Dealing with debt: Resources in Sonoma County to get your finances on track

People who want to learn how to budget, save and manage money can get that help in Sonoma County in several ways.

Financial counselors and money coaches offer a wide variety of assistance, lessons and counseling for their clients. Some banks and credit unions give a range of similar services to their customers.

Often these programs are available in Spanish. Prices vary from zero for some public service programs to hundreds of dollars for private counseling. Just ask. These people do not mind talking about money.

In recent years much financial and budgeting education has migrated online, which makes these programs handy during the pandemic. They are easy to access and compare but sometimes impersonal. Here are some examples recommended by local counselors and bankers. Fees vary; some are free.

Balance (balancepro.org): This nonprofit advises in all financial areas, seeking to help clients develop balanced budgets so they can “achieve their financial dreams.” Founded in 1969 as the Consumer Credit Counseling Service of San Francisco, in Sonoma County it works through Redwood Credit Union and it also counsels online and by telephone. The counselors are approved by the U.S. Department of Housing and Urban Development to advise clients on housing issues.

National Foundation for Credit Counseling (nfcc.org): Founded in 1951, the foundation says it’s the largest and longest-serving nonprofit financial counseling organization in the United States. Darlene Goins, head of financial health philanthropy at Wells Fargo Bank, recommends the foundation as a safe, confidential place to get one-on-one personalized help managing debt and to develop a financial plan.

Banzai (comfirstcu.learnbanzai.com): This program wants “to make learning about money, budgeting, credit scores and loans easy and available to everyone in our local communities.” It offers three online courses: Banzai Junior for kids 8-12, Banzai Teen for teens 13-18+ and Banzai Plus, where adults learn about smart money management, how to maintain good credit, how to qualify for a loan or mortgage and how to invest. Sponsored locally by Community First Credit Union, the programs are “interactive, informative and kind of fun,” their website says with an implied smile.

Hands on Banking (handsonbanking.org): This website says it’s “easy to navigate, interactive and entertaining” and an “engaging and easy way to learn financial basics and smart money management.” It teaches how to buy a home, manage debt, start a small business, pay for college, save and invest for the future. “It’s a wonderful tool,” said Goins at Wells Fargo, which sponsors the site. “We’ve seen a lot of additional use, including by teachers.”

Abacus Pro Bono (abacuswealth.com/pro-bono): The Sebastopol firm offers 45-minute private phone consultations free of charge with a Certified Financial Planner once a month, limit one per household. “At Abacus, we believe everyone deserves quality financial advice and peace of mind around their money,” said Eileen Freiburger, a certified financial planner with Abacus Wealth Partners in Sebastopol.

Some charitable agencies also give their clients a chance to learn about money management. Catholic Charities of the Diocese of Santa Rosa and Community Action Partnership of Sonoma County are two examples.

The Financial Stability Services program offered by Catholic Charities (srcharities.org/financial) is “meant to be a maintenance tool for clients to achieve financial freedom” with a long-term goal of “supporting families and second generations to live free of debt.” It includes credit counseling, help getting a taxpayer identification number and tax assistance. The counselors are approved by the U.S. Department of Housing and Urban Development to advise clients on housing issues.

“What Catholic Charities does is meaningful and can change the world. My life was transformed. My family is deeply grateful for the information we received and the benefits we got from all the classes and financial services provided to us,” said client Adela Gomez.

Community Action Partnership of Sonoma County (capsonoma.org), a 53-year-old Santa Rosa nonprofit that serves about 11,000 mostly low-income people annually, includes financial counseling in its HCA Family Fund as part of a “whole family approach,” said assistant director Kathy Kane.

The staff trained four years ago through the federal Consumer Finance Protection Bureau’s Your Money Your Goals program. Their clients learn about topics like banking, predatory lending, goal setting and budgeting.

“They come out of it more financially educated and aware of how to improve their financial status,” Kane said.

After the recent succession of financial crises starting with the firestorms in 2017, the agency is expanding this training to other programs.

“It was very evident with that first fire that so many people did not have any sort of safety net and no ability to save,” said Kane. “We have several grants written to focus on that.”

Mary Fricker is a retired Press Democrat business reporter. You can reach her at mfricker@sonic.net.