Improving Family Financial Stability with Tax Assistance and Budget
Coaching
Keren’s work hours had been cut in half when she arrived at a
Community Investment supported Volunteer Income Tax Assistance
site. Despite her difficult economic situation, she was determined
to save money for a home for herself and her family.
Program volunteers help Keren establish a
“savings pathway” to fulfill her dream. They set
up an Individual Development Account, a kind of
matched savings account that requires Keren to
attend financial education classes in order to
qualify for a match. Keren was also matched with
a volunteer budget coach, also funded by
Community Investment, who helped her get
her family’s finances in order and clarify her
financial goals. She used the insights gained
from this program to establish her own
transportation business before buying a home.
Keren also took a 12-week business initiative
course to make sure her idea was sound, and then
she began carefully using her matched savings
account to pay for a transportation license.
With her research done and all the necessary
steps taken, Keren opened her business,
providing rides to children to and from the
Connecticut Department of Children and Families.
Today, Keren is very busy with her business and
her family, and she is still meeting with her
budget coach. Together, Keren and her coach have
set her next goal: to purchase a van for the
business and hire her first employee. Family
financial stability programs and initiatives
like the Hartford Asset Building Collaborative’s
Volunteer Income Tax Assistance and budget
coaching programs, managed by Co-Opportunity and
funded by Community Investment, help
local people like Keren realize their dreams of
a better tomorrow.