Saving now and for the future
Saving on a regular basis is not easy. Taking care of monthly expenses can be a challenge without considering setting aside a monthly amount for a future investment. Currently with PIE, 73 participants are dedicated to saving and working toward their dream of homeownership, business, or education by saving on a monthly basis and taking financial education classes. Recently, some PIE participants shared their goals with us. Here is a snapshot of three current PIE participants:
- Saving for education: A father of two kids is saving to pursue his bachelor's degree in integrative physiology in preparation for dental school. This PIE saver says: "If achieved, I will be able to surely work towards a new goal of encouraging our society to smile more and smile confidently."
- Saving for business: A resident of Broomfield is saving to foster Latin American and Caribbean cultural diversity in the arts in the state of Colorado.
She writes: "Our programs are inclusive, across ages and ethnic groups and we provide for instruments and attires for the community to use and explore in our exhibitions, performances and events. Every 6 months we open our ensembles to people who would like to participate and commit to represent Caribbean music and dance. We also develop collaborative musical productions to expose our culture. Two upcoming musical productions are : Barrio E' featuring Las Cafeteras on October 9 at the Longmont Museum (http://cafeteras.brownpapertickets.com)and Cultura Viva on Nov 22 at the Dairy Center for the Arts in Boulder." You can visit the Facebook page at https://www.facebook.com/barrioe.org and the following website www.barrioe.org for more information.
- Saving for homeownership: A single mom with two children has goals of increasing her income, buying a home and getting out of debt. She hopes to purchase a home in Boulder County.
When PIE participants reach their saving goal and complete their asset purchase, savers report that they have developed a saving habit that will continue into the future. For 27% of participants, saving is a new habit and 74% plan to continue saving on a regular basis. Also 93% have future saving goals, while 33% report increasing their income after completing the PIE program.
So far, 234 participants have graduated from the PIE program with purchases. 91 individuals have pursued secondary education, 88 individuals have bought homes, and 55 participants have invested in a small business.
Please see this infographic Download PIEExitSurveyResultsFinal for more details on PIE participant's experience and the impact of the program.
The Personal Investment Enterprise Program, a partnership between Foothills United Way and Community Action Programs, provides tools that empower low-income individuals and families to save and build assets to strengthen their economic stability. To learn more about the program 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 [email protected].
