Money saving challenge pays off for Big Island families

A six-month savings challenge helps 14 participants get closer to their personal goals and strengthen their financial futures.

The County of Hawaiʻi Office of Housing and Community Development distributed one-time savings match payments to participants in the Family Self-Sufficiency Sponsored Savings Program following the challenge.

During a check presentation held June 19, 14 participants were recognized for consistently saving money each month. More than $14,000 was disbursed.

“Congratulations to each participant for reaching this milestone and investing in a stronger future for yourselves and your families,” said Mayor Kimo Alameda. “Building savings takes commitment and discipline, and these individuals have demonstrated both.”

Participants reported plans to use their savings to reduce debt, work toward larger savings goals, set aside funds to visit family members serving in the armed forces, and continue building long-term financial stability.

“It feels like I’m no longer stressing all the time. A weight has been lifted off my shoulders,” participant Jorina Riveira said, reflecting on the relief of no longer carrying financial debt. “I still have to work on my day-to-day things, but this program helped me restructure my life and the way I manage my finances and that has made a big difference.”

Family Self-Sufficiency is a U.S. Department of Housing and Urban Development initiative that helps Housing Choice Voucher (Section 8) participants work toward financial independence through coaching, goal setting, and savings incentives tied to increased earnings.

The Sponsored Savings Program builds on this model by encouraging savings goals, with participants eligible for a financial match of up to $1,500 upon completion and verification.

Participants were required to be active and in good standing in Family Self-Sufficiency and maintain at least $50 in monthly deposits into a qualified account in their name, verified monthly by the Office of Housing and Community Development.

“Discipline, sacrifice, and creating better habits — that’s how you did this,” Housing Administrator Kehaulani Costa told participants. “And once you get into that cycle, things start to improve. With savings and the skills you’ve learned, you’re leveling up from surviving to resilience on your way to thriving.”

“I encourage you to continue saving for the important things, to really think about wants and needs, and to resist the temptation to satisfy small rewards in order to reach greater goals,” Costa continued. “When you thrive, you become an inspiration to others.”

Housing Choice Voucher participants interested in Family Self-Sufficiency may call 808-959-4642, option 8, or email fsshopinfo@hawaiicounty.gov for more information.

While Family Self-Sufficiency is limited to Housing Choice Voucher participants, all Hawaiʻi Island residents can access free financial empowerment services through the county’s partnership with Hawaiian Community Assets. Services include financial coaching, credit and budgeting education, and homebuyer readiness training.

More information is available at the Hawaiʻi Community Assets website.