When Desaray first heard Opportunity Passport™ could help her purchase a car and increase her financial literacy, she admits the car was of more interest to her. Today, the 24-year-old – who serves on the Fostering Advocates Arizona Young Adult Leadership Board – is grateful for what she learned during classes sponsored by Opportunity Passport™.
I learned how credit works and about loans, savings and budgeting.”
Desaray used that knowledge to purchase a 2013 Jetta. While she’s excited about her sporty and reliable car, Desaray’s also pleased about her financially responsible choice. Thanks to Opportunity Passport™, she learned how to research car insurance as well as how to determine if she could afford her loan.
Opportunity Passport™ is designed for foster care young adults (ages 14-26), like Desaray. The financial literacy and matched savings program encourages young people to save for big-ticket items like cars and apartments. Opportunity Passport™ contributes to their savings account – a total of $3,000 – when they follow through on the money strategies they learned through the program. For Desaray, one of those money strategies was being able to identify the difference between what constitutes a need and what constitutes a want.
I kept asking myself if I was doing the right thing or not, I decided to talk to some people in my life and I really took the time to think about it. It might be a bit of a want but I knew it would be a need soon.”
Desaray, who is working on a Master’s degree in Social Work at Arizona State University (ASU), relies on her car to get her to work, school and Young Adult Leadership Board meetings. Her old vehicle was starting to show the wear of its 170,000 miles. Desaray decided she could spend $12,000 and the car should have 40,000 miles or less on it. She combined these parameters with the information she learned through Opportunity Passport™ as she researched car loans and car insurance rates.
I contacted Meghan from Fostering Advocates Arizona and gave her the information, she asked me to check the Kelley Blue Book to make sure I was getting a good price. She also suggested that I do more comparison shopping on the interest rate. I was able to get a lower interest rate, which made a world of difference.”
Desaray put $1,500 toward her new car and Opportunity Passport™ matched it. She plans to use the remaining $1,500 that Opportunity Passport™ matches for a security deposit on an apartment.
I feel good about my car. It’s a new step in my life. Because I work so hard day in and day out, to sort of treat myself feels good. I look at it and think, ‘That’s my car!’ It makes me feel happy. I did that with the help and support of other people.”
