Financial Wellness:
MyBudgetCoach
www.ohiofoodbanks.or
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www.mybudgetcoach.or
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Chrisann Leaman, United Way of
Greater Stark County
Jessica Weitthoff, Ohio Association
of Foodbanks
Learning Objectives
• Who is your financial expert?
• Learn about resources so you can answer
your financial questions
• Understand MyBudgetCoach and how to get
involved
• Slides can be found: goo.gl/KcXBc6
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Kahoot.it
• Test Run
• Let’s play a game.
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Let’s Play A Game!
1.Take out your phones and go to:
Kahoot.it
2.Enter your favorite food followed by a
number that means something to you
3.Enter the number on the screen when
asked.
4.You will see the actual questions up
here. Pick the color/shape that
corresponds to the right question.
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3 Main Reasons Why People
Don’t Do Well Financially
1. Failure to plan
2. People are uninformed
3. People are misinformed
Royce, C. (May 15, 2015). [Video file]. Chris Royce - Financial Wellness Workshop
Presentation Retrieved from https://www.youtube.com/watch?v=cgLGH_PclBo
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Savings
•Banking
•Emergency
•Retirement
•529 Plan
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Where to put your money
•Savings
•Emergency
•Checking
•Automate direct deposit
Ohio Banks
Credit Unions
community-oriented
serve people, not profit
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401K
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529 Plan
•College Advantage - Ohio’s 529 Savings
Program
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Debt
•Credit cards
•Bankruptcy Help
•Rewards
•House
•Auto
•Student loans
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Student Loans
• Federal Student Loans
• You for loan forgiveness,
•FAFSA on OBB
cancellation or
• The U.S. Department of
discharge. Two popular
Education will provide help
loan forgiveness
for FREE. Private companies
programs include:
may contact you to help for a
• Public Service Loan
fee – it’s not necessary!
Forgiveness
• Teacher Loan Forgiveness
Credit Report/Score
• Check your credit
report for free
•The Fair Credit
Reporting Act (FCRA)
•Federal Trade
Commision - Dealing
with Debt
• Consumer Financial
Protection Bureau How to get and keep a
good credit score
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Tracking Income and Expenses
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Agenda
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What is MyBudgetCoach®
Member
Skills that members will acquire
Coach
Relationship Manager
Training
Support Site
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About MyBudgetCoach
• Online financial
wellness tool
• Client driven
• Year-long cycleone module a month
Photo Credit: taxcredits.net
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MyBudgetCoach®
The MyBudgetCoach® tool helps working
families improve their ability to budget
and make well-informed financial
decisions. Understanding the importance
of budgeting is generally recognized as
the first step in successful financial
planning.
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Roles
• Member - client or
customer
• Coach- facilitates
monthly meetings
• Relationship Managerruns administrative
aspects of the program
• The site
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How the MyBudgetCoach program
works
Client is referred to
MyBudgetCoach
Program
Relationship Manager will
complete daily check lists
verify other reports and will
be the 1st line of support for
coaches
Coach will schedule the 1st
session with client within 1
week
Client will complete the
intake process with staff
person/Relationship
Manger
Staff person/ Relationship
Manger matches client with
coach within 72 hours via
phone or e-mail
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Member
• Drives the process, makes decisions in each
module
• Works with a coach in-person or remotely
• Must be willing and able to meet for all 12
sessions and work throughout the year to
achieve financial and non-financial goals
• Computer literacy including a comfort level
using a variety of online tools
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Members should be…
• Ready to tackle the
emotional topic of
personal finances
Photo Credit: Alan Cleaver
• Ready to make a yearlong commitment
• Comfortable with a
computer
• Earning an income
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Skills members acquire
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Develop and maintain a household budget
Reduce debt
Increase savings
Understand ways to improve credit score
Increase overall net worth
Reduction in delinquent bill payments
Build a relationship with financial institution
Increase in confidence in regards to personal
finance
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Coach
A coach may be a staff member or
volunteer. Once a coach/member
pair has been established the
coach is responsible for reaching
out to the member and setting the
meeting date, time and location.
Ensure that all in-person meetings
are set in an business office or
public building (i.e. library, coffee
shop).
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A coach should be….
• Be comfortable with a computer
• Be a good listener
• Be willing to partner and explore issues
with the member
• NOT tell the member what to do
• Either be staff members, or volunteers
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Coach – contd.
• Coaches are required to complete training class
• Encourage member to set goals and outline
strategies
• Keep all data and information confidential
pertaining to the member
• As a coach you are a catalyst for good financial
behavior, delivering the tools and information
members need to achieve their financial goals
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Relationship Manager (RM)
• Will oversee recruitment of members and
coaches
• Training coaches
• Matching coaches with members
• Monitoring the progress of the member/coach
pair as they progress through the program
• From time to time, the RM will intervene in
the coach/member relationship to ensure the
pair progresses through the coaching session
in due course and running on schedule
• The RM may also be a coach
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Relationship Manager (RM) continued
• Contact potential members within one business day to
schedule intake
• Briefly explain the program requirements and
expectations
• Process daily, weekly, reports to keep you up to date and
current on all clients and coaches progress
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Relationship Manager (RM)
• Handles most of the
administrative functions
• Recruits and pairs Members
and Coaches
• Tracks progress
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The Site
• Service delivery site
agreement
• If you become a relationship
manager, you become a site
• Open versus closed
• Individual sites
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Coach training
• Completed in a classroom setting with a MBC
certified instructor
• MBC Coaching Training Manual is available
• Hands on training, with point, click and
entering instructions through several
sessions
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Overview of trainings
• Relationship Manager training (30 minute online
training)
•Must be a site or associated with a site prior to
coach training
• Coach Training (4 hours)
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General Strategy of Coaching
Inspire
Empower
Guide
Restore
Engage
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Coaching Guidelines
Know your role
Resist the urge to fix
Retain your inner circle
Know your boundaries
Keep in mind the emotional ties
with money
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How the MyBudgetCoach program
works
Client is referred to
MyBudgetCoach
Program
Relationship Manager will
complete daily check lists
verify other reports and will
be the 1st line of support for
coaches
Coach will schedule the 1st
session with client within 1
week
Client will complete the
intake process with staff
person/Relationship
Manger
Staff person/ Relationship
Manger matches client with
coach within 72 hours via
phone or e-mail
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Build a good rapport
• Make the first interaction pleasant and non threatening. This will help
the coach understand the clients’ financial habits, attitudes, values,
behaviors and emotional triggers.
• Allow the client to pinpoint their own strengths and challenges and
identify changes they want to make; goal-setting.
• Checking assumptions and suspending judgments is crucial to being a
successful coach, Making an assumption, or belief that something is true
without evidence, leads to stereotypes.
• Tie financial topics back to the client’s situation and goals while
explaining what they mean for him or her. Avoid judging. Choices are not
necessarily good or bad; they depend on the client’s situation.
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MyBudgetCoach® Dashboard
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Some Budget Coaching Soft Skills
• Remember that you are coaching, not
counseling
• Be someone that listens and asks questions
• Help the clients refine their own goals,
objectives and strategies
• Someone who also holds clients accountable
for their intended goals, providing as
sounding board
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Launching a coaching session
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Beginning a session
Wow I am so
excited!
I Know, right!
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Goal Tracker
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Set financial & non-financial goals
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Enter Expenses
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Create a budget
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Resource Area that includes items for homework assignments,
daily budgeting forms, ideas & agreement form
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Wheel of Money
Net Worth Calculator
Guide to Financial Services
Benefits, Obstacles & costs Worksheet
Income Generation Guide
Thinking Outside The Box worksheets
Financial Organization Strategies
Plug Your Spending Leaks
Money Gobblers
Needs vs. Wants
Budgeting FUNdamentals Quiz
Budget Coaching Agreement Form
Pocket Expense Tracker
Calculating Monthly Income
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Example of a few forms
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Message Center
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Support Site
www.support.mybudgetcoachohio.org
support.mybudgetcoachohio.org
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Always Remember……
remember…
Your members drive the process. They
make the decisions about what actions they
want to take. Each member is responsible
for his or her own success. As a budget
coach, you will simply encourage members
to set specific and achievable goals and to
outline steps they can take to reach their
goals. You will also celebrate with them the
progress made along the way toward these
goals.
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A Always
Member’s
View:
Remember……
When I initially started MyBudgetCoach, my goal was to
eliminate disconnect notices. After approximately one year
with the program, I not only have no disconnect notices, but
I’m paying my bills on time every month, have a standard
savings account, have become organized in my finances to
the point where I saving for Christmas (I’m trying to have a
mostly cash Christmas, a 90/10 or 95/05 ratio). Because of
the structure the program gives me, I can afford to pay my
monthly expenses with money and even when I “backslide”
(which isn’t often) I can identify when the problems and come
up with plans to fix them. MyBudgetCoach has been a
tremendous help to me and I recommend to anyone who is
looking for a turnaround in their finances.
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So jump in and become a
MyBudgetCoach Site!
• MyBudgetCoachOhio.org
• Click on relationship
manager
• Click on training
• Enter the password
_____________________
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If we made millions….
• Athlete who budgeted right
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Questions?
E-mail mybudgetcoach@ohiofoodbanks.org
for additional questions
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