FINANCIAL ACHIEVEMENT CLUB
SPARC surveys indicate that a large number of families landed in extended stay motels when faced with an unexpected expense while living paycheck to paycheck. With no savings account to pull from, families borrowed from their rent and were unable to pay it back, leading to forced moves into local motels.
As part of SPARC’s Aftercare Services, families that have been housed are invited to participate in the Financial Achievement Club to encourage savings and build an emergency account to ward against future homelessness.
Program duration is six months and include monthly group workshops as well as individual coaching. Participants are encouraged to save each month and can earn up to $700 in incentives by achieving three goals:
Savings will be matched up to $500 if monthly deposits are made during the six months
$100 will be earned for increasing credit score by at least 30 points
$100 will be earned for increasing income by at least 10%