After Dave Weinstein retired from a career in information technology, he was looking for a way to share his passion for financial management. Dave’s own experience has taught him that almost everyone has a hard time talking about money. Dave does not, and as such he wanted to share his skills with others.
That’s why Dave is a perfect fit for our Education and Employment Center (EEC). In his volunteer role, Dave has taken on the difficult task of helping N Street Village clients—women who have very little income—understand how even they can save money.
To do this, he will have a woman map out her expenses for the month so that she can see exactly how much money she is spending. Inevitably, Dave reports, she is surprised when she realizes her expenses are less than her income but she has no idea where the additional money went. With this lesson, Dave demonstrates that there is always room to save.
Dave notes the many challenges Village clients face. For a client who has had very little control over her money for most of her life, patterns are hard to change. Without bank accounts, it is easy for a client to spend impulsively. And despite having a limited amount of money, she can be very generous, often lending to friends. The end result is that by the middle of the month, she has spent her entire income and saved nothing.
One money management skill Dave advocates to change this is for a woman to pay herself first before paying her bills. This way, she always saves money. For Dave, even if a woman sets aside just a few dollars a month, it is an accomplishment, and helps her have more control over her finances.
In addition to working with clients individually, Dave is excited about a new endeavor working with Senior Peers, the Village’s client volunteer team. He’ll be conducting three hour-and-half training sessions helping them develop better financial management skills.
The Village salutes Dave for his sharing his skills and helping women take control of their financial situations.
By Shane Yost, Manager of Individual Giving – story originally published in N Street Village’s Village Voice newsletter.