FINANCIAL PLANNING GUIDANCE
Financial Planning Guidance aims to empower families to take charge of their current and future finances by educating them about financial resources, management, budgeting, and goal-setting. Many families that are new to the U.S. do not fully understand the significance of financial planning.
Our financial planning guidance takes the form of financial planning workshops, which take a two-pronged approach:
Help families identify and apply for government financial resources such as Medicaid, CHIPRA, HIPP, WIC, etc.
Help families create home budgets that allow them to prioritize living and education expenses.
Why do refugees and immigrants need financial planning help?
Refugees may come from backgrounds where they have never been directly responsible for their financial decisions. Some refugees may have had large joint-family homes where many adults and even children contributed to the household’s finances. Furthermore, they may not have ever had to work and be financially responsible for a household.
Many refugees do not have prior knowledge of housing or medical expenses depending on their cultural background and life experiences.
Most refugees are completely new to the U.S. financial system including banking, bill payment methods, financial obligations and their management.