Struggling to make that next car payment. Uncertainty over how to pay for that unexpected medical expense. Difficulty securing a job due to lack of transportation access.

These are the financial challenges that many in our community face, particularly in the wake of the pandemic. Yet there is an opportunity for our neighbors to take back control of their financial future and thrive; they just need resources and capital to get started.

In honor of Financial Literacy Month, this month we’ve been sharing resources on Facebook and LinkedIn to promote financial education and stability. We also sat down with Maureen Grey, Financial Social Work Counselor at JCFS Chicago, an organization we frequently collaborate with, to share more about our work and learnings for those wanting to jumpstart their finances.

Can you describe the work of JCFS Chicago for readers who might not already know you?

JCFS Chicago’s services offer over 30 programs at 10 locations within Chicagoland. Our strategic mission is focused around three pillars: emotional wellbeing, services for people with intellectual and developmental disabilities, and self-sustainability. 

How does your organization collaborate with Jewish Free Loan Chicago (JFLC)?

Through our Financial Counseling program we receive referrals from JFLC of people who would like to obtain financial sustainability and we work with those people to develop a plan to accomplish that. We also refer our clients to the JFLC as appropriate as part of our Financial Counseling program.

What is financial literacy and why is it important to our community?

Financial literacy is having the skills and knowledge that allows someone to make informed and effective decisions with their financial resources. It is important to our community because knowing how to consciously manage finances leads to a stable, healthy, and growing community. Financial literacy helps to alleviate the stress and anxiety of not understanding financial status, helps build the steps to take for sustainability, provides a perspective for managing crises, and brings hope.

What types of financial challenges have you seen in the community recently, particularly in the wake of the pandemic?

The pandemic was a paradigm shift that led many to reevaluate their lifestyle and finances. For some, it created new issues, and for others, it exacerbated existing challenges. From rent payments, medical bills, and income loss or reduction to struggling with increases to the basics — food, heating, gas — everyone has a story. Many are having to recalibrate their financial situation to find sustainability post-pandemic.

What do you believe is the biggest challenge for our community in overcoming financial hardship?

Many times it is confronting decisions made in the past, owning that, and developing a plan of how to move forward to create a more productive financial outcome. For some, it is having to recognize the need to approach finances in a different way with a perspective based on understanding their relationship to money, and how it developed, in order to make better decisions.

Can you share an anonymous story of someone whose life was positively impacted by your financial services/collaboration with JFLC?

JFLC referred a client to the JCFS Chicago Financial Counseling program after assisting the client with a loan. The client was eager to learn more about her finances, how to better plan in advance, and how to get out of remaining debt. We worked with her to arrive at a budget based on her income and expenses. The client worked with a Financial Counselor to develop steps to take, breaking down the big hurdles — credit card debt — into small, logical steps, starting with prioritizing paying off her credit cards and in what order. 

The client began this plan immediately and within weeks, she has already paid off the smallest of the credit cards. Areas to decrease expenses were identified and the client immediately implemented several of the options, including applying for subsidized internet, shopping for lower car insurance and cell phone plans, and asking adult children on her plan to start paying their portion of the cell phone bill. JCFS Financial Counseling was able to provide financial assistance to eliminate a big barrier to client working — transportation — and provide resources for future needs. A final piece of the plan is for the client to raise her credit score, and she has worked with the Financial Counselor on planning out a timeline and next steps. The client is still in Financial Counseling but is well on her way to a stable future.

What resources would you recommend to people wanting to build financial knowledge? How can they get started?

The Consumer Financial Protection Bureau offers a variety of resources to assist you wherever you are on your financial journey. Another favorite resource is GreenPath Financial Wellness, a nonprofit financial counseling agency that provides free debt counseling and options for managing debt. They also have resources for topics such as student loans, buying a car, and even home ownership and retention.

JFLC is committed to supporting our community in living financially independent, thriving lives. Learn more about our free loan process and application here.