What do you need in order to
make the most of your money?
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Desire and Will to control your income and spending as a high priority
Your needs clearly separated from your wants
Ability to
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Read and write English
Do simple arithmetic
Use a PC, Smartphone or Tablet to access the internet
Confidence to manage your finances, and support from family or friends
Knowledge of: budgeting, bank accounts, how to safely use the internet,
priority and non-priority payments, credit, money-saving opportunities
Know: how to convert weekly and monthly units into all weekly or all
monthly. An understanding of percentages
Awareness and understanding of financial products – loans, insurance,
“jam jar” accounts, savings plans eg. credit union account, what to avoid.
The habit of writing down and tracking what you do against what you
want to do
Trusted sources of reliable advice and support when needed
Potteries MoneyWise – the Guts of
making the most of your money - 1
• Dealing with known emergencies now
• Money Planning (budgeting)
– financial statement for adviser, specialist appointment or referral
– wants and needs
– income maximisation
• Debts and bills – priority vs non-priority payments
• Credit – Credit union vs Payday loan vs new Social Fund
• Money-saving opportunities:
1. spending less – tips and lifestyle change suggestions
2. “rainy day money” . . . . putting money aside for
future events and emergencies.
Potteries MoneyWise – the Guts of
making the most of your money - 2
• Awareness of financial products:
+ ve . . . Bank, Credit Union and Post Office accounts,
Moneyline, insurance
- ve . . . Payday loans, Loan sharks,
Brighthouse and Perfect Homes
• Awareness of:
- How to access the positive ones, and
- Alternative solutions and actions to avoid the
negative ones.
• Maximising income
• Where to go for local help and more coaching
see Potteries MoneyWise handout, ChatterboxNS.com
Potteries MoneyWise – Beneficiaries
Resource
needed
Probability
of
success
HIGH
HOPEFULS
Hoping for
opportunity to
change or
move on
“hopefuls” are the
examples.
The others follow
PERSUADABLE
50/50
not bothered or
not aware
IMMOVABLE
ZERO
Infinite resource
needed
don’t want to
change or engage
or in denial
Follow the lead
of the “hopefuls”
Engage only at
emergencies or when
compelled
Potteries MoneyWise – Beneficiaries
• Identify hopefuls
• Work with hopefuls
• Find incentives that encourage hopefuls and act as
“carrots” for “persuadables”
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eg. reward tokens
Desirable experiences
Further development opportunities
Positive peer pressure from friends and role models
Therefore being seen to reward effort and behaviour that
moves towards meeting project and potential beneficiaries’
objectives
Example is YMCA
Don’t waste resources on the immovables.
(who are in denial or don’t have hope, or desire to change.
Colloquially . . . . . ? “Zombies, Outlaws and Aliens” ?)
Potteries MoneyWise – Core session
Could be for debt,
Benefits, housing
etc. advice
Assessor
Checks PMW
eligibility
Coach also monitors
+ requests
permission to
follow up in 6 wks
Specialist
Adviser / other
Agency refines
PMW financial
statement
Queue in Reception at
CAB office or CAB outreach
1 to 1 in private
Seen by Assessor who completes
Gateway and Consent forms
Seen privately by PMW coach
who does 30 mins Core training,
+ PMW Financial Statement
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Gateway form +
Consent form +
(Assisted information
Signposting information)
Client takes away:
• PMW “Top Tips” booklet
• PMW Financial Statement
• Spending Diary
• assisted info. / signposting
Finished . . . OR
Seen by Specialist Adviser or
signposted elsewhere or
another appointment made
Appt. made for PMW indepth session (group)
Potteries MoneyWise – Words
• Budget
Money plan
• Trainer
Coach if 1 to 1
• Fincap
Making the most of your money
• Financial products
Financial awareness
• Saving . . . . 2 sorts
- paying less
- putting money away for the future