Easy As PIE

America Saves Week Feb 19-26

    

    America Saves Week is a social media campaign that occurs annually to encourage better saving habits among all Americans. America Saves Week started in 2007 and is organized through the national campaign America Saves.

Typically around 2,000 organizations participate in the Week in turn reaching millions of people.  Most Americans today are not saving adequately for retirement, and most lower-income households do not have adequate emergency savings for unexpected expenditures.

This year America Saves Week is encouraging everyone to "Set a Goal, Make a Plan, Save Automatically.‟  America Saves provides helpful tips for successful saving, because not everything is always easy done alone.  Take a look at America Saves five strategies for saving and see how they can help you.

This year, America Saves Week is February 19-26.

Set a Goal. Make a Plan. Save Automatically.

The theme for America Saves Week 2012 is more than just a theme; it‟s a simple set of instructions to help you save successfully.  Set a Goal.  Make a Plan.  Save Automatically.  Knowing what you want to save for, how to achieve it, and then making the savings process automatic will allow you to reach your savings goal.

Set a Goal

You can save more by having a goal in mind.  Visualizing what you want to save for gives your savings a purpose. You may be tempted to withdraw from your savings if it has no purpose.  But once you have a goal in place, you know that taking money out of your savings is taking away from that ultimate goal. So what are you saving for?  An emergency fund, a home, retirement, a car.

Make a Plan

Once you have your goal in place, make a plan of how you are going to save.  To start, cut down on your spending and reduce high-cost debt.  Next, keep track of what you spend and make a budget. 

Once you know where your money is going each month, you can cut down on unneeded spending and save the difference.

Don't forget to keep your savings safe, secure, and growing.  Banks, credit unions, and even the government offer a variety of financial products that can help you save.

Save Automatically

It can be hard to put aside money for savings.  But there is an easy way to save money without ever missing it.  Once you know how much you can save, make saving automatic.  Many employers allow you to divide your paycheck into different accounts through direct deposit.  Take advantage by putting part of your pay into a savings account.  If you get paid in cash, take a small amount to the bank to deposit into a savings account each week.

Join America Saves to get tips and advice year round.  You will receive:

• Free subscriptions to the quarterly American Saver Newsletter
• Free monthly email newsletters with savings advice from experts
• Free access to members-only Savers Tracking Tool to help you reach your goals

You can also get tips by receiving updates from Facebook and Twitter.

Resources for Tax Time

Earned Income Tax Credit (EITC): Refunds Available for Low to Moderate Income Individuals and Families

Did you know?

In 2011, 339,075 Coloradan families received Earned Income Tax Credit Refunds.  

The average refund was $2,017 and the total amount of EITC refunds was $684 million.

Nationwide in 2011, over 26.8 million people received almost $59.5 billion in EITC for the 2010 Tax Year. (Resource: IRS statistics)

The EITC is available for low to moderate income working individuals and families making less than $49,000.  Eligible individuals may receive refunds up to $464 and families may receive refunds up to $5,751 from EITC.  Please see table below.

2011 Earned Income Credit
Number of Qualifying Children	Earned Income AGI Less Than	Maximum Credit
0	$13,660 ($18,740 MFJ)	$   464
1	$36,052 ($41,132 MFJ)	$3,094
2	$40,964 ($46,044 MFJ)	$5,112
3 or more	$43,998 ($49,078 MFJ)	$5,751

 

 

 

   Even though the EITC is available to millions of low-income individuals and working families, there is a significant segment of this population who do not claim it.  Individuals with earned income (i.e. salaries, wages, commissions, tips, etc.) may claim this credit in forms 1040 or 1040A and must complete and attach Schedule EIT.  Workers without children can file the 1040EZ.  In addition, families claiming the EITC must include correct name and social security number for all persons in the household.  It is important to mention the EITC is not considered income for other benefits such as cash assistance, food stamps, Medicaid or public housing.  In particular, families participating in the Personal Investment Enterprise (PIE) Program can use this refund to make a lump deposit up to $500 in order to reach their savings goal.

There are several programs that offer FREE tax services to families qualifying for the EITC:

*The IRS provides online Free File to claim EITC.  Visit   http://www.irs.gov/efile/index.html   Additional information about EITC may be found at http://www.irs.gov/individuals/article/0,,id=96406,00.html.

*The Piton Foundation has conducted the Tax Credits for Working Families Campaign for over 20 years.  The primary goal is to increase the number of eligible families in Colorado receiving the Earned Income Tax Credit, as well as other tax credits aimed at helping lower-income families.  Visit http://www.piton.org/eitc for additional information on EITC.  The Piton Foundation provides tax preparation assistance throughout Colorado at Tax Help Colorado locations.  Please visit   http://www.piton.org/TaxSites for a location near you.

*The Boulder County Volunteer Income Tax Assistance (VITA) Program offers free tax preparation (http://www.coloradovita.org) and IRS e-file in the following locations: 

• Longmont Senior Center, Longmont

          910 Longs Peak Avenue

          February 2 through April 12

          Tuesday and Thursdays, 9 am to 1 pm

By appointments only. Call 303-651-8442. If you are filing only a City of Longmont rebate of state 104 PTC, no appointment is necessary

• St. Vrain Valley Credit Union Training Center, Longmont

          2050 Terry Street, Suite 101

          February 1 through April 14

          Wednesdays and Thursdays, 6 to 8:30 pm          

          Saturdays, 9 am to 1 pm

          Walk-ins only

• Front Range Community College, Longmont

          2121 Miller Drive, Building C

          February 4 through April 14

          Saturdays, 10 am to 2 pm

          Closed March 17 and March 24

          Walk-ins only

• Boulder County, Boulder

          North Broadway Complex

           Sundquist Building

           Tuesdays, 9 am to 4:30 pm

            Walk-ins only

• Boulder County Human Services, Longmont

          529 Coffman Street, Suite 190

           Wednesdays, 9 am to 4:30 pm

           Walk-ins only

 Federal, State and Local governments also encourage claiming this refund since it helps the economy.  Families receiving this credit use the money to increase savings, purchase assets of high value or simply purchase clothes or groceries, which increases the sales tax revenue to fund other programs.  If you or you know persons who qualify for the Earned Income Tax Credit (EITC) please encourage them to include Schedule EIT with their 2011 Income Tax Return.

Submitted by Nino Gallo, PIE Program Coordinator

 

Happy New Year

A HAPPY NEW YEAR!

As we finish the year, the Personal Investment Enterprise program would like to wish you a wonderful New Year in 2012! The end of December is a great time to reflect on what we have accomplished this year and also to look ahead to what opportunities are available for us in the coming year.

As we look back to what has happened with PIE this year, we would like to say:

· Thank you to those who have supported the program both financially and in giving of your time to make matching savings accounts possible in our communities.

· Thank you to those who have given of their expertise and continue to provide

in-kind contributions.

· Thank you to PIE participants for considering the future and making the time to participate and plan for your future home, building a stronger business and/or investing in your education.

At this time of year, we look forward to many new opportunities to improve the PIE program for individuals in our communities who may not currently be able to purchase a home, go to school or develop their business due to lack of resources.

Please consider how you would like to be involved with PIE this coming year. If you are a graduate or will be graduating from the program, would you be willing to tell the story of how PIE helped you? Would you be willing to volunteer some of your time to give back to the community?

If you would like to share the story of how PIE has affected you or if you have ideas of how to strengthen the program, please post a comment or e-mail rthompson@unitedwayfoothills.org.

Wishing you a great start to the New Year!

Tips and Resources for College

At PIE, saving for education (tuition and books) through a matched savings account is one way to bring you or your child closer to their educational goals.  If you are a student or planning for college (for yourself or for your son or daughter), gathering the resources to attend can be challenging. 

If you are looking for resources to plan for college and your future, you may be interested in visiting College in Colorado (CIC), a website to explore career and education opportunities.  CIC helps students and parents plan, apply and pay for college.  The website is dedicated to providing adults and students with everything they need to know about career exploration and planning, selecting high school courses, choosing and applying to colleges, obtaining financial aid and getting ready to take the SAT, ACT or GRE tests.  The website offers resources for parents, or for middle school, high school, or adult students.  Just click on the tab at the bottom part of the webpage.  Key tabs on the website are college planning, career planning, and financial aid planning.

Another resource for college planning is College Invest, a not-for-profit division of the Colorado Department of Higher Education, with the goal of helping Coloradans achieve their higher education goals.

College Invest provides expert information, simple financial planning tools, and tax advantaged 529 college savings plans to help everyone who wants to go to college.  Their website provides information about savings options as well as financial education for students, which is called Education Cents.

 

Please post additional educational resources if you know of others that would be helpful to PIE participants in planning for college!

This month I visited Front Range Community College for their Education Career Fair to talk to students about the PIE program.  PIE currently has openings for students or youth pursuing post-secondary education, and for students who are bilingual and studying Early Childhood Education.  I learned of some new resources that I will share below.

If you are looking for additional information from local colleges or universities, please visit the following pages:

Front Range Community College                                                

University of Colorado at Boulder                                                   

Regis University

 For resources for Early Childhood Education:

University of Colorado at Boulder

Blog of Teachers of Color and Allies at CU Boulder

Early Childhood Education monthly information sessions at Front Range Community College:

December 7, February 1, March 7, April 4, May 2

6-7 PM in room C1314 (Conference Room inside Faculty Support) Enter @ door #4.

For additional information, please contact Janet Duff 303-678-3767.

Early Childhood Council of Boulder County

Early Childhood Education and Licensing

Division of Childcare, Office of Professional Development

If you know of anyone who could benefit from PIE please let them know about the program and have them visit www.bouldercountypie.org.  The first step in applying to the program is to attend an orientation meeting with Nino Gallo at Community Action Programs at Boulder County.  Nino may be reached at 303-441-3998 or at ngallo@bouldercounty.org.

Developing lifelong dreams with Small Business Development

 

Many PIE participants join the program as they pursue what they love to do and develop a new or beginning business.  Most recently PIE participants have opened a day care center, a hair salon, and a photography business.  For some business owners, this is an opportunity for developing their lifelong dreams into reality.  Through small business development, PIE participants receive guidance in developing a business plan as well as building a stronger financial foundation.        

                                                                                                                         Small Business Growth                                                                                                                        

If you are a PIE participant in the business track, resources for business development include:

--the Small Business Administration website, which can be found at: 

 http://www.sba.gov/category/navigation-structure/counseling-training/online-small-business-training/starting-business

--The local SBA chapter is the Boulder Small Business Development Center (BSBDC), which provides training, counseling, and access to business resources.  The BSBDC partners with the PIE program and provides assistance in developing the business plan for each participant with business development as their goal.  Thank you to Sharon King, Director of the BSBDC and to Jesse Esparza, who provides the business consultations for PIE participants.  For more information visit the BSBDC website at http://www.bouldersbdc.com.

--SCORE, Counselors to America’s Small Business which provides start-up and on-going support to business owners.  Free business mentorship is available through the local chapter in Denver and more information is available at http://denver.score.org.

-- http://www.mymoney.gov/category/topic1/starting/-buying-business.html

We hope that these nationwide and local resources will be of assistance to you as you increase your business knowledge and grow your business in Boulder and Broomfield counties.  The PIE program wishes you much success in your endeavors.  To that end, we would like to offer PIE program participants that are saving to pursue their business goals, the option of submitting business information for a PIE business directory.  If you are interested in being listed in such a directory for community members who would like to support local business, please contact Rosemary, PIE Program Coordinator at rthompson@unitedwayfoothills.org

Homeownership with Habitat for Humanity

 

This month we would like to recognize the gradutates of the Personal Investment Enterprise program.  Since 2001, 125 participants have graduated with 50 participants purchasing a new home, 47 participants attending college, and 28 participants developing or expanding a small business.  Please read below the story of one participant's story of purchasing their home through Flatirons Habitat for Humanity and the PIE program. 

Currently the Collins and their daughter, along with Ms. Collins’ mother live in a two bedroom home in Lafayette. The house is not energy efficient. To stay warm in the winter they have to use space heaters; this method of heating is very expensive. The Collins’ 3 ½ year old daughter has life threatening allergies. Their current living situation is un-safe for her health. They are unable to rid the house of dust mites, mold and other environmental allergens.

Ms. Collins once told her mother, “I want a home for my family, a safe home.” Becoming a partner with Habitat for Humanity and the PIE program has given this family the chance to get ahead in life. The family would love to someday teach cooking classes to other families who have children living with severe allergies. They look forward to having the classes in their allergen safe home! 

 

 
 

Partnership with Wells Fargo

  
This month we would like to feature Wells Fargo as one of the key partners with the Personal Investment Enterprise Program.  Wells Fargo provides custodial savings accounts to PIE participants free of charge while individuals save toward their asset purchase goal.  We would like to thank Hillary Grady and Pamela Piper for their work in setting up and maintaining the custodial savings accounts.  They meet individually with each PIE participant to open the custodial savings account and prepare payments when needed for purchases.  In addition, Wells Fargo supports new business by being able to assist new business owners in obtaining articles of organization and the Taxpayer Identification Number (TIN). 

 

  Until June 11^th, Wells Fargo is offering a promotion for business or personal customers to refer new business relationships.  Both the business owner and the referrer will receive $50.  This is a great opportunity to add to your current PIE savings account and encourage others to participate in the PIE program.  If you know of individuals that are interested in participating in the PIE program, please contact Nino Gallo at 303-441-3998 or at ngallo@bouldercounty.org

 

Thank you, Wells Fargo and to Susan Moratelli for your strong support of the PIE program and for all you do to support new business, education and homeownership in our communities!

Welcome to Easy As Pie

Welcome to the blog of the Personal Investment Enterprise Program! The Personal Investment Enterprise Program is a local savings program provided through Community Action Programs of Boulder County and Foothills United Way that  is designed for low-income families to save toward first-time homeownership, post-secondary education, small business capitalization and Early Child Care Education or bilingual childcare (* Participants must be bilingual). 

The program allows individuals to open savings accounts called Individual Development Accounts (IDA’s) and gain training toward their asset purchase.  The program matches the savings of the family or individual up to $4 for every $1 deposited by the participant.  Maximum savings of $750 are combined with matched funds of $3,000 to provide a total of $3,750 to be used for the purchase of the asset.

This blog will provide resources for program participants to add to the financial tools that they gain from financial classes and give program updates.  In addition, we will provide program updates, such as new community partnerships, and feature new funding sources.  This will also be an opportunity to share how participants have been able to benefit from saving through the PIE program.

Introducing PIE’s Program Coordinators

Nino has been a Program Coordinator for Boulder County Community Action Programs (CAP) since January 2000.  Before joining CAP, he was a Housing Manager for Boulder County Housing Authority for five years. He is bilingual, and his background is accounting and housing management.  Currently, Nino enrolls participants through holding orientations, providing intake appointments, schedules training opportunities and processes check requests. 

Rosemary is the PIE Program Coordinator at Foothills United Way.  She has a background in affordable housing and has worked with Habitat for Humanity as an Americorps VISTA member and as a staff member for over 9 years.  She now assists individuals in saving through the PIE program by writing grants for matching funds, reviewing the status of each participant’s account and processing purchase requests.

Saving Tips 

We call this blog Easy as PIE, because once you have the right tools and experience, PIE is easy to  make.  And so it is with savings.  With the right tools and advice, saving can be easy.  We hope that the tools provided here will make saving even easier.

For this month, we would like to encourage you to visit the Smart About Money website, provided by the National Endowment for Financial Education (NEFE).  NEFE is a non-profit 501(c)(3) foundation dedicated to helping all Americans acquire the information and gain the skills necessary to take control of their personal finances.  Smart About Money features a guide to financial wellness, financial calculators, economic survival tips, and a section for investing in your future.

Contact information:

If you know any individuals or families who would be interested in the PIE program, please visit http://www.bouldercountypie.org for qualification information.  You may also contact Nino Gallo, PIE program Coordinator at Boulder County Community Action Programs at 303-441-3998 or ngallo@bouldercounty.org or Rosemary Thompson, PIE program Coordinator at Foothills United Way at 303-444-4013 X 111 or rthompson@unitedwayfoothills.org

We welcome your comments as this blog develops.  Please contact us via phone or e-mail listed above.  We hope that this blog will be valuable as you continue to save and/or follow the PIE program happenings.

Welcome to the PIE Blog!

This is the new blog for the Personal Investment Enterprise serving Boulder and Broomfield Counties. We're working on some great content that will be in place soon - so stay tuned!