WAVY.com

Steps to reach financial stability

PORTSMOUTH, Va. (WAVY) – For many in Hampton Roads, 2023 has been a challenging year financially.

With housing shortages and the rising price of living, community members feel an overwhelming strain. Non-profits around the region are feeling the effects, experiencing less donations and increased need.

With 2024 less than two weeks away, Digital Host Sarah Goode spoke with Michelle Ellis Young, CEO of YWCA South Hampton Roads at the Digital Desk for a live conversation. They discuss the current environment in Hampton Roads and what steps people can take to get their finances right. Watch the full conversation in the video player on this page.

“It’s hard right now. There’s no secret,” said Young. “We are in what I would call sort of a tsunami of issues plaguing those that really are, the least of them, who are really struggling at this period of time.”

From the lens of the YWCA, these are people struggling with domestic and intimate partner violence, sexual assault and human trafficking types of situations. Within those cases, the YWCA sees financial abuse or lack of financial resources.

YWCA South Hampton Roads can be a resource to those needing assistance. For over 100 years, the organization has focused on their mission, “to eliminate racism, empower women and promote peace, justice, and dignity for all through advocacy, local programming, and services.”

Financial stability is critical.

“It’s everything because as we know cash rules everything,” said Young.

It’s important to create healthy management practices or find resources to help you get to some form of financial stability to navigate rocky situations that may arise.

Specifically at the YWCA, safety planning is a key element in the start to financial stability.

After finding a way out of the violence, they begin to work one-on-one. It is not one, universal model.

“We start to case manage that individual to see what is it that that specific person needs that’s unique to their situation,” said Young.

They want individuals to be resourced well, for their needs. Typically, it means financially securing them through employment, housing or bank accounts.

Secure the four walls

These are four foundational items that are critical to moving forward.

Know what you are dealing with and secure those four walls.

“If you don’t have transportation to get to work then you can’t build income that helps you to get housed to care of your family,” said Young. “If you don’t have food resources then hunger adds another layer of complexity to an already complex situation.”

After these are managed, other factors can be analyzed, like debt and savings.

Save, even if it’s just one dollar

Every paycheck, pay yourself back, even if it is one dollar. Start to build up your savings. It can build up to something greater.

It may be a difficult process, but Young encourages survivors they work with to remember their why.

“You left the situation, there was a why behind that. The strong the why, the stronger the try,” said Young. It will be slow, but look at the progress that has been made.

In the systems and resources supporting you, find a way to save.

Housing crisis

“Housing prices are astronomical, and we’re talking about renters right,” said Young.

Home ownership is not possible for most individuals. The down payment and closing costs are not available.

Renting prices are up, and it is putting a stress on people in difficult situations.

“If people can’t have safe and secure housing, they can’t function,” said Young.

It might mean they cannot show up at work at a 100% or children are not taken care of. The YWCA and other agencies have to think of ways to solve the crisis of housing to set up a foundation for people to be safe and grow.

The YWCA has care partners, sister organizations that collectively work to stabilize individuals. They work with landlords who are victim friendly who offer assistance and community good. Hotel partnerships also serves as a possible resource for those in need.

Tips for everyone

Create a budget

Young advises people to create a budget. Always have a budget that looks at the whole financial picture. Then, it will be available if the picture were to change and evolve. Understand your income-debt ratio.

“If you document things, and start looking at how do you clip some of those things little by little it helps to reduce the angst, the stress and the anxiety that you may feel about building financial stability for yourself.”

Live within your means

Young says it is great to have wants, but you have to manage that in your budget. Make sure you live within your means and take care of your needs at the same time.

Reach out for help

If you feel overextended, help exists. Non-profits, financial institutions and other community organization can offer assistance.

“You don’t have to feel embarrassed. You don’t have to be ashamed. You don’t have to feel you’re in it by yourself,” said Young.


The YWCA South Hampton Roads is available to assist and can offer resources or connect you with partner agencies to work with.

To contact the YWCA and figure out your next steps, visit ywca-shr.org or call 757-625-4248 during regular business hours.

“Our goal is to make sure that people feel safe, people feel secure, people have hope and people can move on to where they need to get to in a safe manner,” said Young.

If you are in need of immediate assistance during the holiday season, call the 24-hour Crisis Response Hotline at 757-251-0144.

The YWCA runs the 24-hour Crisis Response Hotline. It serves Chesapeake, Franklin, Norfolk Portsmouth, Suffolk, Virginia Beach, South Hampton and the Isle of Wight Counties. Services include crisis counseling, emergency shelter placement, victim advocacy and more.  

To find out more information, watch the full WAVY Digital Desk conversation in the video player on this page.