Celebrating Our Matched Savings Graduates

Our Daily Bread is excited to celebrate the graduations of our Matched Savings Program participants! Over the past year, Miriam Elias, Priscilla Williams and Nikki Mack – all working single moms – have taken classes and worked with financial mentoring volunteers over the last year to develop and implement budgets that helped them save $500 toward a purchase that would help them improve their financial stability. Once they reached their savings goals, ODB matched their nest-egg, so they each had $1,000 to spend!

ODB began its Matched Savings Program in May 2010 through a $2,500 grant from the Community Foundation for Northern Virginia and the help of Virginia Commerce Bank and Citigroup. It is designed to encourage savings and improve personal financial planning to help moderate- to low-income individuals build productive assets and self-sufficiency.

Participants in the program place their savings in a designated account for a specific purpose, such as a rental security deposit, weatherizing their home, large home appliance or job training. Matching funds are provided to encourage saving and to help individuals build savings more quickly. To complete the program, participants must save $500, take Our Daily Bread's Basic Budgeting and Credit Smart classes and work with a volunteer Financial Mentor to develop a budget and strategies for saving.

The Commonwealth of Virginia offers a program like this, but most Northern Virginia residents, though struggling to make ends meet, earn too much to qualify. ODB staff was excited to have the opportunity to bring this program to Fairfax County residents, and we hope to find the resources to expand it so that it will be available to more families in our community. We have another saver working toward graduation right now and are in the process of recruting new participants.

Miriam has four children and works full-time for Fairfax County. Like many of our clients, she has been struggling to make ends meet due to the high cost of living in our area, the expense of raising kids on her own and credit card debt. Miriam used her Matched Savings funds to make major repairs to her car so she can get to work and transport her kids.

Priscilla is a working mom with a teenage daughter. She is using her Matched Savings funds to put a downpayment on a more affordable apartment so that it will be easier for them to live within their means.

Nikki has two children and went back to school at the age of 35 to earn a Dental Assistant certificate. She is using her Matched Savings funds to obtain a Virginia x-ray certificate to help her improve her earning power and also to purchase a reliable used car so she will be able to get to work.

Miriam said the Matched Savings Program is an "excellent program. It helped me so much. I'm treating my money with respect now that I know about tracking my spending and how to avoid debt."

ODB is proud of our Matched Savings Program graduates for their hard work and dedication, and we wish them every success in the future. We are also grateful to their Financial Mentors for volunteering their time to help the women achieve their goals.

And thanks to the Community Foundation for Northern Virginia and our supporters for making this program possible! Our Daily Bread needs Matched Savings Program sponsors so we can help more hardworking people like Miriam, Priscilla and Nikki! Contact Lisa Whetzel if your company or organization can help!

For more information on Our Daily Bread's Matched Savings Program, visit our program page or contact Marcelle Miles at 703-273-8829.