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Entrepreneurs Share Their Money Saving Tips

By Ben Steverman - 2011-09-15T00:41:10Z

Photograph: Courtesy of Bishop Mitchell Taylor

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Bishop Mitchell G. Taylor

East River Development Alliance, founded in 2003 by Bishop Mitchell G. Taylor, serves the nation's largest public housing complex, the Queensbridge complex in Queens, N.Y. "Our mission," Taylor says in an e-mail, is to provide tools for residents' "self-sufficiency and economic mobility."

A "financial fitness program" works one-on-one with clients, focusing on everything from setting up monthly budgets to going to court to deal with such issues as garnished wages. After four months, clients boost their savings by an average of $1,900, Taylor says. "They have inspired me to better manage my own money."

To pay rent, residents without checking accounts can use an Alliance-founded credit union, which has helped about 700 clients save $5,000 on check-cashing fees in the past year. The credit union "has created a culture of fiscal responsibility within our organization and within the community," Taylor says.