Your Money, Your GoalsA FINANCIAL EMPOWERMENT TOOLKIT FOR SOCIAL SERVICES PROGRAMS

Denise DeVaan, Senior Consultant, ICF International

Patty Avery, Office of Financial Empowerment, CFPB

NACHC Training. Baltimore, MD June 2014

YMYG Toolkit Training Agenda—Today!

Introduce the YMYG Toolkit for Social Services and the CFPB

Coordinator Training Responsibilities

Coordinator and Member Self Assessment to Increase Confidence

Emotional and Cultural Influences on Money

Community Health Corp Briefing on Health Topics

Starting the Conversation with Patients (health, finances)

Debt, Emergency Savings, Income & Resources, Spending, Paying Bills

All connected to Cash Flow Budget

Setting Goals

Coordinator Training Responsibilities with Members

Take this four hour training and replicate it.

The key training objective is to:

Provide information and tools to patients on key topics they raise.

Support patients in taking small actions to strengthen their financial

lives. Examples: reduce out of pocket medical costs, use the Earned

Income Tax Credit to reduce debt & establish small $500-$1000

emergency savings; tracking income/resources/spending; prioritizing

bill paying to make ends meet.

Provide referrals

Use the slides, exercises, and Your Money Your Goals Toolkit for Social

Services.

Administer pre-surveys and post surveys to Members at beginning and

end of training. Complete trainer survey after training. Send these to

NACHC Office

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Tool 2:  Resource and referral guide template

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Instrument 3A: Member Training pre-survey

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Instrument 3B: Member Training post-survey

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Your Money, Your GoalsModule 2: Assessing the situation

Tool 1: Financial empowerment self-assessment, P11

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Organization of Your Money, Your Goals

Introductory modules

Module 1: Introduction to the toolkit

Module 2: Assessing the situation

Module 3: Starting the conversation

Module 4: Emotional & cultural influences on financial decisions

Module 5: Using the toolkit

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Organization of Your Money, Your Goals

Content modules

Module 6: Setting goals

Module 7: Saving for the unexpected, emergencies, & goals

Module 8: Managing income & benefits

Module 9: Paying bills & other expenses

Module 10: Managing cash flow

Module 11: Dealing with debt

Module 12: Improving credit reports & scores

Module 13 Evaluating financial service providers, products, & services

Module 14: Protecting consumers rights

Scavenger Hunt

Use the Overview of Your Money, Your Goals, which lists Introductory and Content Modules and Tools.

Where would you go to find information and tools if a client:

1. Felt overwhelmed by debt?

2. Felt like she couldn’t make ends meet?

3. Wants to buy a car and get the best rate she can for the money she must borrow?

4. Wants to understand direct deposit and payroll cards?

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Scavenger Hunt… (continued)

5. May qualify for the Earned Income Tax Credit (EITC)?

6. Has used high-cost credit products in the past and wants to avoid

these in the future?

7. Wants to make changes but does not have clear goals?

8. Has many financial issues, and you don’t know where to start?

9. Has no savings but wants to start?

10. Wants to open an account but doesn’t know what kind of

account or where?

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Introduction to the CFPB

Consumer Financial Protection Bureau

The CFPB’s mission is to make markets for consumer financial products and services work for Americans.

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Introduction to the CFPB

Education: Your Money Your Goals Toolkit • for Social Services – Field test, 2013. – Now, ready for national rollout. – Ten national organization partners. NACHC is the first! Thanks!– Each trains a minimum of 500 case workers, front line staff.• for Workers (current pilot)• for Community Volunteers (current pilot)• for Legal Aid Attorneys and Offices (current pilot) Enforcement Study

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Financial empowerment

Financial literacy

AbilityFinancial

empowerment

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What is financial empowerment?

How is it different than financial education, financial literacy, financial capacity, or other commonly used terms?

Access Trust

Opportunities for

providing financial

empowerment

Financial empowerment, and case managers

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Module 14: Protecting Consumer RightsSubmitting a complaint to the CFPB

Question:

What kind of topics might come up that hurt patients, financially, and should be reported to the CFPB?

Complaint submitted

Complaint reviewed and routed

Company response

Consumer review

CFPB review and investigation

Analysis and report

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Tool 3:  Submitting a complaint

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Your Money, Your GoalsModule 4: Emotional and cultural influences on financial decisions

Module 4: Emotional and cultural influences on financial

decisions

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Table Exercise: Emotional, Cultural Influences on Financial Decisions

Brainstorm common differences in how money is handled or financial decisions are made.

How can this understanding help in my work with patients?

• Gender

• Culture

• Religion

• Ethnicity

• Race

• Other

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Your Money, Your GoalsModule 3: Starting the conversation

Module 3: Starting the conversation

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Role Play Exercise: Talking to a Patient

Begin with:

health insurance topics to reduce out of pocket medical costs

Examples: managing chronic conditions, getting generic drugs, taking advantage of clinic or community resources

THEN

Listen for an opening or initiate a question on the topic of money, personal finances.

“What do you feel good about in the way you are handling the large topic of money?” “Is there a money topic that you want to handle better?”

Module 8: Managing Income and BenefitsTool 4:  Increasing your income through tax credits

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Earned Income Tax Credit

Maximum tax credit (for 2013)

$6,044 with three or more qualifying children

$5,372 with two qualifying children

$3,250 with one qualifying child

$487 with no qualifying children

All information regarding tax credits from the Internal Revenue Service at

www.irs.gov.

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Your Money, Your GoalsModule 11: Dealing with debt

Tool 1: Debt management worksheet

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Tool 3: Debt-reduction worksheet

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Tool 5:  When debt collectors call

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Your Money, Your GoalsModule 7: Saving for the unexpected, emergencies, and goals

Tool 1:  Savings plan

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Your Money, Your GoalsModule 10: Managing cash flow

Module 10: Managing cash flow

What is a cash flow budget?

How is it different from a regular budget?

What do you think may be the benefit of this approach for your clients?

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Module 10: Managing Cash FlowTool 1: Cash flow budget

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  Week 1 Week 2

Beginning balance for the week $37.00 $142.37

     

Sources of cash and other financial resources

Income from job $305.34 $290.80

SNAP $280.00  

Public housing voucher $650.00  

     

Total sources of cash and other financial resources

$1,272.34 $433.17

     

Uses of cash and other financial resources    

Housing $650.00  

Utilities $59.97 $95.50

Groceries $180.00 $80.00

Eating out (meals and beverages)    

Transportation $240.00 $60.00

     

Total uses of cash and other financial resources $1,129.97 $235.50

     

Ending balance for the week $142.37 $197.67

Ending balance from previous week.

To get a starting balance, total your cash, debit card , and account balances

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Your Money, Your GoalsModule 8: Managing income and benefits

Tool 1:  Income and financial resource tracker

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Module 8:Managing Income and BenefitsTool 1: Income and financial resource tracker

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Week 1

Week 2

Week 3

Week 4

Total Regular

Irregular

Seasonal

One-time

Job

Second job

Self- employment income

SNAP

TANF

SSI

Child support

Gift

Tax refund

Weekly total

Module 9: Paying Bills and Other ExpensesTool 1:  Spending tracker

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Module 9: Paying Bills and Other ExpensesTool 1: Spending tracker, continued

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SavingsSaving for goals, saving for emergencies, saving for children’s education, saving for retirement, saving for holiday purchases, saving for back to school shopping

Debt paymentCredit card payments, payday loan payments, pawn loan payments, car title loan payments, and other loan payments

Housing Rent, mortgage, insurance, property taxes

UtilitiesElectricity, gas, water, sewage, phone, television, Internet service, cell phone

Household supplies and expenses

Things for your home like cleaning supplies, kitchen appliances, furniture, other equipment

GroceriesFood and beverages to be brought into the home, including baby formula and food

Eating out (meals and beverages)

Any meals or beverages purchased outside of the home

SavingsSaving for goals, saving for emergencies, saving for children’s education, saving for retirement, saving for holiday purchases, saving for back to school shopping

Debt payment 

Credit card payments, payday loan payments, pawn loan payments, car title loan payments, and other loan payments

Module 9: Paying Bills and Other ExpensesTool 1: Spending tracker (continued)

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Transportation Gas, car payment, insurance payment, repairs

Health careCo-payments, medication, eye care, dental care  

Personal care  Haircuts, hygiene items, dry cleaning, pet costs

Childcare and school expensesChild care costs, diapers, school supplies, school materials fees, field trip and other activity fees

EntertainmentGoing to the movies, going to concerts, sports equipment/fees, sporting events, lottery tickets, memberships, alcohol, books/CDs, subscriptions

Court-ordered obligationsChild Support, restitution, etc. 

Gifts, donations, and otherDonations to religious organizations or other charities, gifts, other expenses

Transportation Gas, car payment, insurance payment, repairs

Health careCo-payments, medication, eye care, dental care  

Tool 2:  Bill calendar

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Tool 3:  Strategies for cutting expenses

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Tool 4:  When cash is short – prioritizing bills and spending

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Tool 5: Prioritizing bills

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Your Money, Your GoalsModule 6: Setting Goals

Module 6: Setting GoalsTool 1: Goal setting tool

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Setting Goals, Tool 1. PP. 57,58,59

In pairs at your table:

• Identify up to three short term goals that patients can address to meet their health care needs, manage chronic diseases, reduce medical expenses.

• What might be one or two long term goals to strengthen the financial condition of your patient’s finances?

Table Exercise: 10-15 Minutes with a Patient I will……

What are the common money topics that will come up in your interaction with patients?

Which collection of topics and tools will you have ready to share?

Directions

Each table answers these two questions.

Put answers on newsprint.

Report to the larger group.

Coordinator Training Responsibilities with MembersReview…

Take this four hour training and replicate it.

The key training objective is to:

Provide information and tools to patients on key topics they raise.

Support patients in taking small actions to strengthen their financial

lives. Examples: reduce out of pocket medical costs, use the Earned

Income Tax Credit to reduce debt & establish small $500-$1000

emergency savings; tracking income/resources/spending; prioritizing

bill paying to make ends meet.

Provide referrals

Use the slides, exercises, and Your Money Your Goals Toolkit for Social

Services.

Administer pre-surveys and post surveys to Members at beginning and

end of training. Complete trainer survey after training. Send these to

NACHC Office

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Your Money, Your GoalsClosing