LOUISVILLE, Ky. (WDRB) -- Rent, groceries and gas are busting a lot of people's budgets. But the city of Louisville has new programs in place to help people manage their money better.

The Louisville Financial Empowerment Center (FEC) opened last year — in partnership with the Louisville Urban League — in an effort to get people back on solid financial ground. At the center, counselors offer free services to anyone who needs to build savings, improve credit or in need of debt management.

Since it opened in July 2022, the center has helped more than 200 people during nearly 300 counseling sessions. Erin Waddell, manager of the city's financial empowerment team, said the COVID-19 pandemic left a lot people in unprecedented financial situations.

"It became really obvious that we need to do more to support the financial health of our residents," she said.

Robert Locke was one of the FEC's clients in its first few months. His partner of 40 years had died, and she'd taken care of all the bills. He wasn't sure of the best ways to budget — especially after losing half of the household income — and his friends convinced him to reach out to Neighborhood Place, where he was connected with some of Louisville's finance programs, teaching him money management, how to establish good credit and connected him with financial counselors.

"It helped build my confidence because I know now that I can manage this on my own," Locke said. "Even when I stumble, there's still programs out here to help you."

In December, the city announced a new partnership between the Office of Resilience and Community Services and the National Disability Institute to provide free financial counseling services to Louisville residents with disabilities. An expansion to the programs already underway at the Financial Empowerment Center, counselors will be be located at the center to help people manage their budgets, better understand what benefits and insurance they quality for and transition into the workforce.

"People with disabilities are often forced to make unique financial decisions to achieve financial stability and independence," former Mayor Greg Fischer said in a news release in December. "It is our responsibility to ensure that every resident in our city has equitable access and opportunity to improve their financial health. We’re grateful to National Disability Institute’s new Financial Health Equity initiative for helping to build the capacity and knowledge of our service providers so they are better equipped to serve residents with all types of abilities."

And existing city programs help place people in the FEC. Across Louisville's various Neighborhood Place locations, clients there are referred to the FEC. Monty Fourte, who works at the Northwest Neighborhood Place on West Market Street in west Louisville, said they refer people to the FEC, help them enroll in classes and follow up.

"It builds a lot of confidence within the household," Fourte said. "They have money that they've never had before and they're able to do things that they've never done before and do things with their kids that they haven't had the opportunity to do before. So it's a great thing."

Neighborhood Place staff get to see firsthand how money management skills improve the lives of their clients, a great thing that can lead to increased happiness and health to those willing to take advantage.

"Take it," Locke said. "Enroll in every class that they offer." 

The central hub for the FEC is located at the Louisville Urban League on 1535 W. Broadway. To make an appointment, call 502-585-4622 to request an in-person or virtual session.

For more information on the Louisville Financial Empowerment Center, click here.

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