SPRINGFIELD — As price hikes continue to plague commodities like food and natural gas, Springfield Partners for Community Action wants to ease the budgeting burden that many residents in the area currently face.
Gabriel Ortiz, Springfield Partners’ Housing and Financial Counselor, facilitates a free financial literacy free program throughout the year to help residents better understand how to budget correctly, especially during a time of perpetual economic turmoil.
“We’re offering valuable tips to help residents regain control of their finances and navigate the current economic challenges,” Ortiz said, of the program.
According to the U.S. Bureau of Labor Statistics, inflation in January surged, broadly impacting consumer necessities like food and energy. The overall food at home index rose 1.9% over the last 12 months, as of press time, and a carton of eggs that went for $2.52 in January 2024 now costs about $8.03.
On top of that, Massachusetts residents saw unprecedented spikes in their utility rates this past winter, with some seeing the delivery charge on their Eversource bills almost double the actual gas charge, and many others experiencing a 27% overall increase to their bills during peak heating season.
In a community where about one in four residents are impoverished, according to the 2023 rate, Springfield is especially susceptible to these country and statewide financial burdens, Ortiz said.
“That’s why it’s essential that we offer a financial literacy program that can help Springfield residents budget correctly without going into debt,” Ortiz said. “These programs offer valuable skills that you need, to make smart financial decisions.”
According to the organization’s website, the year-round financial literacy program at Springfield Partners’ teaches people how to budget, build emergency funds, “invest in your future” and reduce debt. The website states that people interested in refining their financial literacy skills will participate in two one-hour sessions per week for four weeks.
By the end of the month, residents will not only increase their financial skills but also earn a certificate of completion, the website says.
The organization is also hosting a financial literacy workshop on April 5 from 11 a.m. to 2:30 p.m. at the Springfield Partners’ office on 721 State St. According to the organization’s social media page, the workshop will cover “all there is to budgeting and credit management.”
When asked where budgeting struggles are most profound among residents, Ortiz said people typically encounter problems with balancing rent and groceries.
“Rent and groceries are so overpriced right now,” Ortiz said. “So, we want to make people aware of the things they can remove from their daily routine to save money, because rent and food are greatly impacting people’s budget right now.”
Ortiz said he is seeing the necessity of the financial literacy program play out in real time. When Springfield Partners’ first started promoting financial literacy workshops, Ortiz said they would get about 10 people interested in joining. But because of the current economic and financial challenges people face, the workshops now average over 20 people, and that number continues to rise, according to Ortiz.
“That shows the impact [rising prices] are having on people,” he said.
Readers can learn more about the financial literacy program, as well as other programs offered at Springfield Partners’, by visiting the organization’s website: tinyurl.com/4hyuamy6.
Springfield Partners’ is a nonprofit organization that utilizes and provides resources that assist people in need obtain economic stability. Aside from the financial literacy workshop in April, Ortiz said they will also have an English-speaking first-time homebuyers’ workshop, a Spanish-speaking first-time homebuyers’ workshop and a property management workshop this year.
