The L.I.F.E. Program stands for, “Liberty
in Financial Education” and it will begin
this month through a partnership between St. Timothy’s Lutheran Church Albuquerque, the Rio Grande Credit Union, and Zia Elementary School. Our work with Ruth Hoffman and Lutheran Advocacy Ministry-NM called us to stand up against the devastating impact of predatory lending in New Mexico. St. Timothy’s is located in an area inundated by these lenders. L.I.F.E. is St. Timothy’s response.
Qualifying families from Zia will be given an application to the L.I.F.E Program, which includes 10 weeks of financial education followed by 24 months of financial incentives that allow families to put to work what they have learned in the 10-week program. Below are the basics:
1. Participants will attend at least 9 out of 10 one-hour sessions of financial education offered by a certified Financial Educator.
2. Upon completion of at least 9 of the 10 sessions, St. Tim’s will assist families in opening a savings account at Rio Grande Credit Union with a $100 beginning balance.
3. This small grant of $100 will be provided by the St. Timothy’s Mission Endowment Fund and is intended to give families a small head start in building financial capacity.
4. Over the next 18 months, St. Timothy’s commits to matching the deposits families make to their savings accounts up to $10 per month.
5. At the end of the program, if families take full advantage of the matching grant money offered by St. Timothy’s, they will have a savings account with a balance of $480 plus interest.
With their partners at Rio Grande Credit Union, Zia Elementary, and Lutheran Advocacy Ministry, St. Timothy’s is indeed Christ's Church, Better Together!
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