Get Free Financial Counseling with “Smart Money Coaching” Program
Smart Money Coaching has helped more than 5,400 people resolve money challenges and learn to effectively manage their finances since 2015. The city-sponsored program is free, confidential, and available regardless of immigration status or income level.
“People can sign up for our services using our hotline or through our website,” says program manager Andrea Yee. Clients will be paired with a certified financial counselor from one of three organizations that contract with the program.
Yee, who grew up in the Outer Sunset and is a Lowell High School graduate, knows the importance of bilingual support. Coaches are available who speak Mandarin and Spanish. Translation services are also available. Many coaches have lived similar experiences as their clients and understand the barriers they face.
In a series of one-on-one sessions, the coach will identify where the client needs advice and support, then develop a roadmap to achieve their objectives, Yee says.
This often means helping the client open their first bank account, pay down credit card debt, and build good credit as well as other issues. Sessions are available in person, by video chat, or by phone.
Smart Money Coaching was created by San Francisco’s Office of Financial Empowerment, a unit under the umbrella of the Office of the Treasurer and Tax Collector, to help people navigate a financial system riddled with barriers to low-income users.
Since its launch eight years ago, the program has helped clients reduce a total of more than $3.6 million in debt, establish savings of more than $500,000, and increase their credit score by an average of 20 points.
“We’re seeing clients gearing up to resume student loan repayments,” Yee says. “Credit is also a big issue because of the housing crisis. Being able to afford housing is at the forefront of concerns for many of our clients. Coaches have helped clients report identity theft to the police and addressed violations of consumer rights.”
Yee shared the story of a Sunset resident who turned to Smart Money Coaching when she was on medical disability and struggling to pay bills. Expenses ate up her savings, leaving her feeling “lost and alone.”
“My coach helped me establish that I needed to reduce my monthly expenses,” the Sunset client said. “After all his coaching, I was able to dramatically reduce all the monthly expenses I could. My coach helped me figure out which bills I could reduce. He helped me get in touch with services that would give me aid to stay afloat.”
The coach called the client regularly to check on her progress.
“The coach treated me like I was a valued friend,” she said. “He gave me so much kindness and hope when I was at my lowest.”
For information about Smart Money Coaching, visit the website or call the hotline at 877-256-0073.
Reported and written by volunteer community journalist Jan Cook. We encourage residents with journalism experience, retired journalists, and student journalists in high school and college to volunteer as writers for Supervisor Engardio’s newsletter. Interested? Apply here. Do you know a story you would like to see featured in the newsletter? Tell us about it here.