By Leslie Collins
Northeast News
January 18, 2012

Soon, Don Bosco Centers will be adding another facet to its services.

Thanks to a grant through the Greater Kansas City Local Initiatives Support Corporation (LISC), Don Bosco will hire a financial coach to help clients get their finances on track.

As federal funding continues to decline for providing traditional social services, it becomes more vital to teach citizens how to budget which prevents future financial crises, Don Bosco Executive Director Ben Cascio said.

“Traditionally, it’s been, ‘What’s your crisis and we’ll help you with that.’ But, it doesn’t necessarily help in 30 days when that (crisis) cycles back through again. It’s frustrating to see that cycle over and over again,” Cascio said. “This is going to be a process that has very strong outcomes and really helps people feel empowered, get on track with their lives and understand finances to move out of that old social services model.”

Don Bosco plans to hire a financial coach by April or May and make it a permanent staple, Cascio said.

For LISC, providing the funds to hire a financial coach for three years is a way to fulfill one of the goals for its Neighborhoods Now program. While the Neighborhoods Now includes plans for addressing crime and housing issues, it also aims to stabilize the financial futures of families and individuals living in Northeast, LISC Executive Director Julie Porter said. Providing a financial coach will also complement the services Don Bosco currently offers, she said.

“The financial coach will be the person who says, ‘We’re going to input all of your information and figure out all the different services (at Don Bosco) you’re eligible for and at the same time, we’re going to see if we can improve your situation,” Porter said. “It is a very intense, one-on-one relationship.”

Both the financial coach and the client will remain in contact with each other on a weekly basis, she said.

The financial coach will evaluate the client’s net worth and help him or her to create a budget, improve his or her credit score and increase his or her net worth over time.

“It’s going to require commitment from those individuals,” said Terri Mueller, director of development and public relations for LISC. “It’s really targeted at individuals who want to improve their situation.”

“The families in any of our urban communities right now – due to job loss, due to the economic crisis, one way or another – are struggling more than they ever have before,” Porter said of the need for a financial coach. “I think it really goes back to addressing the need. There are a lot of families that are on the edge. They can tip over very easily in one direction or another.

“To have that financial coach in place is a little bit of a safety net to make sure that family that is on the edge doesn’t fall off the cliff so to speak, but is actually stabilized.”