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Money Tools and Resources for your Adult Learners
Use limitations: These materials may be used only for nonprofit, noncommercial educational purposes. These materials may not be used in connection with any sale, advertisement, endorsement, or promotion of any service, product, person, or business and may not be sold or offered for sale.
Effective Transitions in Adult Education conference Session VI, Friday, November 149:00am – 10:30am in Tiverton.
Welcome & Introductions
Mary “Jeannette” SchultzNational Endowment for Financial Education
Priyanka SharmaNational College Transition Network
o A nonprofit, noncommercial, independent, 501©(3), self-funded, private foundation based in Denver Colorado.
www.NEFE.org
The National Endowment for Financial Education is . . .
NEFE inspires empowered financial decision-making for individuals and families through every stage of life.
We Serve . . .o youth up to retired adults o particularly “underserved”o people in difficult or unusual life circumstances
We Provide. . .o Grants for research about the field of financial literacyo Resources for consumers, educators, and facilitators
We Partner with . . .o Habitat for Humanityo American Indian College Fundo American Red Crosso Dress for Successo Generations Unitedo Others . . .
NEFE Overview
o Supports ABE staff, programs, and state agencies in establishing and strengthening ABE-to-college transition services.
o Brings together the various efforts of educators, professional development providers, policy makers, and researchers concerned with effective college transitions to postsecondary education and training.
National College Transition Network
o 2300 members and counting
o A part of World Education, a non-profit founded in 1951 to meet the needs of the educationally disadvantaged and has worked in over 50 countries in Asia, Africa, and Latin America, as well as in the United States.
Collegetransition.org
o Professional development around college and career readiness, conference, publications, technical support for program planning, design and enhancement.
NCTN Services
History of relationship
◦ Learn how to set realistic goals.◦ Review the basics of managing
money.◦ Find out how to avoid scams and
prevent identity theft.◦ Identify the costs of college.◦ Explore ways to pay for college.
Objectives
o Identity theft is expensive, time consuming, and stressful.
o Protect personal papers and online accounts.
o Review bills, statements, and credit reports.o Report identity theft immediately:
Request a fraud alert. Create an Identity Theft Report at
www.consumer.ftc.gov.
Dealing with Identity Theft
◦ Specific: I need a laptop computer for school.
◦ Measurable: The laptop I want is $500.◦ Achievable: I need to save $60 per
month.◦ Realistic: I can earn an extra $15 per
week by babysitting for a few hours.◦ Time bound: I need the laptop for when I
start school in one year.
Setting Smart Goals
Let’s discuss the answers!
Money Management Tips for Students Quiz
For more money saving tips, go to the publication at: **www.smartaboutmoney.org/Portals/0/ResourceCenter/40MoneyManagementTips.pdf**
Quiz was based on 40 Money Management Tips Every College Student Should Know by NEFE
Prioritize spending by analyzing where money goes:oRecord every penny spent in a spending diary for
a week. oReview needs vs. wants.o Look for spending leaks—
small amounts that add up over time.
Figuring Out Where Your Money Goes
◦ The key to following a spending plan is making it realistic and accurate. Step 1: Identify Income Sources. Step 2: List Expenses. Step 3: Compare Income and Expenses. Step 4: Change Habits.
◦ Update the spending plan as necessary.
Creating a Spending Plan
o Storing money at a bank or credit union is safer than handling cash.
• Checking accounts are for paying bills.• Savings accounts are for setting aside money for
emergencies and goals.
◦ Look for a bank with convenient hours, locations, and ATMs along with low minimum balances and fees.
Choosing a Bank or Credit Union
o Record all spending: checks, ATM and bank withdrawals, debit transactions.
o Subtract these amounts from the amount in the checking account.
o Keep track of spending to prevent bounced checks and nonsufficient funds fees.
Using a Checking Account
o Research the fees on financial products to save money:
Phone cards Prepaid cards Money wiring services
o See Consumer.gov for details.
Minimizing Fees to Spend Your Money
o Save money for emergencies and goals.o List saving as an expense on the
spending plan.o Put bonuses, tax refunds,
gifts and inheritances in savings.o Developing a habit is more
important than the actual amount saved.
Starting a Savings Habit
o Credit is your ability to borrow money.o A credit score is a report card on payment
history, credit usage, and more. o Credit scores are between 350 and 850—
higher scores are better. o Check credit reports once a year:
www.annualcreditreport.com.
Understanding Credit
o Using credit means borrowing money to buy goods or services.
o Credit may involve paying interest charges.o Good uses of credit contribute to the future,
including borrowing for education.o Avoid impulse buying by asking
yourself, “Would I take out a loan for this?”
Using Credit
o Advertisers target students with legal but costly financial products:
Payday loans and cash advances Pawnshops and car title loans Rent-to-own stores
o Save money by avoiding these products. o See Consumer.gov for details.
Avoiding Money Traps
o Con artists target students with Internet phishing, job and money wiring scams, and scholarship search services.
o You should not have to pay money to get money.
o If something sounds too good to be true, it probably is.
Skipping the Scams
o Beyond school fees, costs may include:• Books and supplies• Computers and Internet access• Any temporary loss of earnings• Housing, transportation, and childcare
o The costs of college should eventually pay off through a more satisfying and higher paying career.
Calculating the Costs of College
o A combination of funds pays for college:• Savings and earnings• Financial aid• Employer or military benefits• Individual Development Accounts (IDAs)
o Returning to school provides tax benefits. o Research and planning are key.
Reviewing Payment Options
o Sources include:• Federal, state, local, and institutional aid• Work-Study, scholarships, grants, and IDAs
o Cost of attendance minus expected family contributions equals financial aid eligibility.
o To get started, complete a Free Application for Federal Student Aid (FAFSA) at www.studentaid.ed.gov.
Understanding Financial Aid
◦ Tailor school assignments to the job.◦ Discover the college career center.◦ Take advantage of other job-related
college services.◦ Gain experience while in school.
Working While in School
o Published by NEFE in collaboration with NCTN
o Aimed towards non-traditional students who are transitioning into college
o Excellent resource for financial planning
Mapping Your Financial Journey: Helping Adults Plan for College
o What are the financial barriers that adults face when going to college?
o Brainstorm ways to overcome the financial barriers assigned to your group
o We will hear back from all groups
Hidden Costs of College
o To succeed in college classes while juggling work and family:
Get to know professors. Use campus resources. Develop time management resources. Enlist help from family.
Succeeding in College
o Review the topics covered in the workshop: Learn how to set realistic goals. Review the basics of managing money. Find out how to avoid scams and prevent identity
theft. Identify the costs of college. Explore ways to pay for college.
Summary
o Work in small groups to discuss how you can integrate financial literacy (a curriculum, overall concepts, ideas) in your program and classroom.
o We will hear back from all groups.
Discussion
o Additional fundingo Ally in achieving
organization mission
o Training resources/venues
o Publicity/marketingo Promo items
Benefits of Partnerships
◦ Consumer.gov: www.consumer.gov
◦ Federal Trade Commission:
www.consumer.ftc.gov
◦ National Endowment for Financial Education
(NEFE): www.nefe.org
◦ Federal Student Aid: www.studentaid.ed.gov
◦ World Education: www.worlded.org
Resources
Financial Workshop KitFinancial Workshop Kito Tools to enhance
effectivenesso Customizable programs
and presentations• Content• Delivery
o Each workshop consists of
• Presentation• Script (facilitator's guide)• Handouts• Other resources• FAQs• Relevant information for
audiences
Workshops
Outreach: E-Newsletter
FINANCIAL WORKSHOP KIT/SURVEY OF NEFE TOOLSFINANCIAL WORKSHOP KIT/SURVEY OF NEFE TOOLS
NEFE Tools
o Smart About Money
o My Retirement Paycheck
o Retirement TLC
o Life Values Quiz
o NEFE Financial Education Evaluation Toolkit®
o NEFE High School Financial Planning Program® (HSFPP)
o CashCourse®
o Spendster
SmartAboutMoney.org Consumer Tool
spendster.org Consumer Tool
NEFE High School Financial Planning Program (hsfpp.org)
www.NEFE.org 41
CashCourse
www.NEFE.org 42
CashCourse
Blueprint for Community-Based Financial EducationFinancial Education Program
http://www.financialworkshopkits.org/Portals/0/NEFE%20CC%203rd%20ed%2003212013b_linked.pdf
Click on NEFE ToolsThen, click on case
management tools, The title Blueprint for Community-Based Financial Education
is highlighted. You will click on this link to direct you to the 90-plus page workbook.
toolkit.nefe.org
Evaluation Toolkit
Tools Available from NEFE
NEFE resources:• www.hsfpp.org• www.financialworkshopkits.org• www.spendster.org• www.cashcourse.org• www.smartaboutmoney.org• toolkit.nefe.org
Mary “Jeannette” Schultz, MNMProject Manager, Grants & ResearchNational Endowment for Financial [email protected](303) 224-3502
Priyanka Sharma CoordinatorNational College Transition NetworkA part of World Education, Inc. [email protected](617) 385-3788
o www.nefe.orgo www.financialworkshopkits.orgo www.collegetransition.orgo www.mappingfinancialjourney.org
Contact
