FLORISSANT, MO (September 1, 2011) – Young adults at Christ Covenant Church are growing their savings and learning about career development through the congregation’s Dollar A Day Savings initiative.
Under the program, members save at least a dollar a day, says pastor Paul Macharia. “The small contribution accumulates and eventually builds up to a formidable pool that makes a difference in the lives of the youth and makes them financially independent.”
The program targets people in the low-income bracket and aims to encourage them to save money from an early age to meet lifelong goals like college education, marriage, home ownership, vehicle purchase, and setting up a business, says Macharia.
The group of young people participating in the ministry meets once a week to collect contributions and share experiences. During the forum, members learn about career choices, healthy living, business management, Christian living, financial discipline, and character development.
The church keeps track of the contributions for each participant and invests all the funds with National Covenant Properties.
Since the program was started in April 2010, assets have grown to more than $20,000. The savings are available to the members so that they can access them on short notice.
The church hopes that someday financial support from the community will enable the congregation to match the individual savings, says Macharia.
The church of more than 200 Kenyans extended its program to immigrant Kenyan youth during the summer as part of a larger 10-week leadership program that was sponsored in part by Washington University. Participants accumulated $5,000 in their Dollar A Day accounts.