Advice from Successful Savers

Denise Hickmon

"I hope other women like me take advantage of the [IDA] program to continue their education. Stick with the program; it will benefit you in the long run. If I can do it, then anyone can do it."

Denise Hickmon is a testament that hard work can pay off. Facing difficult odds as a single mother of four, she went back to school as an undergraduate student at Catholic University and will graduate in Spring 2009 with a degree in business management. Denise knew that going back to school was necessary for her and her family’s success. Currently living in Southeast DC, her ambition has led her to think outside the box and not let her current circumstances keep her from a better future.

“One of my goals is to buy a home for me and my children, [but] I need a better job making more money,” she said. “Every time I try to get a house, the realtors tell me I need to go back to school or get a second job. So I decided to go back to school.”

Paying for additional schooling, however, would not be easy without financial assistance. Even after Denise received federal government aid, she still came up short and didn’t want to graduate with a large student loan. CAAB came in to help alleviate the financial strain. Denise first heard of CAAB’s Individual Development Account (IDA) program through the Neighborhood Assistance Corporation of America (NACA). After hearing about CAAB, Denise went home that evening to explore the CAAB website, and called to enroll in the IDA program the next day. By depositing more than $150 consistently for several months, Denise quickly reached her savings goal and used the money she saved, matched at a 3:1 rate through her IDA, to help pay her tuition.

Denise is proud of her decision to go back to school and is enjoying every minute of it. “I love the classes and instructors, they are very knowledgeable and I like their teaching techniques,” she said. In addition, Denise also has a great relationship with her academic adviser who guides her through the college process and helps her set academic goals each semester. “My goal is to get straight A’s from fall all the way until spring…to finish with a 3.5 GPA,” she said. “I want to walk across that stage cum laude.”

So far, Denise is already excelling this semester by testing out of her business classes, leaving her with just five more classes to complete before she can graduate, and she currently maintains a 3.3 grade point average. But graduating with a Bachelor’s degree is just the beginning for Denise. Her next step is a Master’s program in Human Resources which she plans to start pursuing next summer. Denise is already looking for ways to finance this new endeavor, including looking for a job that will help her foot the bill. In the next five years, her goal is to more than double her salary. And she is certain that it’s now possible through the further education she’s attained.

Her advice for financial success is to get enrolled in the IDA program and stick with it. Denise appreciates the savings principles taught to her in the Money Management 101 classes she took to fulfill the IDA program’s financial education requirement. “The IDA helped give me the drive to reach the point where I wanted to be. It made me feel good to go to the bank and put my money in, and then watch it grow,” she said.

Denise is also eager to share her story to make sure others can continue to benefit from IDAs and other programs to help them achieve financial security. She recently sent an e-mail to Ward 8 Councilmember Marion Barry advocating in support of affordable housing in DC and recommends that others follow her example. “If you get asked to speak to Congress or send a letter to [the City Council], talk about how the program helped you to make sure the program continues.”

And she wants other women to see her as an example; especially other women in her position who struggle to raise a family and pay the bills. “I hope other women like me take advantage of the [IDA] program to continue their education,” she said. “Stick with the program; it will benefit you in the long run. If I can do it, then anyone can do it.”