Your Money Matters Program Provides intensive one-on-one mentoring in which participants are engaged in at least two individual learning sessions per month over the course of up to six months. Sessions will range from thirty minutes to two hours. During these sessions, students will work with their mentors to learn financial best practices, set financial goals, mitigate debt, and much more. The program will consist of nine modules, modeled after the best-practice Your Money, Your Goals curriculum, developed by the Consumer Financial Protection Bureau (CFPB). All programming – from initial group training to one-on-one mentoring – will be provided at no cost to participants.
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The financial learning needs of each participant will be evaluated individually. For example, participants who score lower on the initial Financial Empowerment Self-Assessment will engage in more mentoring hours compared to those who achieve higher scores. In addition to the guided topics and lessons below, mentors and mentees work together to identify additional hands-on activities that are necessary.
Setting Goals and Planning For Large Purchases:
Topics include the importance of credit reports and scores, what’s included in a credit report, and the definition of a credit score, among others. At this point in the training, students will pull their credit report with the help of their mentor and discuss. Mentees will complete worksheets on attaining credit reports and scores, a credit report review checklist, and what they, specifically, can do to improve their credit score.
Saving For Emergencies, Bills, and Goals:
This module will cover the topics of Emergency savings, creating a savings plan, the benefits of savings plans, how to save money for higher education and retirement, and where to hold savings. Mentees will have the opportunity to create a savings plan and open a savings (and checking) account. At the module’s completion, participants will be quizzed on their knowledge of savings plans and the benefits of saving.
Tracking and Managing Income and Benefits:
This section focuses on income, the reasoning behind pay deductions and wage garnishments, and employee benefits. Mentees will have access to worksheets that support them in tracking their income, understanding the ways in which to receive income and benefits, and teaching them how to increase their income.
Paying Bills and Other Expenses:
Mentees will learn about paying bills, unexpected expenses, the occasional need for stricter budgeting, bill-paying options, and more. Associated tools include a spending tracker and a bill calendar.
Getting Through The Month:
This entire module centers on creating a cash flow budget or a monthly budget. Mentees will work with their mentors to create a monthly cash flow budget, calendar, and checklist.
Dealing With Debt:
Mentors will discuss debt in general (good, bad, secured, and unsecured, and how much is too much), payday loans and debt traps, and the types of debt (student loan, medical, mortgage, etc.). Mentees will have access to the following worksheets: debt, debt-to-income, reducing debt, and repaying student loans.
Understanding Credit Reports and Scores:
Topics include the importance of credit reports and scores, what’s included in a credit report, and the definition of a credit score, among others. At this point in the training, students will pull their credit report with the help of their mentor and discuss. Mentees will complete worksheets on attaining credit reports and scores, a credit report review checklist, and what they, specifically, can do to improve their credit score.
Money Services, Cards, Accounts, and Loans: Finding What Works For You:
Mentors will cover the topics of finding and choosing financial products and Services and managing a bank or credit union account. Mentees will complete assignments that help them understand various money services and banking basics and the various financial institutions and accounts that they are able to, and should, open.
Protecting Your Money:
The final module will examine what participants should do if they have an issue with a financial product or service, how to submit a complaint to CFPB, and how participants can protect their money and information. For this section, there are worksheets associated with each module that allow the mentor and mentee to work together to delve deeper into each subject.
