Bank On Next Steps

To all our Bank On Virgnia Beach Graduates,

Congratulations on completing your financial knowledge portion of the Mayor's Action Challenge for 500 Families Financially Fit for the Future.  You have worked hard and done some great work.  Now the next challenge will be even greater:  finish the challenge.

Your Financial Empowerment Passport has action steps to help you:
1. Increase income opportunity
2. Increase savings
3. Decrease debt
4. Improve credit score
5. Build Assets for your future.

Each challenge has a list of community partners who can help you acheive your mission and your coach will become even more important in this next step.  Completing the action steps that are bold and asterisked are critical components of financial stability, so as you complete them please just date and initial. 

Some action steps may have been completed or not need to be completed.  In that case, you can mark NA or just a checkmark to indicate they are done and initial off in the verification column. 

Once you have completed your actions, then fill in the data for the Ending Position on pages 32 and 33 and submit the passport to our office or to your coach who will forward it to us.  The submission instructions can be found on  page 5 of your Passport.  The Mayor has asked to have an update on those that have completed the Challenge by the end of the year.  Of course no personal information will be shared, but in aggregate we will note the increases that have been achieved by the graduates.

Your passport will be returned to you after processing so that you can keep it as a souvenir for your hard work.

MATCHED SAVINGS
Thank you to our sponsoring partners, the Interfaith Alliance at the Beach.  Your fundraising has made matched savings available to establish emergency funds for our participants.  A $300 emergency fund can allow you to borrow from yourself if you are short in the event of an unexpected expense. 

If you are applying for Matched Savings, your coach can assist you with that application.  Requirements for matched savings are:

1. Attend ALL Bank On Virginia Beach classes
2. Work regularly with your coach on your financial goals
3. Live in the City of Virginia Beach
4. Save $150 of your own savings
5. Only one match per household

Even as you are graduating please know that the Financial Empowerment Office is here to serve you and to help you complete your journey in creating your financial plan for your future.  Reach out to us and let us know how you are doing.  You can find us at bankonvb@vbgov.com.