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Transcript of Your Money, Your Goals A FINANCIAL EMPOWERMENT TOOLKIT FOR SOCIAL SERVICES PROGRAMS Denise DeVaan,...
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
3
Tool 2: Resource and referral guide template
4
Instrument 3A: Member Training pre-survey
5
Instrument 3B: Member Training post-survey
6
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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
10
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?
11
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?
12
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.
13
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
14
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
16
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
17
Tool 3: Submitting a complaint
18
19
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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
21
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
23
Your Money, Your GoalsModule 3: Starting the conversation
Module 3: Starting the conversation
24
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
26
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.
27
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Your Money, Your GoalsModule 11: Dealing with debt
Tool 1: Debt management worksheet
29
Tool 3: Debt-reduction worksheet
30
Tool 5: When debt collectors call
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32
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?
35
Module 10: Managing Cash FlowTool 1: Cash flow budget
36
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
37
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
39
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
40
Module 9: Paying Bills and Other ExpensesTool 1: Spending tracker, continued
41
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)
42
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
43
Tool 3: Strategies for cutting expenses
44
Tool 4: When cash is short – prioritizing bills and spending
45
Tool 5: Prioritizing bills
46
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Your Money, Your GoalsModule 6: Setting Goals
Module 6: Setting GoalsTool 1: Goal setting tool
48
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
51
52
Your Money, Your GoalsClosing