Slavie Federal in the Community: the Harford County, Maryland, Financial Literacy Roundtable
Slavie Federal Savings Bank participates in another financial literacy program for adults. The target audience is adults who are presently homeless and living in one of five (5) Harford County Homeless Shelters and low-income individuals or families who currently reside in permanent government housing in Harford County.
Due to their income levels, both groups are eligible to take advantage of the Harford County Housing Agency services and its federally subsidized housing programs. The long term goal is to place these adults and their families into their own home so that they may become financially self-sufficient and experience pride of homeownership. But, before we can help these adults attain the dream of homeownership, we must help them overcome poor money management habits and poor credit history issues.
This is why the Financial Literacy Roundtable came into existence. Comprised of Harford County government agencies, including the Department of Community Services and the Department of Housing, several non-profit organizations, including Urban Impact, Rooted Bible Fellowship, Inner County Outreach and Mason-Dixon Community Services, and several financial institutions, including Slavie Federal Savings Bank and Aberdeen Proving Ground Federal Credit Union, the Roundtable was formed to educate the targeted audience of low-income and homeless adults and families.
We created a training program for the Case Managers of Home Family House, Inc., Catholic Charities' Anna's House, Harford Community Action Agency, Inc., and Faith Communities and Civic Agencies United, Inc. and the volunteers of Saint Joan of Arc Church.
The topics that we focus on are:
How to resolve hospital and pharmaceutical debts -- discussing what types of medical option plans are available to help them;This training module benefits 405 families and 2,000 individuals in Harford County, Maryland on an ongoing basis.
How to get started on the road to understand basis banking terms and the value of homeownership -- effectively changing the client's attitude towards finance and their mistrust of financial institutions;
How to negotiate with the creditors -- Consumer Credit Counseling;
How to read a credit report;
How to create budgets and keep expenses in line, including utility bills (long distance and cellular telephone bill).