You are here

Home › SAM › About ›

SAM Results You Can See

Smart About Money (SAM) is a free service offered by United Way of Greater New Haven in partnership with The Annie E. Casey Foundation that matches volunteer budget coaches with lower-income households that are challenged to meet their financial goals (saving for college or a car or home purchase) or live within their budgets. SAM provides information and skills to help people make smart money choices about personal finances and achieve financial goals. 

SAM serves residents of New Haven, Hamden, West Haven and East Haven.  SAM is not meant to serve households in a financial crisis (e.g. facing foreclosure/eviction) or without income.    


The results from the first SAM session show a positive change in participants' financial position: 

  • 89% of participating households increase utilization of mainstream financial services
  • 77% of participanting households increase savings (avg savings $396)
  • 66% of participating households reduce debt (avg debt reduction $575)

 

SAM IS MAKING A DIFFERENCE

 

A family in New Haven with a moderate income had a child in her first year of college, and the parents were facing what felt like insurmountable red-ink at the end of each month. The parents and student were working, but the bills didn’t add up. By working with a SAM budget coach, the family learned to look at their income and expenses collectively – including the new obligations that college required – and discovered ways to decrease their household expenses. Staying in college is more viable and the household is more stable now that the family is in the black at the end of the month.

“Being able to coach people through real financial hardships with success,” notes one coach, “is intrinsically rewarding.”
 

 

 

Participants' voices on the impact of budget coaching:

 

Helping me with a budget was key.  It made me more cautious everytime I would go shopping.  Thinking, “Do I really need that now?”  And most times the answer was “No!”  Also, thankfully to a budget I decided to put aside my tax return funds towards savings for a down payment on a new used car.  Thankfully when my Saturn gave up, I had savings I was able to use to acquire a new used car when I needed it.

 - Carmen 

 

I have learned to keep track of my expenses.  Writing down the amount that I spend makes me more conscious of my spending and habits.

- Tarry

 

More low income homeowners as well as state aided household members should take advantage of this program  -budget knowledge, and how to save should be a requirement. Thank you so much for the opportunity to make me more aware of my spending habits, saving plans, future goals.

- Pam

In partnership with

 

     

EDUCATION. INCOME. HEALTH.

We envision a world where all individuals and families achieve their human potential through education, income stability and healthy lives... Learn more ».