banking
Introducing Budget Buddies
BUDGET BUDDIES BACKGROUNDER
Budget Buddies seeks to improve the financial literacy, confidence, and security of low-income women in and around the ethnically diverse city of Lowell, MA. Our program combines one-on-one coaching with classes on budgeting, banking, credit, and self esteem. We work with clients referred by local social service agencies and customize our program to their specific needs. Local financial institutions lead our classes. Volunteer coaches serve as personal client mentors.
Our unique program fills a large gap in financial education. Few government- or corporate-sponsored projects address the special money-management challenges of low-income households headed by women. Additionally, most financial literacy programs are based on workshop instruction. There is little sustained or individualized followup. Overburdened case managers of social service agencies serving low-income households have told us in multiple interviews that this followup is key to helping clients adopt new skills and achieve true financial security.
Mastering money management is particularly important for women -- who are more likely to struggle financially during their lifetimes. Consider these facts:
• Households headed by women are significantly more likely to live in poverty than married couples or households headed by men. (U.S. Census Bureau)
• This is partly because women earn about 20% less than men and are more than twice as likely to work part time. (U.S. Bureau of Labor Statistics)
• Women also spend an average 12 fewer years in the work force, due to caring for children and older relatives. (U.S. Bureau of Labor Statistics)
• As a result of their lower lifetime earnings, women have lower Social Security payments in their later years. (Social Security Administration)
• Lower income and savings are particularly challenging for women, who outlive men by 5 years on average. (National Center for Health Statistics)
Budget Buddies also focuses its program on women because, as multiple studies show, they are more receptive to financial education in classes with other women.
Personalized Help
Budget Buddies addresses these issues by offering an innovative mentoring component that 1) customizes assistance to each client and 2) assures that basic financial education is applied in a highly practical and sustainable way. Low-income women -- with no access to the financial advisors that educate those with higher incomes -- get personalized help with the specific financial issues that keep them in poverty. These may include excessive debt, problems with the IRS, or poor spending habits.
We recruit, train, and support coaches in the program. With help from local financial institutions and professional trainers, we develop customized workshops and create materials for coaches and clients to work on in between workshops. A coaching coordinator and client advocate facilitate the mentoring process, along with monthly coaching support groups. In addition to our coaches, another 25 volunteers are helping us build the infrastructure of our organization.
Instilling Confidence
In September 2010, we launched a six-month pilot for clients from a local housing authority and homeless shelter funded by The Jericho Road Project under a grant from the U.S. Department of Health and Human Services. The pilot, for which we received an award from Jericho Road, helped us evaluate our business model and obtain the concrete performance results needed to create a sustainable organization.
Intake and exit surveys of the eight clients who finished the program showed a significant increase in confidence over six months. The surveys also showed that clients with the greatest confidence were more likely to have good financial habits, such as using a budget. By the end of the pilot, a majority of participants had been able to set aside money for savings and several had improved their credit profiles.
Looking Ahead
In May 2011 we began a second program with 12 clients at another shelter in Lowell. Having learned from the pilot that some clients may not be fully prepared for the coaching program, we added a series of readiness workshops that introduced the basics of money management as preparation for coaching program. This unusual offering is introducing financial education to the most underserved in our community.
Within the next year or two, we hope to bring both parts of our program to another five or six agencies in the Lowell area. Within three years, we hope to serve as many as 10 to 15 agencies in this community annually.
This will require further refinement and customization of our current curriculum as we extend our services to groups that may include senior women, girls aging out of foster care, recent immigrants, and survivors of rape or domestic violence. It will also require the training of additional workshop presenters and an aggressive volunteer outreach. We are currently working with UMass Lowell to connect with volunteers from the university community. We are also working with local financial institutions to involve their employees in the workshop and coaching parts of our program.
For more information please call
(978-703-0820; or visit their website www.budget-buddies.org)
“I may not be where I want to be, but I’m glad I’m not where I used to be.”
--Karen
“We made huge progress in job searching, improved her bank account, made her more aware of spending, and inspired confidence.”
--Karen’s Coach
Resume for Carolyn Durell
Carolyn R. Durell
81 Parkview Street, Manchester, NH 03103 603.548.7468 crdurell@hotmail.com
EXPERIENCE
Bank of America
Vice President; Business Support Manager, Legal Department Global Records Manager April 2010 – November 2011
Responsible for the retention of paper and electronic work product globally.
Created and maintained global training materials for department-wide DM system transfer.
Trained global staff in alignment with corporate standards and country regulations.
Analyzed and reported global procedures for corporate digital initiative within a Six Sigma structure.
Requested and analyzed vendor quotes for global digital initiative. Created proposals for department consideration.
Integrated documents from mergers seamlessly into systems.
Evaluated procedures for global practice areas and made changes to processes proactively.
Ran reports to data mine archive information for accuracy. Researched and updated inaccurate information.
Researched and determined action to be taken on outside counsel disposition requests.
Problem-solved record issues with associates.
Vice President; Business Support Manager, Legal Invoice Team Manager February 2007 – April 2010
Monitored daily team workload associated with the electronic processing of 12,000 monthly invoices for $200MM.
Managed a team of 13 employees nationwide.
Trained existing and new employees, law firms and vendors on the legal invoice processing procedure changes associated with periodic policy changes and five company mergers.
Completed user acceptance training for system enhancements for TeamConnect, LegalPrecision, and eRequest.
Maintained data integrity of database of matters and transmission of data.
Analyzed and provided monthly reporting metrics to senior management as part of the Six Sigma process certification.
Resolved issues with Vendor Client Relations, Technology, Accounts Payable, Human Resources, Staffing, and Payroll.
Continually reviewed and evaluated the invoicing process for maximum efficiency while meeting corporate and governmental requirements including application of appropriate company, cost center and general ledger.
Evaluated and integrated the legal invoice processing procedures for five large scale, multinational company mergers.
Provided problem resolution to invoicing situations such as overpayments, lack of payment, expedited payments.
Business Support Lead I (Office Manager for GWIM – Asset Management Legal) December 2005 – February 2007
Liaison between Technology, Compliance, Human Resources, Staffing, Payroll, and investment groups.
Project manager of office move.
Created File Maintenance and Retention Policy for practice group.
Designed steps needed for on-boarding and off-boarding associates in Legal Department globally.
Created a global forum for administrative professionals to communicate with management.
Manager of vendor relationships and contracts.
Trained new associates on company and department standards.
Senior Legal Administrative Assistant August 2004 – December 2005
Created a database of matters, maintain matter filings, catalog pleadings, implemented a litigation calendar system.
Coordinated and managed outside counsel relationships.
Researched employment issues using Westlaw, Nexis and online services and composed legal memorandum.
Reviewed invoices and ensure prompt payment.
Served as eLearning Consultant by creating eLearning Modules and coordinating training sessions.
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EDUCATION
Southern New Hampshire University Manchester, NH
Master’s of Science; Organizational Leadership December 2010
Boston University Boston, MA
Paralegal Certificate December 2005
King’s College Wilkes-Barre, PA
Bachelor of Arts; Political Science May 1998
AFFIlIATIONS
ARMA International (National Conference Attendee 2010 & 2011), ARMA Boston Chapter (Monthly Lunch/Learn attendee).
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SKILLS
Open Text Livelink; Hummingbird; MicroSoft Access, Excel, Livemeeting, Outlook, PowerPoint, Visio, Windows, Word; SharePoint; Adobe Captivate; Wisdom-soft Screenhunter, Westlaw; Lexis; Elite for Windows Billing Software; Carpe Diem Time Software; Campbell Accounting Software; Lexis Nexis LegalPrecision; MitraTech TeamConnect Enterprise; Business Objects; Ariba eRequest Software; eWorkplace.