This article (10½ minutes) gives an overview of Budget Buddies (a 1-to1 mentoring/coaching initiative, utilising local people to support others). Elastic FM interviewed the CEO of Release Financial Charity.
Budget Buddies is a one-to-one mentoring/coaching provision that we have pioneered to assist people in dealing with debt problems and money management which not only deals with the immediate debt problem such as recovery action, and eviction, but is able to provide a packaged solution which addresses the underlying causes of why people have ended up in this situation.
This is proven to break the cycle of debt and poverty; it works by providing a level of support based on individual needs for as long as the individual requires it. Each client is assessed and a ‘care-plan’ is devised to meet their needs and requirements.
Budget Buddies benefits all people, but particularly those who are low waged and unwaged and who are struggling to cope financially
Many families are struggling to cope with low income and a cycle of debts (debts that are often at high interest). While we cannot guarantee to increase their income, we can help and support them to get their finances under their control, making informed decisions on how to spend/manage/control their money.
The effect of debt/money worries is well proven, it often leads, for example, to poor health (a local GP told us that 75% of her patients have health problems exacerbated by debt), relationships, and on people’s ability to hold down a job, secure a job.
With the Welfare Reform changes, benefits are due to be paid monthly to people and many people need to be equipped with the basic life skill of handling their money and make informed decisions.
Basically peoples’ finances, when in a bad way and out of control, have a detrimental effect on the quality of our lives.
Full training is provided to equip people to be a ‘Budget Buddy’ (whether as volunteers or part of another organisation), as well as on-going support and we intend to set up a network for Budget Buddies to share good practice/off-load, etc.
© 2012 – Copyright of Release (Financial) Charitable Trust (1110731) and
© 2014 – Copyright of Release Financial Charity (1155290)