Roadmap to Financial Resilience
The RAISE Texas 2020 Summit explored three key steps to help Texans get on the Roadmap to Financial Resilience.
Starting Point: The starting point is an initial assessment with a financial coach to develop a plan of action. The plan starts where the client is and the roadmap focuses on where the client would like to be. Working through financial coaching and referrals to supportive services, the three key steps are as follows:
- Achieving Short-Term Financial Stability: Offer crisis management to households reeling from financial setbacks caused or exacerabated by COVID-19. At the state level, expand unemployment compensation, limit evictions and foreclosures, and help to ensure access to safety net programs.
- Achieving Income Stability: Connect clients to GED classes, certification trainings and supports to secure a stable and liveable income. Additionally, connect clients to services that help them keep more of what they earn, such as free tax preparation, bank accounts that avoid burdensome fees, and credit building opportunities.
- Crafting Emergency Savings Accounts: Work with clients to build and use emergency savings for unexpected expenses and help clients find affordable options to high cost payday and auto-title loans, when needed. At the state and national level, advocate for policies that expand and support savings opportunities for low and moderate income families.