Shoring up family finances: Where to find help
Many families in the Asheville area experience financial troubles as they struggle to cover the costs of child care, health care or housing.
“In our community, housing costs are among the highest in N.C. and wages are far below N.C.’s average," says Celeste Collins, executive director of OnTrack Financial Education & Counseling. "Those two factors mean that it can be tough to make ends meet in this area.”
So where does one turn for counseling, to get on more stable financial ground?
Organizations like OnTrack WNC are available to assist area families in navigating difficult financial situations and find solutions. OnTrack WNC is a private, nonprofit, community-supported agency that offers numerous workshops from budgeting, investing, debt consolidation, to buying a home or even just buying a car.
“I would highly recommend our Money Management program for families just starting to work on their finances," Collins says. "This program begins with an education class and is followed by individual counseling. This allows people to gain knowledge and hear about tools in class and work with a counselor to determine how to apply what they’ve learned to their own specific situation.”
OnTrack WNC works with numerous area businesses and partners to collaborate on programs that benefit individuals and families seeking more financial security.
Community Action Opportunities' Life Works Program is one partner. It supports Asheville-area families experiencing intense financial distress and seeking employment security. It provides life coaches who give one-on-one case management services.
“We work intensively with families to achieve self-sufficiency through increased education/training, financial capabilities and life skills," says Kate Singogo, lead coach for Life Works. "Coaches advocate for families, acknowledge their successes and collaborate with other agencies to provide extensive resources and referrals."
Life Works can help families with a range of issues, from child care to transportation, parenting to finances, Singogo says.
The Secure program is one of the more innovative options sponsored by both OnTrack WNC and Life Works. Families who are eligible receive free money management classes and counseling sessions, Singogo says. They also open an account at Self-Help Credit Union and build up an emergency savings.
"A $1,000 emergency savings account can be the difference between successfully dealing with a crisis and potentially ending up unemployed or without housing," she says. "That emergency savings is crucial for families being able to sustain their day-to-day lives, especially when you are living paycheck to paycheck.”
Financial literacy education is not only for adults, but for youths as well. United Way funding allows OnTrack to provide courses in eight schools in Transylvania County.
"The classes explain financial concepts in a kid-friendly manner and include engaging activities which encourage students to apply the new knowledge," Collins says. "Children learn to make wise choices with the money they earn, spend money more intentionally, and differentiate between ‘wants’ and ‘needs.’ Students receive materials to take home so parents/caregivers can continue the learning."
Similar courses were hosted in Buncombe and Henderson counties until 2016, when funding ran out.
As families find themselves in financial trouble, Collins warns that it is important to be cautious as they look for solutions.
“There are services marketed to consumers that on the surface appear to be similar to OnTrack WNC’s; however, some are high cost and danger to family finances," Collins says. "For example, consumers in financial stress can be enticed by offers ‘too good to be true.’ People with overwhelming unsecured debt fall prey to high-cost, predatory debt settlement. Families faced with foreclosure fall for scammers’ false promises of help. These offers typically include exorbitant fees and poor (if any) customer service, leaving their victims with ruined credit, and their hard-earned money spent for nothing.”