Financial Literacy

A companion piece of the recovery puzzle is the unique way BOI addresses financial literacy and employment training with the clients.  The BOI Financial Literacy curriculum was developed in partnership with Institute for Social and Economic Development.  In addition, the curriculum was evaluated through the Urban Institute in a study funded by the Annie E. Casey Foundation and given their seal of approval.   Clients are given a cash draw; the amount depends on level status and progress in the program. This draw is a loan and the total cannot exceed $350.   At which time the client becomes employed, they will turn their paychecks into BOI and those will be placed in a designated Trust account. The men only have access to the funds budgeted and must account for each dollar with receipts in order to receive funds the following week.  The men eventually earn the priveledge of keeping their checks and more independent budgeting.  As part of this effort, each client works with staff to develop a budget and begin learning to account for their money and begin to address spending habits.  They begin to address issues of debt, court fines and costs, and child support.  They develop a financial plan which includes figuring out how to meet their financial obligations and save for the future. 

The following topics are covered:

• Financial Counseling. The men are led through a process to become honest with themselves and how they arrived at this low point in their life, and ultimately at Bridges.  They are encouraged to be open-minded about new ways of thinking in terms of money, goals and their future – including life goals as they directly relate to financial freedom.  They are also educated about the need for discipline in developing and managing their budget to achieve their goals.
• Basic Budgeting.  They learn ‘why should I budget’, controlling day to day finances, choosing and following the path for long-term goals, and building a financial safety net.
• Using a Personal Budget & Debt Management. Tracking expenses and prioritizing, living within one’s financial means and still enjoying life.
• Developing a weekly & monthly budget.  The men are asked to save pay stubbs, receipts and collect other bills including restitution, fines, loans to BOI, child support payments and any other outstanding debts.  Using their current income and savings, each person makes an individual budget based on the information they’ve learned and putting it into practice with the guidance of the Employment/Life Skills Coordinator.
• Documenting the Budget. The men record all expenses with receipts to account for each expense.  They meet weekly with the Employment/Life Skills Coordinator to review their expenditures, tracking and plan for the following week.  It is at this time they can request money from their trust account. 
• Saving Money.  The men are required to save in addition to managing the expenditures in their budget.  In order to graduate from the Bridges program, each client is required to have at least $1500 in savings.  Once in Phase 3 and living on their own, the men still meet with the Employment Coordinator, however they begin keeping their checks when it is deemed appropriate by the treatment team.  The client, Employment Coordinator and Clinical Team work together to plan the clients discharge upon graduation from the BOI program.

Success

Success is measured by meeting the pre-established program goals and benchmarks.  The primary success indicator of BOI is a life of sobriety, however without accountability and responsibility that cannot be maintained.  The program indicators that determine success are finding and maintaining a job, this allows the client to have an income and learn to manage it.  The clients are held accountable to provide for their children financially, by paying back and current child support payments. This becomes a habit and a part of their regular budget.  They will budget and pay their Court debts, which includes fines, court costs, and restitution to their victims. These costs will be paid in full, if possible while in treatment.  Should the amount be more than this, the clients will have incorporated this payment in their regular budget.  In addition, by maintaining gainful employment, the clients begin to pay employment taxes, which in their prior lives, they were not doing. Finally, they have saved a minimum of $1500 which gives them a foundation to begin their lives beyond BOI. All of these things combined, contribute significantly to society.  The men, as individuals are productive contributing members of their community.  They work, give back and pay their way as the majority of society does.  Collectively, the BOI Financial Literacy program has a significant impact on the community.  For example, if an average of  60 men are paying court fines totaling approximately $200/month, collectively they are contributing $144,000/year to a very taxed court system.  This makes a difference for all of us as Iowans.

The synergy of all BOI programming, exploring and developing their faith, working through the treatment process and learning to live a life of sobriety, while being able to provide for themselves, their families and their future are all indicators of success.