NORTHWEST VERMONT — Money can sometimes be a taboo conversation topic, but a local organization wants to advance Vermonters’ financial education.
Champlain Valley Office of Economic Opportunity’s head financial coach, Ilir Hasa, manages the organization’s “Growing Money” program, which offers personal finance classes free of charge.
Hasa has an MBA from the University of Vermont and has been working with CVOEO for nearly three years. Based in Chittenden County, he oversees two new financial coaches in Addison and Franklin counties.
The Growing Money program offers four classes on a regular basis: a two-session “SMART Spending” course; a one-session “Keys to Credit” course; a one-session course on “Avoiding Scams and Financial Fraud,” and a one-session course on “Creating a Financial Future.”
These courses are free and open to everyone, Hasa said. In addition, residents of Addison, Chittenden, Franklin or Grand Isle counties making 80% or less of the Family Median Income are eligible for free, personalised, one-on-one coaching sessions with Hasa or his staff. Personal financial coaching is where the bulk of the team’s focus lies.
Detailed personal finance education isn’t necessarily a standard for Vermonters to receive via traditional educational avenues, and there are lots of misconceptions and bad actors around, so the accessibility of vetted information is critical.
“We provide clients with information, knowledge and tools, and then we assist them with following up and creating and also reaching their financial goals,” Hasa said. “We can provide them with specific resources, and I meet with regular clients on a monthly basis to check in and to follow up with their financial goals.”
CVOEO’s teachings are structured in line with the Consumer Financial Protection Bureau’s.
Some of the tools include worksheets like a spending tracker so folks can know exactly where their money is going, and a line-item budget guide to predict where their money will be headed now and in the future.
“I think it’s very important information and knowledge,” Hasa said. “So we provide them with all the knowledge and tools they need to be successful in their life… And they are the one making decisions. We are just assisting them in facilitating this process.”
The classes are offered virtually, where attendees can ask instructors questions as each class unfolds, or through a self-paced, asynchronous “on-demand” modality, which Hasa said are even more in-depth than the highlights covered in a live Zoom class.
Hasa enjoys teaching all of the personal finance classes, but he suggests starting with the Spend SMART class, because it covers all the basics of financial management and guides participants through establishing goals to pursue, thereby tailoring holistic improvement strategies like increasing income or savings to each person’s unique financial situation.
“We talk there about short-term and long-term goals, and we provide a lot of tools on how clients can make these goals a reality,” Hasa said. “Everything starts within our thoughts.”
Once you’ve got the basics down with spending, budgeting and credit, you can learn some basic investing skills and how to plan for retirement or other big-picture goals like a down payment on a home, via the “creating a financial future” course.
“We cover a bit of everything, offering basics in terms of financial literacy and also personal finance skills,” Hasa said. “So how to think long term and how to make this step of going from everyday, paycheck-to-paycheck to planning your finances in a different way.”
One of the most common pitfalls Hasa has noticed among his clients as a coach is that it can be hard for a lot of people to stay on top of truly tracking their spending and to know exactly where their money is going — and that even if people increase their income they continue on the overspending path, still lacking funds to invest in their futures.
Hasa said CVOEO’s resources can serve as a worthwhile first step even for those who may feel they don’t have enough resources to manage, and for those who feel intimidated to even start.
Regardless of nerves or income level, if folks can start learning about personal finance and establish some basic principles, they can eventually apply those principles to their own lives, as better opportunities come along or as people become emotionally ready to face their finances.
“You can start it as a game and just go through the classes,” he said. “And it does not mean that you will at the very first moment when you come to a class you want to use all the tools and everything… Just see all these tools and options that you have, and you can create your own.”
These classes have benefited clients in crisis, clients on track to financial independence, students learning how to manage their finances, and others seeking success and support.
“It gives me satisfaction when I see clients who improve their life in a short period of time, and they use the tools that we provide — I feel very good when I see that,” Hasa said. “Sometimes it does not happen, but it’s like a seed that you plant, and all that knowledge sometimes will come to their mind, and they will use it in a way or another.”
“Maybe they don’t use everything that they learn, but they can use some of that,” he added. “In my career, I’ve been in mission-driven organizations all my life, so I really enjoy working for CVOEO.”
Some client feedback last year indicated that CVOEO’s personal finance programs have been worthwhile, and in some ways, even life-changing for navigating debt, rough times or set-backs.
Countless clients of CVOEO have expressed gratitude in anonymous surveys for the free resource that helps them stay accountable for remedying or improving their finances.
One person reported a tremendously improved credit score. Another met a $5,000 saving goal for the first time in their life and finally secured housing by saving enough money to move in. Another contributed to their savings and was able to buy a car, and another still paid off a huge percentage of debt and secured full-time employment, while sharing these skills with friends.
People reported learning the value of being mindful of spending, noticing how much the little purchases add up, and getting to a place where they rarely struggled even despite low incomes.
Better yet, through the “SMART Goal Incentive Program,” qualifying individuals interested in goal-setting and coaching can receive a $50 give card for completing a personal financial goal.
And, these workshops are offered in a number of different languages for new Americans as well.
Hasa also works as a coach with a CVOEO housing advocacy program which gives tenants a certificate offered as an alternative to having a reference from a landlord — for instance, formerly incarcerated individuals seeking to reintegrate — which is widely accepted by Champlain Housing Trust and a number of other landlords and property managers in the region.
To learn more about CVOEO’s personal finance programs or register for classes and coaching, visit www.cvoeo.org/financial-futures. And to embark on a financially-incentivized personal goal-setting journey, email growingmoney@cvoeo.org or call 802-860-1417 x 112.
High-traffic this time of year, CVOEO also offers volunteer-led tax filing assistance, by appointment. More can be found on that at www.cvoeo.org/get-help/tax-preparation.
