Pay Yourself First Savings Incentive Program
WPFSI is committed to the continuing financial education of the community. In August 2016, the WPFSI partnered with Mr. Reggie Kyle, Managing Partner of e-bitda, LLC, and President of Pay Yourself First, Inc., to launch the Savings Incentive Program (SIP).
SIP is a consumer education program which teaches participants (20) who are currently employed and/or responsible for their personal households how to manage their money, the importance of savings, what credit is and how to manage credit, and how to create a working budget.
Over the course of 12 months, participants are required to attend 5 educational workshops that cover the following financial topics.
Having successfully completed this course, the participants will understand the value of developing a personal financial budget. Participants should be able to more effectively handle their personal financial decisions including personal spending, consumer credit, and personal savings. Participants will be given a prepaid card that has a saving or set aside feature. Participants without a checking account can use the prepaid card instead of opening a checking account at a commercial bank.
Incentive Awards for Participants
Each participant can receive up to $750 placed on a prepaid card product. The awards will be earned as follows:
- $150 – Attend Session 1, complete budget form, set goal.
- $150 – Attend Session 2, complete monthly spend form, report on savings goal progress.
- $150 – Attend Session 3, report on savings goal progress.
- $150 – Attend Session 4, report on savings goal progress.
- $150 – Attend Session 5, report on savings goal progress and have participated in a PYF demo.
The participants will be evaluated on their performance on class participation, reporting of savings goal and their ability to track daily spending.