SAVE UP
Save Up, RISE Memphis’s matched-savings account program, is designed to help low-to-moderate wage earners learn to manage their income, improve their credit, save money, purchase assets such as homes, computers and post-secondary education, and even establish their own micro-enterprises.
RISE teaches participants to create a budget based on their personal income and expenses and to establish safe and affordable bank accounts and purchase assets.
After participants complete financial education classes, RISE helps them open a special savings account that requires them to deposit $25-$100 per month for six consecutive months.
After six months of saving, RISE matches each dollar saved with two dollars, tripling participants’ savings and making it possible to save a combined total of $3,000.
RISE then helps participants obtain asset-specific training as needed, at no cost to the participant. For example, those saving for homeownership are required to complete a homebuyer education workshop and attend quarterly Homebuyer Club meetings.
Participants who want to start a micro-enterprise receive training with a partner agency, which prepares them to be successful small business owners. Finally, RISE will help participants purchase the asset for which they have saved up.
Funded by The City of Memphis, Division of Housing and Community Development, making Memphis a world-class city by facilitating and delivering resources and services that improve the quality of life for every neighbor and neighborhood.
The Women’s Foundation for A Greater Memphis provides funding for the 38126 Zip Code Initiative along with Urban Strategies through HUD. The Frayser Save Program is funded by MassMutual Foundation.
TO QUALIFY:
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Save Up applicants must be employed, preferably full-time
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Live in Memphis or Shelby County
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Be 18 years or older and head of their household
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Maintain an MHA Section 8 Housing Choice Voucher or be eligible for the Earned Income Tax Credit
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Have a credit score of 580 or above, necessary for homeownership
AT A GLACE
97
People Saving Towards Different Assets
118
New Participants
37
Asset Purchases
$2,071.96
Saved At Exit Of The Program
FINANCIAL IMPACT AT GLANCE
$8,080.43
Participant Contributions
$14,606.41
Match Amount Deployed
$22,680.03
Total IDA Purchase Amount
COMPARISON TO PRIOR YEAR
Metric | FY 2025–2026 | FY 2024–2025 | Change Value | Change Note |
|---|---|---|---|---|
New participants | 68 | 58 | 10 | up from prior year |
Asset purchases | 18 | 10 | 8 | up from prior year |
Saved at exit | 2071.96 | 2279 | -207.04 | slightly lower than prior year |
SUCCESS STORIES
Real Stories From Save Up Participants
Post-Secondary Education Blitz: Empowering Dreams Through Financial Education
In FY2024–2025, SaveUp supported three participants in pursuing post-secondary education—a Sterile Processing Technician program, a Freight Broker/Training Agent certification, and local community college enrollment. Through workshops, one-on-one coaching, and financial goal setting, each participant turned their educational dream into reality. These stories demonstrate what becomes possible when financial tools and personal determination come together.
Rising After the First Try
Not every success story starts with a win—sometimes the most powerful journeys begin with resilience. One SaveUp participant returned to the program four years after her first attempt. This time, she committed to monthly deposits, connected with community resources, and developed a full business plan. With her program funds, she purchased tools to launch her small business and then reinvested in herself by enrolling in a local entrepreneurship academy. Her story is a testament to persistence and what SaveUp is designed to support: a second chance that becomes a real launch.
STATS
To date, Save Up has
helped participants create
$9,000,000.00
worth of assets.
To date, Save Up helped
participants purchase a total of
101 Homes purchased,
54 Home improvements,
121 Computers purchased,
37 college educations,
149 Vehicles and
expand 58 small
businesses.
900 total participants
have successfully graduated the Save Up program.
BUSINESS IS BOOMING THROUGH SAVE UP
The SAVE Up program is more than a savings program, it is a launchpad for entrepreneurship. Through matched savings, financial education, and community partnerships, SAVE Up is helping Memphis residents turn business ideas into reality and take existing businesses to the next level.
Participants use their matched savings to invest in the tools, supplies, equipment, and resources needed to start or grow a micro-enterprise right here in Shelby County. From beauty and wellness to bookkeeping, baking, and beyond, SAVE Up is fueling a new generation of business owners and locally rooted small businesses in Memphis.
