“Being smart is all about developing a healthy habit,” Monika Chap, VP/senior relationship manager at Fulton Bank, United Way of Lancaster County board member and finance committee chair.
On Tuesday, United Way of Lancaster County hosted its monthly webinar series “Voices United” on the topic of “Money Matters: Building Financial Literacy”. The conversation, held April 15th marked the last day to file taxes, Tax Day. April is also National Financial Literacy Month.
Chap led the discussion as moderator. Panelists included: Allyson Davis, director of Family Services at Lancaster Lebanon Habitat for Humanity; Kim Maldonado, director of VITA (Volunteer Income Tax Assistance) at United Way of Lancaster County, and Randi Shober, director of Financial Empowerment Center at Tenfold.
Todd Capitao, director of Programming at Solanco Neighborhood Ministries, presented on financial enlightenment and empowerment. He opened with the idea that “a budget is like a diet”, carrying negative connotations and is difficult to stick with overtime. Instead, Capitao emphasized planning, suggesting several strategies for managing personal finances and healthy spending habits in the future.
Following Capitao’s presentation, Chap led with several questions for the panelists.
Shober kicked off the conversation, commenting that adult literacy was the most significant literacy gap. While it’s important to learn or “continue growing in skills”, technology changes may discourage older generations who may have a gap in technology knowledge.
Maldonado, noted that language barriers may contribute to a lack of understanding. She added that VITA hopes to provide additional education on payroll assistance, learning how to properly file federal and local taxes.
The key to creating a financially stable future is simply getting the ball rolling and starting the process. Beginning with a strong foundation can help to determine “the why” and “main destination in mind” to save.
Saving methods brought up by the panelists included; creating a savings account with a direct deposit, having separate bank accounts for checking and savings and considering money channels such as CDs (certificate of deposit) that have a fixed interest rate for a specific period.
For future homeowners, Davis mentioned that it’s good to be “patient and realistic about your financial capacity.” Discerning the right time for your investment is crucial during this process. Likewise, it’s equally as important to remember not to get “bogged down by previous financial decisions” and learn how to move forward.
In Lancaster City, Tenfold provides various services to help with housing needs for individuals and families relating to homelessness, foreclosure, eviction and first-time homebuyers.
Chap asked, what policy changes might be helpful to provide improved financial outcomes for individuals living in Lancaster County. Maldonado and Davis noted that importance of providing second chances to people who are usually turned away. Investing in down payment assistance, finding affordable housing, or exploring county zoning and land use could lead to additional opportunities for individuals in the future.
For general tax assistance, schedule an appointment with VITA. VITA provides free tax preparation to individuals and families making $70,000 or less, helping them save and reducing the anxiety of tax time.
While tax season is passed, VITA is offering a Summer Clinic starting on April 21st, assisting with tax amendments, late filing, and more. To set up an appointment, visit VITA’s website or call 211.
Listen to the Voices United Conversation on Spotify.
