Teaching Personal Finance at Local Adult Group Homes

Do you remember who taught you how to manage your first paycheck or when to file your taxes? Many of us are lucky enough to have reliable family members willing to lend advice when the time comes. However, for young adults poised to age out of the Commonwealth’s foster care system without being adopted, the story is a little different. That’s why HUECU takes an active role in the community; to meet needs that otherwise might be overlooked.

Over the last week, HUECU employees Migdalia Gomez and Laura Buso, visited two young adult group homes in Malden and Boston to participate in their weekly Life Skills Program. The focus was Personal Finances and discussion topics included everything from creating a grocery budget to preparing to file taxes. When common questions about credit scores or direct deposit arose, the conversation that followed squashed myths without being judgmental, and offered clarity into the how to manage your money to meet your goals.

By holding the sessions on couches in the living room, the residents felt comfortable opening up about their immediate financial goals. At the boys’ home, one resident mentioned he recently purchased a used car and had begun to work part-time as a delivery driver, with the goal of beginning a full-time job and paying off his car. At the girls’ home, one resident was working two part-time summer jobs to save for her own apartment, while another was building her credit score by paying off her secured credit card on-time every month.  Regardless of individual goals, the information was practical for everyone present.

HUECU is committed to working collaboratively with these young adults to ensure they make a strong transition into adulthood and are successful in managing their personal finances for life – even if they aren’t members of the Credit Union. That’s part of what makes up the credit union difference.

For more information on Cambridge Family & Children’s Service organization visit their website, or follow them on Facebook and Twitter @helpfamilies.