Save Up, RISE Foundation’s matched-savings account program, is designed to help low-wage earners learn to manage their income; improve their credit; save money; purchase assets such as homes, computers and post-secondary education; and even establish their own micro-enterprises.

RISE teaches participants to create a budget based on their personal income and expenses and to establish bank accounts and purchase assets. After participants complete financial education classes, RISE helps them open a special savings account that requires them to deposit $25-$75 per month for six consecutive months. After six months of saving, RISE matches each dollar saved with two dollars, tripling participants’ savings and making it possible to save a combined total of $3,000.

RISE then helps participants obtain asset-specific training as needed, at no cost to the participant. For example, those saving for homeownership are required to complete a homebuyer education workshop and attend quarterly Homebuyer Club meetings. Participants who want to start a micro-enterprise receive training with a partner agency, which prepares them to be successful small business owners. Finally, RISE will help participants purchase the asset for which they have saved up.

TO QUALIFY

  • Save Up applicants must be employed, preferably full-time
  • Live in Memphis or Shelby County
  • Be 18 years or older and head of their household
  • Maintain an MHA Section 8 Housing Choice Voucher or be eligible for the earned income tax credit
  • Have a credit score of 580 or above, necessary for homeownership

TESTIMONIAL

“When I first heard about the Save Up program, I thought it was too good to be true. I was skeptical at first. After attending the classes, I learned a lot about managing money better and sticking to a budget. I purchased my first home. I thank RISE for helping me to provide a better life for my children.”

– TONI, Homeowner and former Save Up program participant

STATS

To date, Save Up has
helped participants create

$7,890,782.10

worth of assets.

768 total participants

have successfully graduated the Save Up program.

To date, Save Up helped
participants purchase a total of

87 computers, 137 vehicles, 76 homes and 22 college educations. 

CONTACT

Call the Save Up information line for more information at (901) 507-8883 or call the RSVP Hotline for next class at (901) 507-8884.