CWC Empowers CLT's Economically Vulnerable with New Approach to Financial Counseling
At Common Wealth Charlotte (CWC), we believe everyone deserves the opportunity to achieve financial independence and security.
As the only local organization purely devoted to helping Charlotte's economically vulnerable population gain financial independence, our mission goes beyond addressing immediate financial challenges, such as covering rent or a car payment. Instead, through trauma-informed education, certified financial counseling, asset- and wealth-building skills, and access to affordable banking services, we empower clients to gain financial independence by replacing uncertainty and reliance on charitable and government assistance with long-term financial capability.
During the tumultuous years of the pandemic from 2020 to 2023, we witnessed firsthand the financial fragility of our clients and the broader Charlotte community. Many faced significant financial stress and uncertainty, losing income and struggling to meet immediate needs such as monthly car payments, food, and rent. For individuals operating in survival mode, long-term financial goals such as building savings or improving credit scores were also adversely impacted and, in many cases, obsolete.
Observing these pandemic-driven challenges reinforced our commitment at CWC to not only support our clients in times of immediate need but also continue empowering them to be financially prepared and avoid future crises through educated financial planning.
As we recently evaluated our former financial counseling process, we identified areas to enhance and better align with CWC's mission and our clients' financial journeys. Designed with five key financial planning milestones, our updated counseling framework lays out clear goals and milestones, ensuring every client has a roadmap to financial capability.
Through a process that begins with an initial consultation and the creation of CWC's SMART goals, clients create a household budget in response to a personalized spending analysis, review their credit reports and credit scores, set savings and credit improvement goals, identify high-interest debt, create consolidation elimination strategies, and determine viable and attainable steps going forward, among other key steps to allow clients to become financially capable.
Outlined in 5 Key Milestones, clients collaborate closely with CWC financial counselors to:
Increase Assets (Savings): A primary goal of the CWC counseling process is to help clients establish consistent savings habits through personalized budgeting strategies and savings plans tailored to their individual circumstances.
Boost Credit Scores: Improving and understanding credit scores is an important step for our client's financial health, as a strong credit score can lead to better loan and housing options. To aid our clients in this step, CWC offers educational resources and personalized plans to help them manage debt, navigate credit reports, and make informed financial decisions.
Build Wealth: Through our process, we help clients view wealth-building as a long-term journey that requires goal setting and milestones. We provide investment education, asset management resources, and workshops to empower clients to make informed decisions that support their financial growth, now and in the future.
As further outlined by CWC Executive Director Chuck Jones, "The strength of our enhanced financial counseling program underscores our commitment to serving our clients and Charlotte's economically vulnerable population. By providing a clear roadmap with defined milestones and expanded services, the program equips clients with practical steps to achieve lasting financial change, empowering them to establish long-term financial stability for themselves and their families."
The entire team at CWC is thrilled to introduce this new counseling path, confident it will enhance accessibility to financial independence and empower clients to take strategic steps toward creating lasting financial change and long-term stability.
If you're ready to take control of your financial future, we invite you to contact us. Together, we will navigate the path toward your financial independence, helping you achieve your current goals while developing a strategic plan for long-term financial success.
To learn more and begin your path to financial capability, visit us at https://www.commonwealthcharlotte.org