Budget Buddies, Inc. Information

OUR MISSION: Budget Buddies builds the financial literacy, confidence, and security of low-income women through a unique program that combines instructional workshops and individual, one-to-one coaching. OUR HISTORY Budget Buddies launched its first program in 2010, and since then has worked with local homeless shelters, transitional living facilities, and housing authorities to help survivors of domestic violence, teen mothers, and women suffering from mental and physical disabilities or recovering from addiction, among others gain financial confidence and learn essential skills in areas such as budgeting, banking, and debt management. OUR APPROACH: Budget Buddies works with clients referred by local social service agencies and customize its program to their specific needs. Local financial institutions lead the classes. Volunteer coaches serve as personal mentors. Budget Buddies fills a large gap in financial education. Few government- or corporate-sponsored projects address the special money management challenges of low-income households headed by women. Additionally, most financial literacy programs are based on workshop instruction. There is little sustained or individualized follow-up. Budget Buddies addresses these issues by offering a special mentoring component that both customizes assistance to each client and assures that basic financial education is applied in a highly practical and sustainable way. Low-income women get personalized help with the specific financial issues that keep them in poverty through one-to-one sessions with their coaches. Budget Buddies recruits, trains, and supports coaches in the program. Local financial institutions and professional trainers have helped to develop customized workshops and create materials for the coaches and their “buddies” to work on together. A coaching coordinator and a coaching support group facilitate the mentoring process.