Transition-age youth must have a clear idea of how to generate enough money to pay for monthly expenses and save a portion for the future. YMO residents are taught the basics of money management and so they can see proof of their energy and hard work. Committed youth who acquire the basics of financial literacy have more options and are better prepared to find suitable permanent housing of their own by their 24th month. It is not uncommon for youth to complete the program with an excess of $20,000 in savings.
How this is accomplished:
- A proactive, sustainable, youth-driven financial plan
- Meet weekly with their youth advocates to discuss all forms of income and expenses
- Create a youth-driven budget that becomes the working template for independent living
- Match work schedules with pay stubs and savings accounts to locate areas for savings improvement
- Build credit and monitor credit reports
- Acquire problem-solving skills to prevent binge spending
