Savings Circles

Program Outline

Savings Circles is a free program that offers people in low-income situations the opportunity to save towards an asset and gain money management skills. It is a 6-month program.

How It Works

• Individuals decide what asset would improve their quality of life, the life of their family or community.
• Participants deposit $5-$45 per month for six months, up to a total of $250, into their bank account.
• Participants have total control over savings.
• Attend regular sessions and peer group meetings to learning about managing money.
• After six months, savings are matched at a 3:1 ratio ($3 for every $1 saved).
• Participants purchase an asset within 1 month of finishing the program using saved dollars and the matching dollars.
• Participants gain money management skills for life!

Assets you can purchase include:

• Furniture, appliances, household goods
• Courses that will help with work
• Eyeglasses, dental work & other health costs
• Tools for work
• Other assets that improve the quality of life as approved by Savings Circles staff

Money cannot be used for entertainment items (stereos, TVs.), cars or to pay off existing debts.

Benefits to Participants

Participants gain money management and if they save the full $250 at the end of the program it will be $750 in matched savings from Momentum - a total of $1000 to put towards the purchase of an asset that will improve their quality of life.

Who Can Apply?

Individuals can apply if:

• Are 18 years old and above.
• You have minimal assets and savings.
• You are not a full time student (ESL & High School Upgrading students will be considered).

Total household income is at or below the following guidelines:

Program Dates

Classes start in the spring and the fall. If you are interested in participating, call as soon as possible to get your name on the waiting list.

How to Apply?

Contact the Savings Circles facilitator at 204-2665
or email for further information

Financial Partners

This program is made possible by: