Income

THE CHALLENGE

Low-income working families experience a number of personal and structural obstacles to achieving financial stability. These obstacles fall into three broad categories: lack of quality education, lack of awareness, and lack of access to supports and services. Working families often struggle to afford food, rent, childcare, and transportation, with little or nothing left over for saving.

This instability prevents families from making more long-term healthy financial decisions regarding savings and asset building. Our goal is to develop financially empowered and stable members of our community.

NEWARK FREE TAX PREP

Newark Free Tax Prep is a program initiative under the Newark Asset Building Coalition (NABC) that provides free tax prep services through the Volunteer Income Tax Assistance Program (VITA) sponsored by the Internal Revenue Service (IRS). Through the Newark Free Tax Program, we offer free tax help to people with $56,000 or less taxable income on their tax return. Newark Free Tax Prep has been crucial in helping hard-working families in Newark take advantage of all of the tax credits they are eligible for including the Earned Income Tax Credit (EITC), Child Tax Credit (CTC), and education credits. Through the Newark Free Tax Prep program, tax returns are prepared by trained and certified volunteers.

Sponsored by the Internal Revenue Service (IRS), VITA provides free income tax preparation assistance to individuals and families with a household income of less than $53,000 a year. VITA volunteers are trained and certified by the IRS to help taxpayers maximize their potential tax returns by ensuring all of the tax credits and deductions for which they qualify are claimed.

To learn more about the Newark Asset Building Coalition, visit: http://www.nabcnj.org/

FINANCIAL LITERACY CLASSES

To reach our broad income aspirations, we strive to increase the number of individuals in Greater Newark Counties who have the knowledge and resources necessary to sustain financial independence.  We provide financial education through free, accessible, and effective financial literacy classes.

Upon completion of this class, participants will be able to:

  • Define the components of a family budget
  • Create and maintain a personal financial plan
  • Discuss and dissect your financial habits and its effect on their lives
  • Understand basic banking services
  • Understand credit, credit reports, and how to use them effectively
  • Know and be able to implement the steps needed for alternate means of income
  • Identify tools, agencies and services that provide financial assistance

Financial/Credit Coaching

The FEC Program also provides free one-on-one financial and credit coaching. The participant will meet with a Financial Coach who will also assist the client with creating a budget and provide solutions for decreasing and eliminating debt. The client can also meet with a certified credit counselor that will pull and review the client’s credit report, and provide them with solutions on building and improving credit scores. Financial/Credit Coaching – The FEC Program also provides free one-on-one financial and credit coaching. The participant will meet with a Financial Coach who will also assist the client with creating a budget and provide solutions for decreasing and eliminating debt. The client can also meet with a certified credit counselor that will pull and review the client’s credit report, and provide them with solutions on building and improving credit scores.

Our services feature:

  • Goal establishment
  • Creating a savings and spending plan
  • Credit review and analysis
  • Debt review and analysis
  • Bill pay schedule

TO SCHEDULE AN APPOINTMENT
Please complete our pre-screening form and we will contact you to set up an appointment. Click here.

Financial Aid U (FAU)

The FAU Program helps traditional and nontraditional students navigate the financial aid application process (completion of the FAFSA, and preparation of the tax returns needed to obtain required data), as well as help students review aid packages and understand the implications of grants/loans in the package. Assistance is also provided in creating a budget for college.

TO SCHEDULE AN APPOINTMENT
Please complete our pre-screening form and we will contact you to set up an appointment. Click here.