Reclaiming Independence Through Money Management

by SalvationArmy.ca
Categories: Feature, Mobile
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With a number of personal finance classes taking place across the country, The Salvation Army is giving thousands of people the necessary tools to get back on their feet financially and reclaim independence.

“Some people with issues such as mental health, homelessness or substance abuse don’t have the support or ability to handle money on their own,” says Diana, a Salvation Army caseworker and trustee in Ottawa. “When individuals have low levels of financial literacy, they often make bad decisions that may find them back in the shelter system or losing their children.”

MoneyWise

The Salvation Army’s MoneyWise in Ottawa is a money management program designed to help individuals and families gain stability in housing and financial affairs. Through coaching, trusteeship and encouragement, people are learning sound money management habits.

“As they gain knowledge and skills, individuals are using their limited financial resources more effectively and we are witnessing exciting transformations,” says Diana. “Responsible money management changes lives.”

Exciting Transformations

 When Jane (not her real name) came to The Salvation Army for help she was working part-time and receiving financial support through social assistance.  Her failure to complete government required documentation within mandatory time periods resulted in income suspension. As a result, Jane was unable to pay her rent, hydro and phone bill.

Through MoneyWise Jane learned practical skills such as using cash envelopes to control her monthly spending and how to set up automatic bill payment plans. Once these were in place she focused on being diligent with her government income reporting.

“While clients have different needs, they all come to us having hit the same rock bottom,” says Diana. “It’s exciting to see how budgeting increases their self-confidence, tears them away from welfare dependency, and how having a bit of spending money decreases their social alienation.

“Our goal is not to keep clients coming back. It’s to provide them with problem-solving skills to handle life’s challenges.”