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MONEY MANAGEMENT

Economic development is at the core of One Step Forwards mission. This is usually achieved through low-cost housing solutions. However, to meet our broader social impact goals, we are expanding our economic development services to reach more people in our community. A segment of that community who we are focusing on, are low-income single working women who have or are waiting for, housing vouchers. Income through employment and subsidized rent is a great opportunity for Low-income single working women to achieve financial wellness. We believe that the economic stability of women can have a transformative impact on our communities. In pursuit of this goal, One Step Forward has sought out the services of Equitable Opportunity Initiative, Inc.

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SHE'S
THE ONE

A money management program with her in mind.

Low-income single working women face many economic barriers that affect their social, health and wellness outcomes. By learning how to manage their finances effectively, they can also gain more confidence, empowerment and resilience in dealing with financial challenges and uncertainties. One Step Forward understands the lives of Low-income single working women can be hectic and exhausting. That’s why we designed our delivery of information to integrate smoothly into the day to day lives of their program participants.

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  • Readiness Assessment – To help program participants evaluate their current financial situation and identify their goals and challenges. To help them determine their readiness to act and make changes in their money habits and behaviors.

  • Financial and behavioral economics information in Audio/visual format. - Audio/visual format can help them access the information at their own pace and convenience, without requiring additional time or resources. Audio/visual format can also enhance their learning and retention of the information, as they can see and hear the examples and tips provided by the program.

  • Bi-weekly survey -  Bi-weekly surveys will help us monitor the progress, identify their challenges, and provide our participants with timely and tailored support. And will help us measure the outcomes of our program.      

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FINANCIAL 
WELLNESS

There is a strong link between financial literacy and financial wellness. Those who are more financially literate are more likely to plan and save for retirement, to have non-retirement savings and to better manage their debt; they are also less likely to be financially fragile. The program covers 6 areas of essential financial principles:

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  • Setting financial goals and objectives.

  • Creating a spending plan or budget.

  • Effectively saving money. (Saving with a purpose).

  • Investing, including retirement accounts.

  • Reducing debt.

  • Maintaining good credit

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BEHAVIORAL ECONOMICS

By being aware of some common Behavioral Economics principles, our participants will be able to employ better practices to help them save more, spend less, and plan for their financial goals. The program covers 3 behavioral economic heuristics that may affect their decision making.

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  • Loss aversion.

  • Present bias.

  • Hyperbolic discounting.

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CALL TO ACTION

The higher percentages of information retainment comes from immediately using the information, teaching, writing or doing it. (75%-90%) OSF program participants will receive a call to action once a week asking them to either,

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  • Use it. For example, a compound interest calculator.

  • Do it. For example, Watch a short video.

  • Write it. For example, a short, medium and long-term goal.

  • Teach it. For example, teach the information we provide to a child, friend or parent.

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