IDA.
For the IDA, you must meet the following criteria:
1. Have US citizenship or legal residency
2. Have less than $10,000 in assets, excluding one automobile and one house per household
3. Earn at least $600 a year from full- or part-time work
4. Persons who do not have a judgment against them that could take the savings account
5. Be a resident of Sonoma County
6. Meet one of the income guidelines below, or if you qualify for the Earned Income Tax Credit (EITC):
Persons in family |
Poverty guideline |
IDA Income Limit |
1 |
$10,830 |
$21,660 |
2 |
14,570 |
29,140 |
3 |
18,310 |
36,620 |
4 |
22,050 |
44,100 |
5 |
25,790 |
51,580 |
6 |
29,530 |
59,060 |
7 |
33,270 |
66,540 |
8 |
37,010 |
74,020 |
Step 3: Sign Up for an Orientation
If you think you qualify, please call Sally Hansen at (707) 544-6911 x1090 to sign up for the next orientation.
Community Action Partnership of Sonoma County reserves the right to refuse service to anyone before and/or after opening an Individual Development Account (IDA). Community Action does not discriminate on the basis of race, gender, national origin, ancestry, ethnicity, religious affiliation, marital status, familial status, physical or mental disability, age, medical condition or sexual orientation.
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