“The broker told me the money down would be $3,000 and I laughed and said I didn’t have that. He looked surprised and said it was likely I would not be chosen as a rental tenant if I didn’t have at least that much cash in my savings.”
These words were Emily Gallagher’s rude awakening last summer. After living in the neighborhood for thirteen years, the longtime Brooklynite grew frustrated with her landlord, and quickly realized she had outgrown her current apartment. Emily started dreaming of her ideal housing situation – a new apartment in a nice neighborhood, an HDFC co-op, maybe even buying a home of her own – and planning her move. However, after hearing directly that she didn’t have a chance of moving, Emily was forced to realize the costs of living comfortably in New York City, and she grew concerned for her future.
“I realized I was not prepared to absorb any emergencies due to my low savings account, and that scared me,” she told me. “I decided to get help.”
The revelation was scary, but also embarrassing. Emily grew up working in retail before pivoting to her current line of work. Like 60% of her fellow New Yorkers, she once lived paycheck-to-paycheck, but found that despite earning a promotion, she was still constantly short on cash.
“I was used to living check to check due to being a low wage worker, [and] when I did not make enough money, I felt like being broke was not my fault,” she admitted. “However, I was finally making enough money … but somehow it was still disappearing every month.”
“I felt ashamed that my salary was enough to make things work, but I just couldn’t seem to.”
Inspired by a friend who bought a co-op apartment after attending IMPACCT Brooklyn’s First Time Home Buyer seminar, Emily signed up for our Personal Finance workshop, hoping to learn how to improve her process with money and to get some questions about credit card use and debt answered. Any apprehension she held about her financial wellbeing washed away after Daune Harrison-Iqbal, our financial counselor, took the floor.
“Daune is an inspiring teacher. She alleviated my feelings of shame through empathy, as she had her own story to share. Daune knew what it was like to have a negative relationship with money but overcame it. I especially loved that I would get access to Daune for one on one help, and that she would look directly at my situation and advise me.”
Thanks to Daune’s help and the supportive environment, Emily started to overcome her money issues. Now, she sees money in a new light – something to grow and cultivate, like a packet of seeds that will grow into lush, ripe vegetables.
The future is bright for Emily. In the two months since she attended the class, she’s improved her credit score, she’s regularly putting money into savings, she’s actively getting her credit cards under control, and she’s moving money into higher interest accounts. Thanks to all of these positive changes and her new way of thinking, she’s even more motivated to apply for scholarships, instead of relying on loans. Half of her next semester of school will be covered by a merit-based scholarship, saving her $1,700! On the horizon? A new apartment.
“I feel confident that by next year I will not have to worry about money if I need to move apartments,” she told me.
“It’s a nice relief to feel aspirational instead of ashamed about my money.”
Take control of your financial situation with IMPACCT Brooklyn’s Personal Finance workshop! Our free financial literacy workshops and one-on-one counseling can help you understand credit, debt, banking, taxes, your FICO score, and get you back on track. The next Personal Finance workshop is scheduled for the evenings of March 11 – 13, sign up today!
