New outlook on spending leads to financial confidence

Thanks to the rental assistance and guidance she received from FamilyForward, ‘Becky’ developed the skills she needs to support her family independently in the long term.

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When single mom “Becky” applied to FamilyForward two years ago, she was upfront with her volunteer mentors about her lifelong practice of living literally paycheck to paycheck. She had a pay-as-you-go approach to her finances. She had never had a savings account. She was intimidated by the idea of a “budget.” On her application form, Becky wrote, “I just can’t get a hold of my finances.” Not surprisingly, Becky was routinely behind on rent or her car payment, even though she worked a full-time job.

Rental assistance creates much-needed stability

FamilyForward’s rental assistance allowed Becky and her children to remain in their apartment and eliminated the late fees she faced so often. With FamilyForward’s help paying a portion of her rent, Becky also had enough money to get current on her car payments. This practical financial assistance stabilized Becky’s housing, which then gave her the mental space to consider long-term changes.

As soon as she began the family program at FamilyForward, Becky’s volunteer mentors asked her to write down every time she spent money. Becky found this task to be arduous and overwhelming at first. But, over time, Becky became more conscious of each decision to spend because she had to write it down in her notebook. Looking back on this spending log and her monthly bank statements with her mentors, Becky developed a new outlook on spending once she had a clear picture of where, exactly, her money was going.

Becky learned that although she theoretically knew the idea of “want” versus “need,” she never really thought about the distinction when she was in the store with debit card in hand. FamilyForward pushed her to start taking more ownership of her spending decisions. Becky admitted that she needed this type of accountability to develop new habits.

Mentors encourage a new outlook on spending

FamilyForward introduced Becky to the concepts of fixed and variable expenses and discretionary spending. Once she understood how much her monthly bills cost, she could make choices about where to put every remaining dollar.

“You helped me look at money differently. Now I’m always pondering how to view my money. Some of the things you shared I had always known but put it in the back of my mind because it felt overwhelming. Like I couldn’t do it. But with your repetitive reminders and all the meetings, I have put things into practice. Now, I have everything written down.”

Becky graduated from our two-year program with a new outlook on spending and her finances, and a new confidence in herself. The rental assistance provided immediate short-term relief. And the guidance and encouragement she received from her mentors gave Becky the tools to support her family independently in the long term.