BCM newsletter | April 2023

How Budget for Life^TM changed the direction of Norma and Juan's family



They saw the way it had worked for a family member – how they’d learned to save and budget and had even paid off debt. After realizing changes were needed to their own financial habits, Norma and Juan enrolled – and were accepted – in BCM’s Budget for Life^TM program. As parents to two boys, ages 12 and 14, Norma and Juan knew they wanted to teach their children how to manage money. But not simply by telling them, but also leading by example. 

A future goal for Norma and Juan? Purchasing a home. Coming into the program owing more than $29,000 – including a car note and nearly $8,500 in credit card debt – meant there was work to be done. But they started learning right away.

Before entering Budget for Life^TM, Norma and Juan were unaware of the interest rate on their car note and the 19% and 20% interest rates on their credit cards. As Norma and Juan attended the money management class and worked with their case manager, they learned the importance of understanding how to read their credit statements. 

Norma learned through the process of Budget for Life^TM that one of her credit cards has an introductory rate of 0% that ended in May with an increased rate of 20%. Since discovering this, Norma and Juan have successfully paid off $2,600 and have a zero balance on this credit card. And the couple is making progress every day. Norma was able to contact another creditor and advocated to have her credit card interest rate reduced by 1%. 

Once Norma and Juan entirely pay off their credit cards, they plan only to use them for emergencies. Now, they’re working towards refinancing their car note to lower both their interest rate and monthly payment. 

Since Norma started learning how to manage her money, her confidence has improved. As a result, she was able to increase her hourly rate to $15 at work and was recently given a new position at her job. Thanks to Budget for Life^TM, Norma and Juan have a new outlook on their finances, family and future and are well on their way to becoming homeowners.

Ways to help BCM Georgia

• There are still Money Management Coach volunteer positions available! You can be a part of our Budget for Life^TM program, which runs bi-weekly from April-June and monthly from July-August.

• We have an ongoing, easy need to meet. Each of our Emergency Assistance families are offered a grocery gift card to offset the high cost of food and fuel.

For more information about either of these service opportunities, email volunteers@bcmgeorgia.org.

It's coming later this month; make plans to join us!

Cheers to doing good! Our 11th Annual Seeds of Change Society Luncheon is coming up on April 25, and we want to have you there! Join us and celebrate together with other dynamic, generous individuals as we unveil the brand new Extra Wish for our Budget for Life^TM program participants. From a raffle to luncheon to a champagne reception, you won't want to miss this year's event! Learn more about sponsorships today at bcmgeorgia.org/seeds-of-change.

The mission of BCM Georgia is to keep people from becoming homeless and work to elevate their possibilities for economic empowerment. Learn more at bcmgeorgia.org.