Easy As PIE

Happy Homeownership Month!

If you are on the homeownership journey, these pictures and resources are for you! Consider these important steps to prepare well for owning a home and obtaining the best option for you and your family. 

Also, download this great checklist from America Saves this month: Download America-saves-homeowner-checklist.

Other resources: 

Blog: The Unexpected Costs of Buying a Home

        Is Homeownership Right For You

        The Highs and Lows of Housing

Local Resources: Download Affordable-housing-programs-09-21-23

How Much House Can I Afford? Mortgage Calculators

Home Loan Toolkit: Download 201503_cfpb_your-home-loan-toolkit-web

ABOUT THE PERSONAL INVESTMENT ENTERPRISE (PIE) PROGRAM

The Personal Investment Enterprise (PIE) program is a local savings program provided through Community Action Programs of Boulder County and Mile High United Way. The program is designed for low-income families to enroll in financial literacy classes and save through a matched saving account at a rate of 4 to 1. The first step in applying to the program is to contact Community Action Programs at Boulder County. They can be reached at 303-441-3998 or at [email protected]. For more information on the PIE program visit https://bouldercounty.gov/departments/community-services/community-action-programs/personal-investment-enterprise/ or https://unitedwaydenver.org/personal-investment-enterprise-pie-program/. 

Saving Automatically

12.19.2023 By Amy Miller

 Saving through automatic deposits or transfers is the most effective way to save and helps make it easy by allowing you to choose what and when you’ll save.

You’ve decided it’s time to start taking positive steps toward saving and working to turn some of your dreams into reality! Putting money aside is not always an easy task when there are bills to pay. The good news is that saving can be possible and made easy with regular contributions – no matter the amount you may have to set aside.   

Regularly contributing to a savings account is the best way to work toward your future goals...….and the best way to make regular contributions is through saving automatically.  

It’s our favorite way to save!  

Saving through automatic deposits or transfers is the most effective way to save and helps make it easy by allowing you to choose what and when you’ll save.   

How To Start Saving Automatically  

First, you’ll want to have a clear view of your finances, so you know what you are capable of stashing away. Start with our list of 6 Steps to Establishing a Spending and Saving Plan. These steps will walk you through gathering your financial documents like pay stubs, utility bills, mortgage statements, etc., and will help you calculate your income and expenses as well as setting goals and making a plan to achieve them.  

Don’t worry or get discouraged if it’s not as much as you would like at first. At America Saves, we say Start Small, Think BIG! Even small amounts add up over time.  

Once you determine the amount you’d like to start saving, there are two ways to start saving automatically:   

1. Visit your employer’s HR or payroll department and request a split deposit. Most companies will allow for more than one account to be set up for payroll direct deposit. Redirect your set savings amount into a designated account separate from the rest of your paycheck. Complete the necessary paperwork and let your employer do the rest.
     
2. Set an auto transfer from your checking to savings at your bank or credit union. Choose the amount to transfer and a day of the week or the month (maybe the day after payday or at a time when there aren’t other debits hitting the account) for the transfer to be made and watch your balance grow! Most financial institutions’ online banking systems will allow you to set up a transfer with just a few clicks. If not, pay a visit to your local branch and ask for assistance.  

No matter how you choose to save automatically, the most important thing is building the habit of saving – there is no amount too small to save!  

Saving is a Habit, Not a Destination 

That’s right – Saving is a Habit….and, practice makes perfect! 

By definition, a habit is something you do on a regular basis consistently until it becomes second nature. Eventually, it will become something you do automatically without even thinking about it.  

Saving is no different!  

A series of small steps, like setting up a direct deposit or auto transfer, can get you closer to your goal and lead to big rewards in the long run.  

Every step matters – no matter how big or how small. The more you do it, the more likely you are to stick with it.  

Sometimes the hardest thing about saving money is just getting started. Take the America Saves Pledge today and choose your savings goal. We’ll be your partner along the way and will send texts and emails full of tips and resources to keep you on track!  

America Saves Week: Since 2007 America Saves Week has been an annual celebration as well as a call to action for everyday Americans to commit to saving successfully.

ABOUT THE PERSONAL INVESTMENT ENTERPRISE (PIE) PROGRAM

The Personal Investment Enterprise (PIE) program is a local savings program provided through Community Action Programs of Boulder County and Mile High United Way. The program is designed for low-income families to enroll in financial literacy classes and save through a matched saving account at a rate of 4 to 1. The first step in applying to the program is to contact Community Action Programs at Boulder County. They can be reached at 303-441-3998 or at [email protected]. For more information on the PIE program visit https://bouldercounty.gov/departments/community-services/community-action-programs/personal-investment-enterprise/ or https://unitedwaydenver.org/personal-investment-enterprise-pie-program/. 

Saving for the Past-Present-Future

FOLLOW THE 30/40/30 RULE TO MAKE THE MOST OF A WINDFALL

Windfalls come in many forms – inheritance, tax return, or a bonus. Sometimes they are expected, and sometimes they are not. Either way, deciding what to do with extra money can be challenging and leaves many not knowing how much to spend and how much to save, especially when trying to do the right thing and make the most of the additional funds.

Our approach to handling a windfall is a simple and easy way to manage what you spend and save and can help you to do the best you can when you have additional funds available. This plan is known as the 30/40/30 Rule.

30/40/30 RULE

The 30/40/30 Rule can help you best allocate your extra funds by breaking down your financial life into 3 parts – past, present, and future – and can help you make progress toward achieving your financial goals. Here’s how it works:

*30% goes to outstanding debt and catching up if needed - PAST

*40% goes to current living expenses, emergency fund, other needs and wants - PRESENT

*30% goes to saving for long-term goals, like homeownership, retirement, education and other large purchases - FUTURE

THE PAST- OUTSTANDING DEBT & CATCHING UP (30%)

Debt is something everyone deals with so don’t be embarrassed by needing to work on past obligations. Debt from the past can weigh you down and prevent you from achieving your future financial goals.

Handling it and bringing everything current and in good standing is vital to building a strong financial foundation.

It may be possible to pay all debt off completely. If not, creating a plan to pay down outstanding debt is the best way to gain control of your overall financial well-being.

There are several methods that can be used. The most popular and well-known are the snowball method (paying the smallest balances first) and the avalanche method (paying the debt with the highest interest rate or cost first).

Both methods are effective when working towards paying down debt and each has its own benefits. It really comes down to your individual situation and which method you prefer.

THE PRESENT- CURRENT LIVING EXPENSES, NEEDS & WANTS (40%)

Having extra money provides an opportunity to really get a handle on your current expenses, your needs and wants, and can help get you a step closer to meeting all your financial goals. Addressing your current needs is important. Start with a list and prioritize, and don’t forget to establish or increase your emergency fund! If you’re starting out, start small and think big with a goal of $500 first, then continue building.

Once your current needs are taken care of, you can enjoy some of your wants. Indulging and having fun is okay too – but resist the urge to splurge too much and stay as close to 40% as possible.

THE FUTURE- ESTABLISH AND BUILD SAVINGS (30%)

Once you have your past debts and current needs are taken care of you can think and plan for your future needs and wants and ensure you have a safety net to handle life’s many changes, challenges, and opportunities. Start by establishing an emergency fund with the goal of $500 and build from there. Saving a portion of your windfall will help you start securing a financially healthy future, like purchasing a home, retirement, transitioning out of the military, your children’s education, or a vacation.

MAKING THE MOST OF YOUR EXTRA MONEY

Without a plan, even large amounts of extra income can quickly diminish. Having a realistic spending and savings plan for your extra cash is essential to making the most of it. Proactively managing your past debts and present expenses will allow you the ability to work toward your future goals and make the most of your extra money.

 

ABOUT THE PERSONAL INVESTMENT ENTERPRISE (PIE) PROGRAM

The Personal Investment Enterprise (PIE) program is a local savings program provided through Community Action Programs of Boulder County and Mile High United Way. The program is designed for low-income families to enroll in financial literacy classes and save through a matched saving account at a rate of 4 to 1. The first step in applying to the program is to contact Community Action Programs at Boulder County. They can be reached at 303-441-3998 or at [email protected]. For more information on the PIE program visit https://bouldercounty.gov/departments/community-services/community-action-programs/personal-investment-enterprise/ or https://unitedwaydenver.org/personal-investment-enterprise-pie-program/. 

 

My Friend Ben

Saving consistently can be a challenge. Especially when unexpected expenses need to be paid or unanticipated life circumstances happen, like a car accident. MyFriendBen is a program that may be able to help save you time and save you some money in your budget for unexpected expenses. It is a partnership with Mile High United Way's 211 helpline.

LOOKING FOR HELP AND NOT SURE WHERE TO START?

Meet MyFriendBen

Quickly estimate the cash value of government benefits, nonprofit programs and tax credits so you can make a plan before you apply.

Check your eligibility for near 50 programs including:

• Internet and phone discounts Train and bus discounts
• Help with heating bills
• Social Security disability benefits Free afterschool activities
• Cash assistance
• Food assistance (SNAP)
• Child care and preschool assistance Health insurance and health care
  
  MyFriendBen is anonymous, fast and judgment-free.
  
  
  

 

bit.ly/MFB211

 

 

 

ABOUT THE PERSONAL INVESTMENT ENTERPRISE (PIE) PROGRAM

The Personal Investment Enterprise (PIE) program is a local savings program provided through Community Action Programs of Boulder County and Mile High United Way. The program is designed for low-income families to enroll in financial literacy classes and save through a matched saving account at a rate of 4 to 1. The first step in applying to the program is to contact Community Action Programs at Boulder County. They can be reached at 303-441-3998 or at [email protected]. For more information on the PIE program visit https://bouldercounty.gov/departments/community-services/community-action-programs/personal-investment-enterprise/ or https://unitedwaydenver.org/personal-investment-enterprise-pie-program/. 

 

It's tax time 2024

It’s tax season! You can file your taxes with the IRS beginning Monday, January 29th. The sooner you file, the sooner you’ll be able to get your Child Tax Credit and Earned Income Tax Credit payments.

Eligible Coloradans can receive a 2024 TABOR refund of $800 for a single filer or $1600 for two qualifying individuals filing jointly. You can claim your refund by filing a Colorado state tax return.

See if you qualify for free tax filing. There are several options available:

1. You can receive free tax preparation assistance at a Volunteer Income Tax Assistance (VITA) location VITA sites are available for free to qualifying individuals, including those who make $64,000 or less annually, limited English-speaking tax payers, and people with disabilities.

When visiting a VITA site, preparation is key! The IRS offers a helpful What to Bring resource that highlights the necessary documents to help prepare taxpayers for their visit.

VITA sites offer can vary in the services they offer from community to community, so it’s important to ensure that the site chosen by a taxpayer is an appropriate fit for their needs.

To learn more about VITA and to locate a site in your area, visit the IRS website or see below for sites in Boulder and Broomfield counties:

FREE Tax Sites:

AARP – Lafayette Library, 775 W Baseline Road, Lafayette, CO 80026.  Opens on Wednesday February 7^th through April 13th.  Wednesdays and Saturdays -Closed on Saturday, March 2^nd and April 6^th.  10:30 to 3:00p.  By appointment only.  Call 303-665-5200 or online at https://cotaxaide.org/appt/ Masks not required, but may be requested.

AARP – Louisville Recreation Center – 900 Via Appia Way, Louisville, CO 80027.  English & Spanish / For Spanish request one week in advance. Opens Thursday February 1st through April 4th.  Thursdays – 9:00a to 2:00pm. / By appointment only. Call 303-335-4919  or online at https://cotaxaide.org/appt/

AARP - Erie Community Library – 400 Powers Street, Erie, CO 80516.  Open February 5th through April 12^th.  Mondays and Fridays, 10:30 to 3:00pm.  By appointment only. Call 888-861-7323 or online at https://cotaxaide.org/appt/

AARP -Boulder Senior Services, 5660 Sioux Drive, Boulder, CO 80303. English & Spanish / For Spanish request one week in advance.   Open February 2^nd through April 9^th.  Tuesdays -9:00 to 1:00p and Fridays- 9:00 to 1:00 pm -  Call 720-327-3363 or online at https://cotaxaide.org/appt/

AARP – Broomfield Senior Center, 280 Lamar Street, Broomfield, CO  80020.  Open February 2^nd through April 14th.  Fridays – 9:00a to 2:00 pm. Call 303-464-5526 or online at https://cotaxaide.org/appt/ to make an appointment.

AARP – Longmont Senior Center, 910 Longs Peak Avenue, Longmont, CO 80501.  Open February 1^st through April 11^th.   Tuesdays and Thursdays – 9:00am to 1:00pm. Call 303-774-4429 or online at https://cotaxaide.org/appt/

Tax Help Colorado / Boulder Public Library -1001 Arapahoe Ave., Boulder, CO 80302 / January 30th through April 6, 2023.  Tuesdays- 2:30 to 6:00 pm and, Saturdays – 10:00am to 4:00pm/ Appointments required.  303.561.2340 -www.taxhelpcolorado.as.me/BPL

2. If you prefer to file your taxes for free online, use My Free Taxes. My Free Taxes is a service of the United Way and is a great option if you want to file your taxes yourself. The online platform will guide you through every step and make sure you get all the cash-back tax credits you are eligible for.

You will need access to a computer and a valid email address to use My Free Taxes. The average tax return usually takes about an hour.

Visit MyFreeTaxes.com to learn more and get started.

3. Get Your Refund is a service of Code for America and a coalition of community partners and volunteers. Get Your Refund is free for taxpayers and families who earn less than $66,000 a year. You may file yourself if you have income under $79,000.

Get Your Refund is a great option if you do not have easy access to a computer, but do have a smartphone. Taxpayers take a picture of their ID and tax documents and upload the photos to a private and secure site. Then, taxpayers complete a short questionnaire to get matched with a tax professional who will call you and complete your return remotely.

Visit GetYourRefund.org/CO to learn more and get started.

 More Resources for Tax Time

:

• Download Tax Document Checklist 2024
• Download Document List for Tax Filing_Spanish
• Download _Tax Doc Checklist_ Self-Employment 2024
• Download Roadmap-to-rideshare-taxes-cheat-sheet
• Download Tax-deduction-tracker-and-mileage-log-TY2023
• Download Intake Sheet

ABOUT THE PERSONAL INVESTMENT ENTERPRISE (PIE) PROGRAM

The Personal Investment Enterprise (PIE) program is a local savings program provided through Community Action Programs of Boulder County and Mile High United Way. The program is designed for low-income families to enroll in financial literacy classes and save through a matched saving account at a rate of 4 to 1. The first step in applying to the program is to contact Community Action Programs at Boulder County. They can be reached at 303-441-3998 or at [email protected]. For more information on the PIE program visit https://bouldercounty.gov/departments/community-services/community-action-programs/personal-investment-enterprise/ or https://unitedwaydenver.org/personal-investment-enterprise-pie-program/. 

Giving and Receiving PIE 2023

At this time of year, at the Personal Investment Enterprise Program, we like to pause to say thank you to the many individuals and organizations that have made PIE possible this year. Community volunteers have taken time out of their work weeks to advise the program through the PIE Advisory Committee. Foundations and city and county staff members have supported our funding requests to make it possible to match participants savings to make the goals of homeownership, business development and post-secondary education become a reality. Community partnerships are also essential in making PIE a strong community program. Please see the listing below as we recognize those that have given back to our community through PIE in 2023. 

PIE is celebrating 19 new PIE graduates this year that have purchased 13 homes and developed six new businesses across Boulder, Longmont, Broomfield and Ward. So far we have enrolled 24 new PIE savers into the program. 

Please join us in thanking:

Our PIE Advisory Committee Members 

Stephanie Beasley, Mile High United Way

Felicia Bolton, PIE Graduate

Rebecca Chavez, Front Range Community College

Amy Downing, M. Ed. (she, her), Community College of Denver

Jesse Esparza, SBDC Counselor, Boulder Small Business Development Center

Sharon Farrell, City and County of Broomfield

Maciel Leon, Boulder County Community Action Programs

Carmen Martin, Mile High United Way

Tim Rakow, The Inn Between of Longmont, Inc.

Diana Sanchez, Brighton Housing Authority

Justin Sutherland, FirstBank

Eric Swanson, City of Boulder

Mandy Yick, Attorney    

Marcia Zipkin, Workforce Boulder County

Community Partners: 

 

 

 

 

 

 

 

 

 

 

 

 

 

Local Funders:

       

 

 

 

 

 

 

 

 

 

 

 

 

Referral Partners:

Amistad Center

Boulder County Head Start

Boulder County Housing & Human Services

Boulder Housing Partners

Boulder Shelter for the Homeless

Broomfield FISH

Casa de la Esperanza

City and County of Broomfield

City of Boulder, Children, Youth and Families

Emergency Family Assistance Association

Family Self-Sufficiency

Flatirons Habitat for Humanity

Habitat for Humanity of the St. Vrain Valley

Longmont Housing Authority

Mental Health Partners

Outreach United Resource Center

Sister Carmen Community Center

The Inn-Between of Longmont, Inc.

Thistle Communities

Workforce Boulder County

YWCA of Boulder County

ABOUT THE PERSONAL INVESTMENT ENTERPRISE (PIE) PROGRAM

The Personal Investment Enterprise (PIE) program is a local savings program provided through Community Action Programs of Boulder County and Mile High United Way. The program is designed for low-income families to enroll in financial literacy classes and save through a matched saving account at a rate of 4 to 1. The first step in applying to the program is to contact Community Action Programs at Boulder County. They can be reached at 303-441-3998 or at [email protected]. For more information on the PIE program visit https://www.bouldercounty.org/families/community-action-programs/personal-investment-enterprise/ or https://unitedwaydenver.org/personal-investment-enterprise-pie-program/. 

New Colorado Laws that can save you money

 

Recently, the Office of Financial Empowerment provided an overview of new laws passed in Colorado during the 2023 legislative session, relating to medical debt, tax credits, and tenant consumer protections rights, which will directly impact Coloradans.

To learn how this may affect your financial future, please read below and download the resources for more detailed information.

• SB23-093 expands consumer protections for Coloradans who incur medical debt, including by capping interest rates that can be charged and prohibiting collection activities while a debt is being appealed.

• HB23-1126 mandates that Coloradan’s credit reports can no longer contain medical debt information. The Consumer Financial Protection Bureau recently announced a rulemaking process that would result in similar changes at the national level. Coloradans can request their credit reports from the three credit reporting agencies to review for errors at annualcreditreport.com

• HB23-1112 expands the state Earned Income Tax Credit (EITC) and the state Child Tax Credit (CTC). Both are refundable credits that could benefit low- and middle-income Coloradans.

• HB23-1099 requires landlords to accept a portable screening report from prospective tenants in the rental application process. This means that renters searching for housing can now use the same screening report without paying multiple application fees.

In 2021, the state legislature created the Colorado Office of Financial Empowerment (OFE)—the first statewide office of its kind—through Senate Bill 21-148. The OFE is housed within the Colorado Department of Law’s Consumer Protection Section as part of the Consumer Credit Unit.

Resources:

Download Medical-Debt-Credit-Reporting-Consumer-Guide-Espanol

Download Medical-Debt-Credit-Reporting-Consumer-Guide-English

*Information for this blog came from CCLPonline.org and Office of Financial Empowerment and Protection.

ABOUT THE PERSONAL INVESTMENT ENTERPRISE (PIE) PROGRAM

The Personal Investment Enterprise (PIE) program is a local savings program provided through Community Action Programs of Boulder County and Mile High United Way. The program is designed for low-income families to enroll in financial literacy classes and save through a matched saving account at a rate of 4 to 1. The first step in applying to the program is to contact Community Action Programs at Boulder County. They can be reached at 303-441-3998 or at [email protected]. For more information on the PIE program visit https://www.bouldercounty.org/families/community-action-programs/personal-investment-enterprise/ or https://unitedwaydenver.org/personal-investment-enterprise-pie-program/. 

 

Saving for Life's Milestones Podcast

Provided by America Saves, Think Like A Saver is a podcast that provides real life saving guidance. For Episode #3, click here or read the notes below.

Life is exciting, and you always have a choice to make when it comes to spending or saving. However, with every choice you make, you may also be choosing to not do something else. 

For example, spending a lot on little things now may mean that you won’t be able to save money for life’s milestones later.

Milestones often seem far away, but life comes at you fast. So if buying a home, paying for education, and having a healthy retirement are goals of yours, then saving for them now has to be a priority.

In times of economic hardship, it can be especially difficult to set money aside. What we learn in this episode is that economic downturns will continue to happen - but so will economic expansion. 

That’s why it’s especially important to save when times are good - so that you have money to fall back on when you may need it in the future. 

When reaching life’s major milestones, you often have the choice to either save in advance, or go into debt when that time comes. Examples are:

College savings - You can either take out student loans or save in advance using a savings vehicle such as a 529 College Savings Plan.

Buying a home - While most people can’t purchase their first home outright, you can save for a down payment. If you do not have enough money for a down payment, you might have to take out an FHA loan to cover the down payment. 

Retirement - It is important to take advantage of compound interest by saving for retirement early. You can join your company’s 401k or 403b, start a Roth IRA, or contribute to a SEP IRA. Alternatively, you can work longer and live off of a fixed income such as your Social Security, which typically covers minimal expenses in retirement. If your company offers a match on your retirement plan, you should take full advantage of it. 

Ultimately, saving early and saving enough is very important, and should be factored into your monthly budget. 

Financial Counseling webpage: Personal Finance Program

Housing Resources:

• Next homeownership class in Boulder
• Homeownership class options-Saturday
• The Unexpected Costs of Buying a Home 
• Weighing Your Options: The Highs and Lows of Housing 
• Is Homeownership Right for You? 
• Homeownership Checklist 
• Think Like a Saver Podcast, Episode 6: Buying Your First Home 

Education Resources: 

• 8 Ways to Save for Your Child’s Education 
• Think Like a Saver Podcast, Episode 7: Paying for Education 

Transportation Resources: 

• Purchasing a Car 

Retirement Resources: 

•     Investing Basics with Boulder County Workforce
• 6 Steps To Jumpstart Your Retirement Journey! 
• Questions To Ask Yourself When Saving For Retirement 
• Saving Outside of Work Through an Individual Retirement Account (IRA) 
• Saving at Work Through a 401(K) Plan 

ABOUT THE PERSONAL INVESTMENT ENTERPRISE (PIE) PROGRAM

The Personal Investment Enterprise (PIE) program is a local savings program provided through Community Action Programs of Boulder County and Mile High United Way. The program is designed for low-income families to enroll in financial literacy classes and save through a matched saving account at a rate of 4 to 1. The first step in applying to the program is to contact Community Action Programs at Boulder County. They can be reached at 303-441-3998 or at [email protected]. For more information on the PIE program visit https://www.bouldercounty.org/families/community-action-programs/personal-investment-enterprise/ or https://unitedwaydenver.org/personal-investment-enterprise-pie-program/. 

Save Money by Increasing Your Credit Score

 

At America Saves, we consider paying down debt to be saving because

1. You can save money on interest and fees,
2. You can build your credit score, and
3. Eliminating debt builds your net worth.

With planning, patience, priorities, and a plan, almost anyone can reduce their debts and start to accumulate wealth.

If you choose to prioritize saving money by raising your credit score, you’re taking a delayed gratification approach. That’s because having a higher credit score can save you money once you attain it.

Tom Quinn of FICO explains that “when you raise your credit score, you can reduce your interest rate significantly and save money over the life of the loan.” If you’d like to see for yourself how much money a different credit score can save you, check out myFICO’s calculator.

If you specifically want to raise your credit score, you should first pay off your credit card with the smallest balance. “From a score perspective, focus in on those lower balances first, get them down to zero. Then focus on the higher balance cards to begin to lessen your credit utilization, which will make the biggest difference for a person’s credit score,” Quinn explains for the saver who wants to raise their credit score.

To save money by raising your credit score, you need to complete these steps:

1. Gather all your debts.Write yourself a list, include the total balance on each debt and indicate to yourself whether it’s installment or revolving credit.  
2. Assess your revolving credit balances. Looking at just your revolving credit (credit cards, mostly), write them in order of the smallest balance to the largest.
3. Now,re-write your list and pay off accordingly. At the top of your list should be the revolving debt with the lowest balance, keep the list going. Aim for putting any extra cash or payments just to the card with the smallest balance.

“The vast majority of your credit score is made up of payment history and credit history,” Quinn explains, so if you specifically want to raise your credit score, “it’s going to be most beneficial to pay off your smallest balance cards first, because then the user will get incremental points for less credit cards with balances and less cards with credit utilization.”

If you’re not sure whether you’d like to save by raising your credit score or saving money now, you can pull your credit reports for free at www.annualcreditreport.com. Saving is a habit, not a destination, so whichever way you choose, remember that you are saving!

Credit Resources:

1. myFico.com financial calculators

2. The Importance of Credit History

ABOUT THE PERSONAL INVESTMENT ENTERPRISE (PIE) PROGRAM

The Personal Investment Enterprise (PIE) program is a local savings program provided through Community Action Programs of Boulder County and Mile High United Way. The program is designed for low-income families to enroll in financial literacy classes and save through a matched saving account at a rate of 4 to 1. The first step in applying to the program is to attend an orientation meeting with Community Action Programs at Boulder County. They can be reached at 303-441-3998 or at [email protected]. For more information on the PIE program visit https://www.bouldercounty.org/families/community-action-programs/personal-investment-enterprise/ or https://unitedwaydenver.org/personal-investment-enterprise-pie-program/. To see if you qualify, take this survey: https://www.surveymonkey.com/r/PrelimPIE.

Banking Safely

The Importance of Deposit Insurance From the Colorado Office of Financial Empowerment

News of a few bank failures has dominated headlines in recent months. This may leave consumers wondering whether the money that they hold in deposits at financial institutions is secure. In fact, according to polling conducted by the National Endowment for Financial Education earlier this year, consumer trust in financial institutions has eroded due to volatility in the banking industry. However, the majority of consumer deposits held in mainstream state- or federally chartered banks and credit unions are protected by deposit insurance, including Bank On certified accounts. The Federal Deposit Insurance Corporation (FDIC) insures deposits at banks up to $250,000 per person. The National Credit Union Administration (NCUA) also insures deposits at credit unions up to $250,000 per person. Accounts at FDIC-insured banks, or NCUA-insured credit unions, are automatically protected at no cost to consumers. As there are some types of accounts that are not covered, it's always prudent to check with your bank or credit union that your money is held in an insured account. In a recent statement from Colorado State Bank Commissioner Ken Boldt and Financial Services Commissioner Mark Valente, the Commissioners, who oversee regulation of state-chartered banks and credit unions noted that Colorado financial institutions are in sound condition. Colorado consumers with questions about their financial institutions and whether deposit insurance applies to their accounts can take the following steps:

Contact the financial institution directly to verify that deposits are in an insured account, or with other questions or concerns. If you hold an account with an FDIC insured bank, visit the FDIC’s insurance coverage calculator. You can also contact the FDIC’s Information and Support Center or call them at 1-877-275-3342 (1-877-ASKFDIC). If you hold an account with a credit union, the NCUA provides information about deposit insurance, also has an insurance coverage calculator and consumer assistance at https://mycreditunion.gov/

CFPB Consumer Advisory: Money in payment apps may lack protections On June 1st, the Consumer Financial Protection Bureau released an analysis of deposit insurance coverage on funds stored through payment apps and found that consumer funds "can be at risk of loss in the event of financial distress or failure of the entity operating the mobile payment platform, and often are not placed in an account at a bank or credit union and lack individual deposit insurance coverage." An accompanying consumer advisory provides more information and guidance for consumers who use these apps.

View the Consumer Advisory

ABOUT THE PERSONAL INVESTMENT ENTERPRISE (PIE) PROGRAM

The Personal Investment Enterprise (PIE) program is a local savings program provided through Community Action Programs of Boulder County and Mile High United Way. The program is designed for low-income families to enroll in financial literacy classes and save through a matched saving account at a rate of 4 to 1. The first step in applying to the program is to attend an orientation meeting with Community Action Programs at Boulder County. They can be reached at 303-441-3998 or at [email protected]. For more information on the PIE program visit https://www.bouldercounty.org/families/community-action-programs/personal-investment-enterprise/ or https://unitedwaydenver.org/personal-investment-enterprise-pie-program/. To see if you qualify, take this survey: https://www.surveymonkey.com/r/PrelimPIE.