Youth Financial Advocate Program
YFIA will assist former foster youth, who have been identified as experiencing financial difficulties, with intensive one on one money management support. Guidance is provided with the intent to get participants back on track financially as well as learn how to manage their finances independently in the future.
- Budgeting/Financial Planning
We work with the client to create a budget that will work with their lifestyle. Weekly check-ins on the budget and adjust as needed. We also actively work to lower expenses and identify areas that can be scaled back or eliminated altogether. Online Bank statement reviews occur twice a month to ensure we are on track with the budget.
- Banking Assistance
We make sure that all participants are set up with checking and savings account. Youth will also be accompanied to the bank to work out issues and to avoid scenarios where participants can be placed into chex systems. Online/mobile banking will be integrated into the personalized budget. Youth will learn how to navigate the banking system and why it is important to avoid check cashing.
- Credit Repair/Credit Building
We assist youth identify delinquencies on their credit report and will work to delete inaccuracies. If items are not able to be deleted directly from the credit report, we will work with clients to negotiate the debt directly with the service provider. Clients are also shown how to repair credit themselves in the future and provided with techniques to repair credit and stay away from credit damaging behaviors. We also assist with building credit and teach score increasing credit behaviors.
- Financial Aid Package Review
If students are attending college, we will go over their financial aid package to find opportunities to increase aid. We review any loans that the student plans on taking out and will go over in detail how loans work, how much interest they will pay in the future. Everything is done to utilize loans as a last resort option. We also will provide relevant scholarship information and assist students with the application process.
If students are not attending college but would like to attend, we assist with the FAFSA process and help them understand their financial aid package. We use Federal/State financial aid funds as a motivation for getting participants back into school.
- Career Development
We assist participants who do not have jobs obtain employment. We provide resume reviews, job search assistance and interview coaching. We also counsel participants on future career goals and help them map out pathways to obtain their professional goals.