Financial Peace University Equips Residents in Colorado with Budgeting Skills for Reentry

Understanding and managing household finances can be difficult. This is especially true for incarcerated individuals, who may not have been exposed to budget management for some time or perhaps, ever at all. That's why CoreCivic's Bent County Correctional Facility in Las Animas, Colorado, offers financial literacy classes through Ramsey Solutions' Financial Peace University.

Financial Peace University is comprised of 13 weekly lessons that teach students how to change their habits to transform their money and their future. This includes lessons in creating and managing a budget, cutting down debt, saving strategically, investing in real estate, and more. This summer, more than two dozen residents participated in Financial Peace University at Bent. Those who successfully complete the program receive a certificate.

Incarcerated individuals can face several financial barriers, one of which is the inability to keep up the consistent use of credit to maintain a decent credit score. This can affect their ability to secure housing or find employment upon release. Another barrier is communication restrictions, which can limit an incarcerated individual's ability to stay on top of their finances, potentially leading to debt accrual, limited access to credit, and lower credit ratings. On top of all of this, technology is constantly changing, and managing finances through apps on mobile devices can present a major learning curve upon release.

Financial Peace University works to educate and prepare students by laying the foundation for how to properly handle money. The course teaches participants money is not a math problem-it's a behavior problem. At Bent, the course is taught through DVDs and workbooks.

The course was developed by financial expert and national bestselling author Dave Ramsey and his Tennessee-based company, Ramsey Solutions. Ramsey has been giving money advice through radio broadcasting for over 30 years and is now a household name in personal finance.

This September, 30 participants at Bent are expected to graduate from Financial Peace University and receive their certificates. CoreCivic is dedicated to providing justice-involved individuals the tools and resources necessary to help ease their transition back into society and reduce recidivism.