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Sticking to a household budget is a tough order even in the best of times for well-to-do families. But for households bordering on the poverty line, in the current tough economic conditions, it can be absolutely critical, says Scott Cerutti, a senior manager at Deloitte in Wilton. Believing that knowledge is power, Cerutti is helping to bring budget coaching to lower-income working families in our region.
For the past half-decade, United Way of Coastal Fairfield County has funded the Financial Empowerment Center in Greater Bridgeport which includes a budget coaching program.
As the Budget Coaching Champion, Cerutti's passion was the driving force in expanding the successful program in Bridgeport into the Greater Norwalk area. He has been involved in United Way's work for many years and understands that creating a stable home environment for struggling families has positive effects on a person's work life and a child's success in school. Cerutti has recruited fellow employees at Deloitte, but notes that many more coaches are needed to expand the program.
Cerutti and the other counselors meet with clients to help them create a budget that will enable them to keep their heads above the rising economic tide. "The main thing is getting a handle on what they spend," he said. "The littlest blip can throw them off a balanced budget. A lot of people lose track of 'hidden' expenditures like buying coffee every day, or using a check cashing service. Putting it all down on paper helps them see it, and they're often surprised by what it shows."
Cerutti and the other volunteer coaches, after going through a four-hour training session, each work with two or three families so they can provide individualized and personal attention. "A lot of these families are living paycheck to paycheck," he says. "With a little financial education and some coaching they can make their dollars go farther and tremendously improve their future."
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