Announcement
Under the umbrella of the International Rescue Committee (IRC) in Salt Lake City’s economic well-being services, the Financial Capabilities program serves refugees and new Americans through one-on-one financial coaching, classes and workshops, and access to resources to become financially independent. Much of the work the financial capabilities team does is centered around helping people understand the financial systems in the United States such as loans, banking, taxes, refinancing and credit.
Ahmed Khraisat, the financial capabilities coordinator, works as a financial coach, providing instruction focused on financial literacy through classes. These classes are a three-part series that work through the basics of budgeting, building credit scores, and the American tax system. From January to March of this year, Ahmed led a total of 63 classes, with about 15 people in attendance on average. Ahmed’s goal in these classes is to walk clients through financial independence. “To make a life in the U.S., it is essential to understand the financial system - if it is not working for you it is working against you,” said Ahmed.
One of Ahmed’s clients that has seen success throughout the financial literacy classes is Liudmyla, a mother of three from Ukraine who came to the U.S. in August 2022. Worried that it would take a long time to get her work permit, she applied for SNAP benefits, financial support from the IRC, and Medicaid. With the help of the budgeting classes she had taken at the IRC, she learned how to cut down her expenses. By practicing responsible budgeting such as cooking at home, or limiting purchases such as clothing or hobbies, she was able to positively impact her savings. While she waited for her work permit, she spent time updating her resume and LinkedIn profile. By the time October came around, Liudmyla had two job offers.
Liudmyla and her kids move to Utah from Ukraine and join the IRC's financial capabilities program.
Photo: Liudmyla
Around the time Liudmyla got her first job in the U.S., her oldest son began playing in a competitive soccer league and had a tournament in San Diego scheduled one month away that she would have to pay for. She focused on lessons learned from the courses taught by Ahmed, and her family was able to travel to California without additional financial stress to support her son at his tournament.
With the help of the IRC's financial capabilities budgeting course, Liudmyla was able to take her family to California for her son's soccer tournament!
Photo: Liudmyla
Another financial goal of hers was to purchase a car. With all of her kids involved in school activities, she needed to have a way for them to get around. The IRC provided financial coaching services for her and enrolled her in the Individual Development Account (IDA) program, an initiative that provides matched savings to help refugees and other immigrants to achieve large milestones like purchasing a vehicle, covering the costs of secondary education, or buying a home. She and Ahmed estimated that she could reach her goal of saving $4,000 in four months if she saved $500 of each semi-monthly paycheck. She ended up going above and beyond saving $700-800 a paycheck. The support of the IRC has gotten her closer to her goal of getting a vehicle for her family.
Through the IRC’s financial capabilities workshops, refugee and new American community members can obtain tools and access to resources to successfully navigate the financial system in the U.S. By setting a budget, asking for financial advice, and staying persistent, Liudmyla is just one of the 209 people who have received essential services from IRC’s financial capabilities program in the past year. These financial literacy classes enable people to achieve their dreams in the United States.
Through the financial capabilities program, the IRC supported filing 108 tax returns this year, resulting in $220,591 in federal refunds and $43,417 in state refunds. In the fiscal year 2022, the economic well-being team helped provide access to $605,515 in matched savings and grants to help refugee families purchase 14 cars and 9 homes among other assets. There are currently 169 individuals enrolled to purchase a vehicle this year.
The financial capabilities team is hoping to expand the financial literacy classes to a weekly basis. The program will also be adding these classes as a requirement for newly arrived refugees receiving resettlement services from the IRC. Support these efforts and many more in support of local refugee families by giving to the IRC in Salt Lake City today »