Bank On Virginia Beach

Learn how simple changes can make a big financial impact. Bank On Virginia Beach, a key component of the Mayor's Action Challenge for Children and Families and part of the regional Bank On Hampton Roads, offers a 10 month course along with resources to help participants develop a basic plan to increase financial security. Participants attend one class per month and meet with a personal financial coach once per month. In completing the Mayor's Challenge, they learn techniques to increase income, grow savings, reduce debt, build credit score, and protect assets.

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 Taxes

Earned Income Tax Credit
The Earned Income Tax Credit (EITC), is a refundable credit that can offer low to moderate income families a boost at tax time. If you file a federal income tax return and you have earned income, you could be eligible for up to $6,269! To see if you are eligible for this credit, use the EITC Assistant.

Prepare Your Own Taxes
 
The average prepared tax return can cost $200 or more. Preparing your own tax return with the help of IRS trained and certified volunteers is like earning $150 - $200 for an hour of work! My Free Taxes is a free service available to taxpayers with $62,000 or less in household income.  My Free Taxes offers 24-hour phone support to answer your questions and guide you through creating your own tax return. E-filing with both state and federal is free with My Free Taxes. Use the Tax Preparation Checklist to prepare. To begin filing at home, visit myfreetaxes.com

Free Tax Preparation Services 
Volunteer Income Tax Assistance (VITA) is provided by IRS trained and certified volunteers at a number of locations in Virginia Beach.  VITA services are available to families with household income of less than $55,000. 

Save Your Refund
Save just $50 of your federal tax refund and enter the SYR promotion to win a $100 weekly prize or the $25,000 grand prize. Tax season is a great time to jump start your savings and Doorways to Dreams (D2D) can help you do just that.​

 
IRS gives a variety of free-file and e-file options along with a listing of VITA sites available throughout the U.S.

SHREITC or the South Hampton Roads Earned Income Tax Coalition helps eligible low to moderate income families receive the EITC through Volunteer Income Tax Assistance (VITA) sites throughout Hampton Roads including Virginia Beach.

Virginia Department of Taxation offers a number of free tax preparation options through the Department of Taxation.

 Savings

Savings enables you to prepare for the unexpected while establishing resources to meet your financial goals like education, homeownership and retirement. Savings breaks the cycle of living payday-to-payday and provides greater financial stability.

Virginia Saves - Set a goal, make a plan and save automatically with Virginia Saves. Virginia Saves encourages every citizen to create a savings goal and begin saving automatically to build a financial cushion that will protect you from unexpected expenses and help you achieve your dreams. In 2013, Virginia Beach residents pledged to save more than $116,300 annually for their goals.

Virginia Individual Development Accounts - Provide matched savings of $2 for every $1 saved toward education, homeownership and establishment of a small business.

Virginia 529 Plan - For as little as $25 per month, you can establish savings for a higher education to advance financial future for your family. Students with a college savings account are significantly more likely to pursue higher education in building a career. Equip your child or grandchild for a secure future, start saving today! Contributions to Virginia 529 programs can reduce your taxable income by up to $4,000!

30-40-30 Plan strategies to pay for past, present and future obligations

52 Week Savings - join the 52 week savings challenge with a simple-to-follow plan


 Money Management

Smart management of resources enables families to address their current needs while preparing for future goals. Some resources available to help you build credit, avoid fees, increase savings and live well include:
 
The National Endowment for Financial Education's SmartAboutMoney.org will help you draw a spending map so you don't get lost. In four short steps identify income, list expenses, compare income and expenses, and set priorities and make changes -- you can make sure your day-to-day expenses do not distract you from your long-term spending goals.
 
My Money
Whether you are buying a home, balancing your checkbook, or investing in your 401(k), the resources on MyMoney.gov can help you maximize your financial decisions.
 
Family Financial Management 
An array of articles and worksheets to help stretch your dollars and get the most out of your money.  Produced by Virginia Cooperative Extension Services.
 
360 Degrees of Financial Literacy
Provides calculators and articles to help you get started managing your money at every stage of life. 
 
Get Mone​y Smart
FDIC Money Smart classes are available in the local area and online.  Financial education fosters financial stability for individuals, families, and entire communities. The more people know about credit and banking services, the more likely they are to increase savings, buy homes, and improve their financial health and well being.

Contact Information

 Bank On Virginia Beach Classes

​Printable Class Schedule and Flyer​​

Enroll Here

​Classes meet once per month for 10 months:

Second Wednesday beginning January 11, 2017,12:00 -1:00 pm, Municipal Center Building 14, 2449 Princess Anne Rd. Virginia Beach, VA 23456​

Second Wednesday beginning January 11, 2017, 6:00 - 7:30 pm, Freedom Fellowship Church, 836 Regency Dr. , Virginia Beach, VA 23462

Second Saturday beginning January14, 9:30 - 11:00 am, New Jerusalem COGIC, 118 Bishop Thoroughgood Ave., Virginia Beach, VA 23451

Third Thursday beginning January 19, 6:30 - 8:00 pm, Bow Creek Recreation Center, 3427 Clubhouse Rd, Virginia Beach, VA  23452

Last Thursday beginning January 26, 2017, 6:30 8:00 pm, Joint Use Library, 1700 College Crescent​, Virginia Beach, VA​  23453