Savings Acount

Community Enterprises Corporation endorses the belief that people, including people living with mental illness and special needs, can and will save given the right incentives regardless of their income. Through savings the individual will find financial security and the ability to maintain and improve their quality of life. CEC believes that the individual will also find that financial security will contribute to their personal wellness and recovery.

Community Enterprises Corporation offers the following savings products to its clients and self-help members:

Rainy Day Savings Program

The Rainy Day Savings Program is a matched savings program offered to mental health consumers to motivate them to plan ahead and save for any emergency that might arise in the future such as: emergencies, housing security deposit, telephone security deposit, car insurance, car repair, furniture, clothing, dentures, vacation, medical bills, etc. Participants make regular contributions to a special savings account, where all funds (savings and match) will be held under the name of the Rainy Day Savings Program of Community Enterprises Corporation, Inc. Participant contributions are matched 0.1:1 of the savings balance. Match and participants funds are disbursed when participant requests the funds.

Simple Purchase Savings Program

The Simple Purchase Savings Program is a matched savings program designed to help mental health consumers save for household items with a smaller price tag such as: a television, an electronic device, car repairs, furniture, clothing, etc. over the period of three months. Participants make regular contributions, up to $250.00, to a special savings account, where the funds will be held under the name of Simple Purchase Savings Program of Community Enterprises Corporation, Inc. Participants contributions are matched 0.25:1 of the savings balance and are generally not available for withdrawal. Match funds are disbursed when a participant reaches his or her savings goal. Checks are issued directly to a vendor that provides the participant's chosen asset goal.

Small Purchase Savings Program

The Small Purchase Savings Program is a matched savings program offered to mental health consumers to help them save for household items with a larger price tag such as: a computer, a more expensive television, a car, furniture, clothing, etc. over the period of six months. Participants make regular contributions, up to $400.00, to a special savings account, where the funds will be held under the name of Small Purchase Savings Program of Community Enterprises Corporation, Inc. Participants contributions are matched 0.5:1 of the savings balance and are generally not available for withdrawal. Match funds are disbursed when a participant reaches his or her savings goal. Checks are issued directly to a vendor that provides the participant's chosen asset goal.

Consumer Savings Club Program

The Consumer Savings Club Program is a matched savings program offered to mental health consumers to help them save over a period of one year for big-ticket investments in assets typically not allowable through an Individual Development Account. Participants make regular contributions, up to $1,000.00, to a special savings account, where the funds will be held under the name of the Consumer Savings Club Program of Community Enterprises Corporation, Inc. Participants contributions are matched 1:1 of the savings balance and are generally not available for withdrawal. Match funds are disbursed when a participant reaches his or her savings goal. Checks are issued directly to a vendor that provides the participant's chosen asset goal.

Participant Eligibility

• Prospective Savings Program participants must meet the following criteria:
• A non-employee mental health consumer member of the CEC/CSP-NJ community. 
• Total household net worth of less than $10,000.00 / family of one, excluding the primary dwelling unit and one motor vehicle owned by a member of the household.

Other Requirements:

Participants must also:

• Save at least $10 a month while participating in the program
• Attend a series of personal finance and money management workshops
• Commit to remain in the program for at least 3 months
• Be willing to participate in on-going Financial Fitness Self Help Center presentations.

Next Steps

In order to apply for any of these programs, interested individuals should call Zoraida Reyes at Community Enterprises Corporation at 732-780-1175 to fill out a Pre-Application Form and/or sign up for an upcoming orientation session.