Financial program helps participants build $1,000 in emergency savings

Osage County ECKAN is offering a program that provides financial coaching and a two-to-one matching grant that establishes $1,000 in emergency savings for each participant.

Walter S. and Evan C. Jones Testamentary Trust approved a grant to East Central Kansas Economic Opportunity Corporation for the program offered to area residents with household income below 125 percent of the federal poverty level. To sign up, participants must provide one year proof of income showing their household meets the income guidelines, present their own budget that shows monthly expenses, expected upcoming expenses, and emergency savings, and provide proof of an account opened at a bank specified by ECKAN.

Once in the program, participants set a goal of reaching $333 emergency savings within six months. At monthly meetings with an ECKAN representative, participants will provide proof of their monthly deposit of $55.50, and receive $20 in local gift certificates.

“It may be difficult for low-income people to save $333 for an emergency, however this will ultimately help in case of an emergency, while learning how to budget,” said Kenna Burns, ECKAN Osage County coordinator.

Once the participant reaches their savings goal and has engaged with six months case management, ECKAN will schedule a check presentation, when the participant will receive a $667 match check to deposit into their savings. Participants will have full control of the funds in their accounts.

Interested persons should contact Burns at ECKAN at 785-528-5184 or 530 Holliday St., Osage City, Kan. The current funded program is available to the first 20 qualified participants on a first-come, first-serve basis; participation is limited to one person per household.

2 Responses to Financial program helps participants build $1,000 in emergency savings

  1. Beth Criqui says:

    what is the Federal poverty income? 125 %,?I’m not too sure what the cap of income for disabled/widowed person. please reply, thank you

Leave a Reply

Your email address will not be published. Required fields are marked *

Contact us: Osage County News | P.O. Box 62, Lyndon, KS 66451 | [email protected] | 785-828-4994 | Powered by Osage County, Kansas