How does financial education help families?
As future homeowners partner with Habitat for Humanity to build or improve a place they can call home, they work hundreds of hours to secure a better future for themselves and their families.
Those future homeowners work to build their home — and the homes of others — alongside volunteers, but they also take steps that will help ensure their long-term success once they are in the home.
For example, future Habitat Cabarrus homeowners participate in financial education classes that help them develop a solid foundation, often before the building process even begins.
In pre-purchased classes presented by Financial Peace University, Future Homeowners learn about the importance of an emergency fund, how to manage cash flow, pay off any debt they may have and begin saving for the future. Awareness of predatory lending and advertising is a focus as well. Families are introduced to concepts such as future planning by two classes designed to help them understand the role of insurance, retirement planning and saving for college. The Ramsey course ends with a lesson about paying it forward, or giving back to the community, which is in alignment with the mission of Habitat for Humanity.
Once the Financial Peace University course is complete, a variety of other pre-homeownership classes are presented throughout the family’s partnership, among which are:
- Smart Kids and Smart Money
- The Habitat Mortgage
- Home Maintenance
- Preventing Foreclosure
- Energy Efficiency
- Affordable Interior Design
- Lawncare and Landscaping
- Predatory Lending
- Estate Planning