Financial Independence Track (FIT)
Doorways’ Financial Independence Track (FIT) is an interactive “one on one” financial education program which teaches clients the basics and mechanics of money and debt management. The personalized sessions are held between two people, the client and the Financial Education Counselor. The FIT curriculum empowers clients to manage their current daily finances and understand their debt and address debt issues which may prevent them from living independently. The FIT program utilizes a Wealth Enhancement approach to increasing the cumulative wealth of our families- through enhanced earnings, entitlement program maximization, debt reduction and cost savings.
Doorway’s FIT Program receives funding from Allstate Foundation, Wachovia Foundation, Washington Area Women’s Foundation, Bank of America Charitable Foundation, Battelle, Herb Block Foundation, International Monetary Fund, Arlington County and Women in Housing and Finance Foundation, ensuring this critical program serves all of Doorways clients.
This year, FIT provided 332 individual sessions for 52 women and families who resided in our Domestic Violence Safehouse or in our HomeStart Supportive Housing Program.
In FY 07, Doorways’ FIT program achieved the following results:
• 100% of clients learned and understood basic money management concepts.
• 100% of clients developed a financial safety plan.
• 95% of clients who obtained their credit report created a debt management plan.
• 72% of clients showed debt reduction.
• 32 clients deposited money into escrow savings accounts maximizing their savings as they have never before; several clients saved more than a thousand dollars per year with earned hourly incomes<
ranging from $10.00 - $12.00
Equally important, the FIT Program addressed the range of complex emotional and behavioral issues that are often barriers to changing financial behaviors.
FIT Addresses Today’s Financial Challenges
Adult clients experience unique challenges in their efforts to succeed in today’s economy.
Victims of domestic violence typically experience:
- loss of income due to job interruption due moving to flee abuser
- loss of income due to job loss due to on the job harassment by abuser
- losing control of their finances to their abuser;
- suffering economic abuse to include misuse of their credit cards and bank accounts.
Homeless adults typically arrive at Doorways with:
- challenged financial management skills due to lack of knowledge( perhaps combination of no role modeling in childhood and no financial education as an adult)
- constant cash shortfall to pay expenses due to low income/minimal work skills/ job jumping
As a result they often find themselves with:
- excessive debt;
- a poor and highly damaged credit rating;
- and minimal knowledge of managing their own finances successfully.
FIT Assists in Finding Solutions
The FIT Educator provides financial counseling sessions that focus on concrete steps to bring clients out of financial crisis. Together we develop a personalized financial action plan that allows our clients to:
- understand their personal financial situation;
- assess and address their financial ri sk to include how to set up and review open accounts for security and necessity;
- improve understanding of basic money management concepts to include creating monthly spending plans;
- understand their debt, how to approach debt and understand their rights, communicate with collectors, address specific debt which may prevent living independently;
- Create their own bank accounts separating their association with their abusers finances;
- Live self sufficiently and independently.
“The FIT Program made me feel like an adult, again. My daughter needs me and a home to feel good, not a bunch of toys. I get that now.”
For more success stories, click here.