Whether it's opening a checking account, furnishing an apartment or cleaning up their credit, local low-income women now have a hand to hold when it comes to reaching their financial goals.

Budget Buddies, a program that pairs women financial coaches with low-income women, will kick off its pilot program this fall. A dozen women with ties to the Chelmsford Housing Authority and Lowell Transitional Living Center will participate in workshops and get one-on-one help to become more financially stable.

The organizers – Executive Director Anita Saville, Client Advocate Kathy Brough, and Director of Program Development Cynthia Maloney – have been working together for about a year to develop Budget Buddies.

Saville, a financial writer by trade, and Brough, a longtime volunteer at the Lowell Transitional Living Center, decided to put their passions together to offer financial resources specifically for low-income women.

"Finances can get people in trouble," said Maloney. "Lack of financial knowledge shakes your confidence. The program (allows women) to build a safety net."

By focusing on women, said Brough, the organization also helps the children who depend on their mothers for financial support.

Low-income women typically have even fewer resources to spend on financial help, said Saville.

"Women start out behind, with less pay," she said. "Women tend to learn better in the company of other women. They don't want to be judged or look stupid."

The six-month program consists of the financial coaches and clients attending one workshop a month together for the first three months, and then three months of one-on-one learning to work on each woman's financial goals.

The workshops center upon banking, budgeting, and credit, and each one comes with financial exercises and worksheets the coach and client complete together. Employees of Jeanne D'Arc Credit Union will lead the workshops at St. Anne's Church in Lowell.

The program also includes a support group for the clients to share ideas, such as buying a cappachino machine instead of buying coffee, or going to places like Costco together to buy items in bulk and save money.

Maloney said Budget Buddies has about 50 volunteers interested in becoming financial coaches, many of whom are retired teachers, others just looking to give something back to the community.

"Coaches like the idea of helping someone help themselves," she said.

Coaches have their own support group and go through training before the pilot begins, said Brough. The coaches do not have to be financial experts, she said. Sometimes it is just as helpful to lend an ear to the client, Brough said, and allow them to talk about their ideas.

"Married couples do that all the time when they talk about their finances," she said.

Though Budget Buddies is only using women financial coaches, men have been interested in helping as well, said Maloney, and offer support in other ways through administrative duties.

But Maloney doesn't rule out the idea of a man as a financial coach. Certain groups of low-income women, such as seniors, may not mind having a man as a financial coach, she said.

The organizers hope the future for Budget Buddies will include officially becoming an official 501 c (3) charity and perhaps offering even more workshops about how to build financial confidence and how to manage holiday shopping.

"We are a fun group, but it has to be fun for the clients, finances are daunting," said Maloney. "It's enjoyable and meaningful."

Anyone interested in volunteering as a financial coach or offering administrative help should contact Kathy Brough at 978-256-8019.