By Dustin Tyler Joyce
August 25, 2008

Mayors from cities across the country continue their preparations for Dollar Wi$e Week 2008, September 20–27. The events, centering on the theme “Savings for Kids and Families,” will engage thousands of people across the country in over 150 communities.

Mayor Beth Krom’s office is planning a weeklong series of events focused on several key components. To help residents access affordable housing opportunities, the city has partnered with a local credit union to sponsor a two-hour class on building personal and family savings. Those who participate in the class, also aimed at city employees, will be able to open a $50 savings account at the credit union and have the financial institution’s $10 membership fee waived.

Students at after'school programs in the city will participate in a one-hour training class. There they will learn what savings is as well as strategies for saving up for future needs, whether small, more immediate expenses or longer-term, larger goals such as paying for college. Each training session will open up a discussion among the students on the importance of savings and what they can do to save money.

Throughout the month, consumer credit counselors will provide classes for the public on savings and personal finances. These courses will continue later in the year to help Irvine residents avoid overspending during the holidays. Among the courses offered to the public will be one on “The Art of Saving for College” that will introduce participants to resources and strategies to help them avoid the traditional college loan, including scholarships, grants, and tax credits. The city has partnered with an online service to provide financial training through the Internet, allowing the city to reach out to more citizens and allow residents to receive training without having to drive to a workshop or find childcare.

The city will also kick off its 2009 campaign for the Earned Income Tax Credit (EITC) during Dollar Wi$e Week. While the city will reach out directly to residents, it is also partnering with local employers to pass information on to their employees. Through a partnership with the IRS and the Legal Aide Society of Orange County, the city will get the word out about the EITC well in advance of the 2009 tax season. Though this year’s efforts will culminate with a large public event in January, the campaign is part of a two-year plan to increase Irvine residents’ awareness of and access to the EITC.

Mayor Otis Johnson’s ongoing partnership with Savannah’s Neighborhood Improvement Association is planning community events throughout Dollar Wi$e Week. The Mayor’s Annual Dollar Wi$e Week Breakfast will kick things off, with local government officials and other community leaders to report on their progress over the past year.

Johnson will gather with local youth for “An Evening with the Mayor,” a town-hall'style meeting where participants will discuss the importance of financial literacy and its application in their lives. Throughout the week, in addition to viewing presentations at their schools, youth will also have the opportunity to compete in an essay contest where they will write about the importance of savings and being financially fit. A first, second, and third-place winner at the elementary, middle, and high school levels will be awarded a $200, $100, or $50 savings bond.

Savannah will also present an encore presentation of the film Maxed Out that explores predatory lending and the dangers of relying too heavily on credit financing. The film will be shown at two local universities to target the city’s college-aged population. Faith-based groups are also being invited to participate in the week’s events. Ten area churches of all faiths are being asked to lead a scriptural-based discussion on the importance of properly managed finances.

The week will culminate in “Get Banking Day,” organized in conjunction with the FDIC’s Alliance for Economic Inclusion in partnership with The U.S. Conference of Mayors. While the day’s main goal is to bank the unbanked, information will also be provided on the Earned Income Tax Credit. Local financial institutions will be available on site to discuss their products and open accounts.

For more information on the Mayors’ National Dollar Wi$e Campaign, go to the website www.dollarwiseonline.org, call Dustin Tyler Joyce, manager of the campaign, at 202-861-6759, or send e-mail to djoyce@usmayors.org.