Banker teaches shelter's women residents how to save
Submitted by Lake County Haven
A local banker is impacting the lives of homeless women by holding a weekly series of financial management classes for residents of Lake County Haven who are transitioning from homelessness to independence.
Every Monday, Michael Barbini, vice president of small business at Libertyville Bank & Trust, a longtime partner of Lake County Haven, hosts the Federal Deposit Insurance Corporation's Money Smart classes and goes beyond the curriculum by meeting with residents one-on-one at the local library for credit counseling and repair.
Barbini helps the women develop a financial recovery plan, including a monthly budget for short- and long-term goals, and he assures them their goals are within reach no matter what their wages are.
"When they say there isn't a point in saving money, I remind them of the power of $20," Barbini said. "I tell them to save this amount each week for two years. They'll end up with $2,080. Often, this is the amount they need in order to move into their own apartment or put money down on a vehicle. Watching them realize the power of just $20 is so rewarding. By breaking down something that seems so unattainable, they realize that anything is truly possible."
Many women at Lake County Haven are victims of domestic violence or sexual assault. Others are struggling with serious mental health and physical issues. Almost all are unemployed, underemployed, heavily indebted and unable to pay rent.
"I see them at their lowest point when they have absolutely nothing," Barbini said. "I'm presenting information that is often overwhelming and scary. I try very hard to brighten their day by making them laugh, by making fun of myself and by keeping it real."
One resident said of the guidance she received from Barbini, "I have gained the willingness to actually face my dilemma. Now that I'm aware of a place to start, I know that it can get better from here."
The FDIC course was added to Lake County Haven's program in the Fall 2016. It's part of the organization's goal not only to provide shelter for homeless women and their children, but the education, employment and life-skills training necessary so they will never be homeless again. This program has been very effective. Eighty-two percent of Lake County Haven's residents graduate to safe, stable, independent living.
"Michael takes a dry and sensitive subject and adds his warmth and humor to create a truly fantastic group," said Laura Sabino, executive director at Lake County Haven. "We want every client to learn to create and live by a budget, to shop wisely, repair their credit score, make smart financial decisions, and save for a rainy day.
"Money management is a critical skill that our clients need so that they are never homeless again. We are truly blessed to have Michael and the bank as our partners," she said.
Lake County Haven is a nonprofit dedicated to serving homeless women and children from all across Lake County. The agency has operated for almost 25 years, with most of its properties in Libertyville. Lake County Haven runs a Shelter and Transitional Housing program in which around 30 women and children are served each night.
Last year, the agency provided over 10,400 nights of shelter/housing to the community and over 8,900 hours of services. Services include job coaching, financial coaching, counseling, and case management. Lake County Haven also runs a vibrant Day Program that offers 40-plus hours of counseling and training on self-sufficiency.
For information about Lake County Haven, visit www.lakecountyhaven.org, or contact Laura Sabino, executive director, (847) 680-1841, director@lakecountyhaven.org. For information about Libertyville Bank & Trust, visit www.libertyvillebaqnk.com, www.facebook.com/LibertyvilleBank, and @LibertyvilleBank.
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