Incarceration can significantly impact an individual's financial situation and that of their family. Effective financial planning is crucial during this challenging period. This guide offers tips for managing finances both during incarceration and after release.
Financial Planning While Incarcerated
Create a Budget: Develop a detailed budget to track income and expenses. Identify areas where spending can be reduced.
Manage Debts: Communicate with creditors to negotiate payment plans or deferrals.
Educate Yourself: Take advantage of financial literacy programs offered within the prison to learn about budgeting, saving, and debt management.
Save Money: Explore opportunities to save money, such as participating in prison work programs or receiving government assistance.
Government assistant programs that you should look into if your family is impacted by incarceration include:
- Temporary Assistance for Needy Families (TANF): Provides cash assistance and other services to low-income families.
- Supplemental Nutrition Assistance Program (SNAP): Helps low-income families purchase food.
- Medicaid: Provides health insurance coverage for low-income individuals and families.
- Child Care Assistance: Helps families with the cost of child care.
Nonprofit Organizations to look into:
- Prison Fellowship: Offers financial assistance, mentoring, and support programs for families of incarcerated individuals.
- National Council of Juvenile and Family Court Judges: Provides resources and support for families of incarcerated youth.
- The Salvation Army: Offers a variety of social services, including financial assistance and food banks.
- United Way: Provides financial assistance and other support services to families in need.
Local Resources to research:
- Community Action Agencies: Offer a variety of services, including financial assistance and job training.
- Social Services Departments: Can provide information about available resources and programs.
- Faith-Based Organizations: Many churches and religious organizations offer financial assistance and support programs.
Financial Planning for Families of Incarcerated Individuals
Create a Support Network: Connect with other families in similar situations for emotional support and advice. Our website provides the ability to connect with others who have gone through the same struggles that incarceration brings. Start by joining and leaving a comment on the facility page your inmate is incarcerated in.
Planning for Release
Develop a Re-entry Plan: Create a plan for reintegrating into society, including housing, employment, and financial goals.
Build Credit: If possible, work on rebuilding credit while incarcerated through responsible financial behavior, and credit opportunities.
Seek Employment Assistance: Utilize resources within the prison or community to find employment opportunities.
Create a Savings Plan: Start saving for future expenses, such as rent, transportation, and utilities.
By implementing these strategies, incarcerated individuals and their families can improve their financial well-being and build a stronger future.