The future of our community depends on our families creating, protecting, and growing wealth. A well-managed savings account helps families plan for future expenses such as college or medical bills. And using credit cards wisely can lead to a difference of thousands of dollars for families when purchasing an automobile, a home, or taking out a loan.
MCP primary strategies for Asset Development are savings and protection of wealth for EISD families. MCP identified three factors restricting residents’ ability to save and plan for the future: 1) high cost of living for low income households, 2) the necessity for knowledge and skills financial planning, and 3) education and utilization of bank products and low cost financial services. Our strategies directly address these factors by stabilizing families, increasing financial education, promoting and providing access to bank products and low cost financial services, and supporting resident security by predatory lending prevention and housing and rental security.
Asset strategies for 2012 include:
- Stabilize families through provision of emergency services connected to Family Assistance Centers
- Provide income support through Earned Income Tax Credit and VITA
MCP promotes free tax preparation through the Volunteers in Tax Assistance (VITA) Campaign, conducted every year at more than half a dozen locations throughout the West Side. For more information visit www.vitasa.org
- Promote financial planning through financial education and financial coaching
- Promote utilization of bank products and other low cost financial services
- Establish a car ownership program
- Ensure asset protection by promoting protection products and services