Your Money, Your Goals
A 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
Your Money, Your Goals
Module 2: Assessing the situation
7
Tool 1: Financial empowerment self-assessment,
P11
8
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
9
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
10
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
What is financial empowerment?
How is it different than financial education, financial literacy, financial
capacity, or other commonly used terms?
Financial
literacy
Ability
Financial
empowerment
15
Financial empowerment, and case managers
Access
Trust
Opportunities
for providing
financial
empowerment
16
Module 14: Protecting Consumer Rights
Submitting 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
Your Money, Your Goals
Module 4: Emotional and cultural
influences on financial decisions
20
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
Your Money, Your Goals
Module 3: Starting the conversation
23
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 Benefits
Tool 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
Your Money, Your Goals
Module 11: Dealing with debt
28
Tool 1: Debt management worksheet
29
Tool 3: Debt-reduction worksheet
30
Tool 5: When debt collectors call
31
Your Money, Your Goals
Module 7: Saving for the unexpected,
emergencies, and goals
32
Tool 1: Savings plan
33
Your Money, Your Goals
Module 10: Managing cash flow
34
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 Flow
Tool 1: Cash flow budget
Week 1
Week 2
$37.00
$142.37
Income from job
$305.34
$290.80
SNAP
$280.00
Public housing voucher
$650.00
Beginning balance for the week
Sources of cash and other financial resources
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
$180.00
$80.00
Transportation
$240.00
$60.00
Total uses of cash and other financial resources
$1,129.97
$235.50
$142.37
$197.67
Groceries
Eating out (meals and beverages)
Ending balance for the week
Ending balance
from previous
week.
To get a
starting
balance, total
your cash, debit
card , and
account
balances
36
Your Money, Your Goals
Module 8: Managing income and benefits
37
Tool 1: Income and financial resource tracker
38
One-time
Seasonal
Irregular
Regular
Total
Week 4
Week 3
Week 2
Week 1
Module 8:Managing Income and Benefits
Tool 1: Income and financial resource tracker
Job
Second job
Self- employment income
SNAP
TANF
SSI
Child support
Gift
Tax refund
Weekly total
39
Module 9: Paying Bills and Other Expenses
Tool 1: Spending tracker
40
Module 9: Paying Bills and Other Expenses
Tool 1: Spending tracker, continued
Savings
Saving 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
Housing
Rent, mortgage, insurance, property taxes
Utilities
Electricity, 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
Groceries
Food 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
Savings
Saving 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
41
Module 9: Paying Bills and Other Expenses
Tool 1: Spending tracker (continued)
Transportation
Health care
Gas, car payment, insurance payment, repairs
Co-payments, medication, eye care, dental care
Personal care
Haircuts, hygiene items, dry cleaning, pet costs
Childcare and school expenses
Child care costs, diapers, school supplies, school materials fees, field trip
and other activity fees
Entertainment
Going to the movies, going to concerts, sports equipment/fees, sporting
events, lottery tickets, memberships, alcohol, books/CDs, subscriptions
Court-ordered obligations
Child Support, restitution, etc.
Gifts, donations, and other
Donations to religious organizations or other charities, gifts, other
expenses
Transportation
Gas, car payment, insurance payment, repairs
Health care
Co-payments, medication, eye care, dental care
42
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
Your Money, Your Goals
Module 6: Setting Goals
47
Module 6: Setting Goals
Tool 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 Members
Review…

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
Your Money, Your Goals
Closing
52