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Executive Summary
Steady Steps Money Coaching is a nonprofit that helps people in our county and the nearby towns take control of their money, build savings and get on a path to financial stability. We provide free one-on-one financial coaching, short money classes and a savings match, with a financial coach who works with each person one-on-one.
Money stress affects health, work and family life. Many people were never taught how to budget, save, use credit or deal with debt, and many have had hard experiences with banks and lenders. Our program is free, judgment-free and practical. Coaches help people make small changes that add up, and matched savings give people a reason to start saving right away.
In Year 1 we plan to serve about 120 people over the year. Our Year 1 budget is about $120,000, growing to about $241,000 by Year 5 as we grow from one financial coach to four. Each year's budget is planned to balance, with a small amount set aside in savings.
We are asking the Meridian Community Fund for $40,000, as part of the $108,000 in grants and contracts we need for Year 1. The other $12,000 in Year 1 comes from donations, which we plan to grow to about $40,000 a year by Year 5. Grant money pays for financial coach time, matched savings incentives and the record-keeping funders require.
We will measure how many people we serve, how much they save, how many reduce debt or improve their credit, how many open a bank account, and whether people say they feel more in control of their money. We will report results to our funders every six months.
Company Description
Steady Steps Money Coaching is a nonprofit organization in Colorado. A 501(c)(3) public charity
Our mission. To help people build savings, reduce debt and feel in control of their money.
How we started and what we have done. We began in 2022 when two credit union employees started offering free money coaching in a church on Saturdays. Since then we have worked with about 100 people, with 10 volunteers helping each month.
What we do:
- Give each person a trained financial coach for free, one-on-one money coaching.
- Teach short classes on budgeting, saving, credit, debt, banking and avoiding scams.
- Offer matched savings: when a participant saves a set amount, we add a match, up to a limit.
- Help people open safe, low-cost bank accounts and use free tools.
- Connect people to free tax preparation and benefit programs, such as the IRS's free tax help (VITA) sites.
Where we work. A credit union branch conference room, Tuesday and Thursday evenings and Saturday mornings.
Our partners. A credit union that hosts classes and matches savings, a free tax site, a housing counseling agency and two churches.
Our approach. We do not lecture or judge. People know their own lives, and coaches help them make a plan that works for them.
How we are run. A volunteer Board of Directors (a small group of community members who oversee the organization) meets regularly, approves the budget, reviews the finances and oversees the Executive Director.
Problem & Opportunity
Why this program is needed.
Many households in our county and the nearby towns live paycheck to paycheck with no savings. A single car repair or medical bill can lead to high-cost loans, overdraft fees and a downward spiral. Credit problems make it harder to rent, get a job or buy a car. Many people simply have never been shown how money works.
Facts about our community. According to our state's ALICE report, many households in our county cannot afford basic needs.
Gaps in the help that exists now:
1. Savings. Many households have less than a month of expenses saved.
2. Safe banking. Some people are not in the banking system and pay high fees for check cashing and short-term loans.
3. Credit and debt. Many people do not know their credit score, how to read their report or how to deal with collectors.
4. Scams. People in financial stress are often targeted by scammers.
5. Trust. Many people have been burned or ignored by financial institutions and hesitate to ask for help.
What we have seen ourselves. Many people told us they used a payday loan to cover a car repair and then spent months paying it off.
Who we serve first. Households with limited income, young adults, older adults on fixed incomes and families recovering from a crisis, in households with incomes under $40,000, young adults and recent graduates of local programs.
Products & Services
How the program works.
1. One-on-one coaching. Each participant meets with a coach, sets two or three money goals and checks in regularly. Coaches use plain language and do not push any product.
2. Short classes. Workshops cover budgeting, saving, credit, debt, banking and scams.
3. Matched savings. About $15,000 in Year 1 is set aside to match participants' savings. When a participant saves a set amount, we add a match, paid into their account or toward an approved goal such as school, a car, a deposit or a business.
4. Safe banking. We help participants open low-cost accounts at partner banks and credit unions.
5. Free tax help and benefits. We refer people to free tax preparation and help them claim credits they have earned.
How we will measure results. We record each participant's goals, savings, accounts opened, debts reduced and credit changes, with their permission. We also ask people to rate how in control they feel of their money at the start, end and six months later. Our goals for Year 1: serve 120 people; help 80 open or reopen a bank account; have 60 save at least $500; and have 75% say they feel more in control of their money.
Market Analysis
Where we work and who we serve.
We serve people in our county and the nearby towns, especially households with incomes under $40,000, young adults and recent graduates of local programs.
How we know people need this. Our first workshop had 20 seats and 55 people signed up, and a local employer asked us to offer it to their staff.
How many we will reach. In Year 1, about 120 people over the year. The share of households with no savings and the share without a bank account are common ways to size the need, and the guide for this plan shows where to find them. As we grow from one financial coach to four, we expect to serve more people each year.
How people reach us. Our credit union partner, two employers, the library and local churches.
Competitive Landscape
Other help, and how we work with it.
- Banks and credit unions offer accounts and sometimes classes. We partner with them and offer unbiased coaching with no products to sell.
- Housing and nonprofit counseling agencies offer financial counseling as part of other services. We partner with them. We refer homebuyers to the local housing counseling agency and they refer people to us.
- Free tax sites help with taxes. We refer people and help them build on a refund.
- Online tools and apps help some people. We help people who need a person to help them.
- Community lenders offer small loans and credit-building help. We refer participants to them.
What makes us different: free coaching with no products to sell, a savings match and evening and Saturday hours
Marketing & Sales Strategy
How we reach people and build support.
Reaching people:
- Referrals from banks and credit unions, employers, schools, housing agencies, churches and other nonprofits.
- Workshops at workplaces, libraries and community centers.
- Word of mouth from participants who share what they saved.
- Free tax season outreach, where many people first meet us.
Partners. We partner with banks, credit unions and employers who may host classes, provide space, or help match savings. We are clear that we do not endorse or sell any product.
Volunteers. Bankers, accountants, retired professionals and college students.
Raising money beyond grants. Donations are planned at about $12,000 in Year 1, growing to about $40,000 by Year 5, through a yearly giving campaign, business and community partners, a community event and online giving. Raising more of our own money means we depend less on any one grant or contract.
Operations Plan
How the program runs.
How a participant moves through the program:
1. Sign-up and a first coaching meeting.
2. A simple money snapshot (income, spending, debts and savings) and two or three goals.
3. Classes and regular check-ins with the coach.
4. A savings account and, if eligible, matched savings.
5. Follow-up at 6 and 12 months.
A first meeting. We start by listening. We ask what is stressful, what the person wants and what they have tried, and we agree on one small step.
Rules. Matched savings are held in a separate account and follow written rules. We tell participants exactly how the match works before they start. Coaches give education and coaching, not legal or investment advice, and refer people to professionals when needed.
Privacy. Financial information is private. We share it only with signed permission, and funders get totals, never names.
Equipment. In Year 1 we buy about $3,000 in equipment (laptops, a printer and classroom supplies), then about $1,000 to $1,500 a year to replace worn items.
Staff. One financial coach in Year 1, then two in Year 2, two in Year 3, three in Year 4 and four in Year 5. Coaches complete training and certification in financial counseling and keep up with new rules and scams.
Office work. Bookkeeping, insurance and reporting cost about $10,000 in Year 1.
Management & Organization
Who leads the organization.
Michael Coleman, Executive Director.
The Executive Director leads the organization, raises money and manages grants and contracts, builds partnerships, oversees the finances and reports to the Board. Planned salary: $54,000 a year.
Financial coaches. Coach participants one-on-one, teach classes, manage matched savings records and follow up. One position in Year 1, growing to four by Year 5, at a planned salary of $38,000 each. Qualifications we look for: a certificate in financial counseling, experience in banking or social services, and a patient and non-judgmental way.
Volunteers. Volunteers help with classes, free tax preparation (with the required training and certification), outreach and events.
Board of Directors. A five-member board including Kevin Torres, who brings nonprofit finance experience.
Money management. Grant and contract money is tracked separately so we can show each funder exactly how their money was spent. An outside accountant reviews our books every year.
Milestones Narrative
Our goals and how we will measure them.
Year 1:
- Hire our first financial coach and set up our matched savings rules and bank partner.
- Recruit our first group of participants.
- Serve about 120 people over the year.
- Reach our Year 1 goals for savings, accounts opened and debt reduced.
- Stay within a balanced budget of about $120,000.
Year 2: two financial coaches; budget of about $160,000.
Year 3: two financial coaches; budget of about $161,000.
Year 4: three financial coaches; budget of about $201,000.
Year 5: four financial coaches; budget of about $241,000.
Over the five years: grow to four financial coaches, add classes for young adults and older adults, and offer matched savings in more places. Matched savings funds grow about 5% a year.
How we will check our results. For each participant we record goals, savings and results, with permission. We ask how in control of their money people feel at the start, end and six months later. Staff and the Board review results and share them with funders.
Funding Request
What we are asking for, and how the money will be used. Our request: $40,000 from the Meridian Community Fund for our first financial coach's salary, matched savings for 100 participants and the costs of reporting results, for January through December 2027. Year 1 budget: about $120,000, planned to balance. Year 1 money coming in: - Grants and government contracts: $108,000 (this request plus other grants we are applying for). - Donations: $12,000. Year 1 costs: - Executive Director: $54,000. - Financial coaches: $38,000. - Matched savings and incentive funds (paid into participants' savings accounts): $15,000. - Office costs (bookkeeping, insurance, reporting): $10,000. - That is about $117,000 in costs. The remaining $3,000 or so goes into savings. Equipment we buy once at the start (about $3,000) is paid from startup money, not from the yearly budget. The next five years. Our budget grows from about $120,000 in Year 1 to about $241,000 in Year 5 as we grow to four financial coaches. Grants and contracts are planned at $108,000 in Year 1, $142,000 in Year 2, $136,000 in Year 3, $169,000 in Year 4 and $201,000 in Year 5. Donations grow from $12,000 to $40,000, so grants become a smaller part of our budget over time. Savings. We start with about $14,000 of our own plus $48,000 in startup support, and we add to savings each year. Important for grants and bank partnerships. Matched savings funds may need to be kept in separate accounts, and some funders require reports. We plan for that and keep careful records. Help we receive that is not cash. Donated space, volunteer time and supplies, and bank partners who donate prizes or match funds are a real part of what we do and are not counted in the budget above. Free space at a credit union branch (about $4,000 a year in rent value), about 500 volunteer hours a year and donated printing If we are just starting. A new organization can begin before it has its own 501(c)(3) status. One way is a fiscal sponsor: an established nonprofit that agrees to receive grants for you and pass them to your program, usually for a fee (commonly around 5% to 10% of the grant, sometimes more; ask before you agree). Many funders accept this. Another way is to start smaller: partner with a credit union or library, offer free workshops and a small matched savings pilot, and track results carefully. Strong results from a small start make larger grants and contracts easier to win.
Appendix Notes
Documents to attach with this proposal:
- Your IRS 501(c)(3) letter, or your fiscal sponsor agreement.
- Your most recent financial statements and your current budget.
- A list of your Board members and what they do.
- Letters of support from banks, credit unions or other partners.
- Your matched savings rules and sample agreement.
- Your coach training or certification information.
- Your participant numbers from the past year, if you have them.
- Resumes for your Executive Director and key staff. If you don't have any of this yet, no worries - let's continue.
The assumptions behind our numbers (change them in the Financials section to match your own):
- Staff pay: Executive Director $54,000; each financial coach $38,000, growing from 1 to 4.
- Matched savings and incentive funds about $15,000 in Year 1, rising about 5% a year
- Office costs about $10,000 in Year 1, rising about 4% a year.
- Grants and contracts set so each year's budget balances with a small amount saved.
- Every dollar amount is an estimate. Replace them with your organization's real budget.