By Amanda Moses
Budgeting is probably one of the most crucial aspects of financial literacy, especially for those on a fixed income. On September 21st, Sabrina Jenkins, a financial counselor with Bedford Stuyvesant Restoration Corporation, met with older adults in Spring Creek Senior Partners (SCSP) to go over the basics of budgeting in an hour-long workshop.
Prior to the COVID-19 Pandemic, Spring Creek Towers (SCT) partnered with the Bedford Stuyvesant Restoration Corporation, a city-wide service that was first developed in 2010 under former Mayor Michael Bloomberg and is provided through the support of the New York City’s Department of Consumer Affairs Office of Financial Empowerment. This program has continued with free financial counseling located at 1390 Pennsylvania Avenue.
At the workshop, Jenkins explained key differences between wants and needs when determining a budget. It is understandable that after spending decades working, older adults should enjoy aspects of their retirement but, within their means.
“A budget helps you track your spending so that you are living within your means. The reason why a budget is so important today is because as things go up, you need to be tracking the money. We need to have extra money for rainy days,” Jenkins explained.
Jenkins stressed that it’s important to know how much you earn, how much your bills and rent are, groceries, and then add other expenses such as entertainment (movies, nights out, gifts, etc.) Sometimes by calculating all of this, you can determine if you are incurring unnecessary charges or if you are spending too much on something.
“A budget is very much needed. But the thing is, we got to stick to it. We need to stick to our budget. We have to hear it’s not just a matter of putting it down on paper, so you can paste it on your wall or look at it, wherever you can see it. Print it out. You got to be able to see it. If not, you’re not tracking. You have to see it in order for you to achieve it,” Jenkins said.
Jenkins offered to provide the seniors one-on-one counseling after the workshop, and then develop appointments where they can create a budget together during her office hours.
Get free financial counseling. A professional financial coach/counselor is available to serve you at Spring Creek Towers, 1390 Pennsylvania Avenue, 2nd Floor, Brooklyn New York on Wednesdays and Thursdays from 9:00 AM – 5:00 PM. Visit nyc.gov/TalkMoney to schedule an in-person or phone appointment with the financial counselor or call 311 and ask for “Financial Counseling” or email the financial counselor at Spring Creek Towers at [email protected].
Photos by Amanda Moses
