Money Tools and Resources for
your Adult Learners
Effective Transitions in Adult
Education conference
Session VI, Friday, November 14
9:00am – 10:30am in Tiverton.
Use limitations: These materials may be used only for nonprofit, noncommercial educational purposes. These materials may not be used in connection with any sale,
advertisement, endorsement, or promotion of any service, product, person, or business and may not be sold or offered for sale.
Mary “Jeannette” Schultz
National Endowment for Financial Education
Priyanka Sharma
National College Transition Network
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A nonprofit, noncommercial, independent,
501©(3), self-funded, private foundation based in
Denver Colorado.
NEFE inspires empowered
financial decision-making for
individuals and families through
every stage of life.
www.NEFE.org
We Serve . . .
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youth up to retired adults
particularly “underserved”
people in difficult or unusual life circumstances
We Provide. . .
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Grants for research about the field of financial literacy
Resources for consumers, educators, and facilitators
We Partner with . . .
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Habitat for Humanity
American Indian College Fund
American Red Cross
Dress for Success
Generations United
Others . . .
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Supports ABE staff, programs, and state agencies in establishing and
strengthening ABE-to-college transition services.
Brings together the various efforts of educators, professional
development providers, policy makers, and researchers concerned
with effective college transitions to postsecondary education and
training.
2300 members and counting
A part of World Education, a non-profit
founded in 1951 to meet the needs of the
educationally disadvantaged and has
worked in over 50 countries in Asia,
Africa, and Latin America, as well as in
the United States.
Collegetransition.org
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Professional development around college and
career readiness, conference, publications,
technical support for program planning,
design and enhancement.
◦ Learn how to set realistic goals.
◦ Review the basics of managing money.
◦ Find out how to avoid scams and
prevent identity theft.
◦ Identify the costs of college.
◦ Explore ways to pay for college.
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Identity theft is expensive, time consuming,
and stressful.
Protect personal papers and online accounts.
Review bills, statements, and credit reports.
Report identity theft immediately:
 Request a fraud alert.
 Create an Identity Theft Report at
www.consumer.ftc.gov.
◦ Specific: I need a laptop computer for
school.
◦ Measurable: The laptop I want is $500.
◦ Achievable: I need to save $60 per month.
◦ Realistic: I can earn an extra $15 per week
by babysitting for a few hours.
◦ Time bound: I need the laptop for when I
start school in one year.
Let’s discuss the answers!
Quiz was based on 40 Money Management Tips Every College
Student Should Know by NEFE
For more money saving tips, go to the publication at:
**www.smartaboutmoney.org/Portals/0/ResourceCenter/40MoneyManagementTips.pdf**
Prioritize spending by analyzing where money
goes:
o Record every penny spent in a spending diary for a
week.
o Review needs vs. wants.
o Look for spending leaks—
small amounts that add up
over time.
◦ The key to following a spending plan
is making it realistic and accurate.
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Step
Step
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Step
1:
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4:
Identify Income Sources.
List Expenses.
Compare Income and Expenses.
Change Habits.
◦ Update the spending plan as
necessary.
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Storing money at a bank or credit union is
safer than handling cash.
• Checking accounts are for paying bills.
• Savings accounts are for setting aside money for
emergencies and goals.
◦ Look for a bank with convenient
hours, locations, and ATMs along
with low minimum balances and fees.
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Record all spending: checks, ATM and bank
withdrawals, debit transactions.
Subtract these amounts from the amount
in the checking account.
Keep track of spending to prevent
bounced checks and nonsufficient
funds fees.
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Research the fees on financial products to
save money:
 Phone cards
 Prepaid cards
 Money wiring services
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See Consumer.gov for details.
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Save money for emergencies and goals.
List saving as an expense on the
spending plan.
Put bonuses, tax refunds,
gifts and inheritances in savings.
Developing a habit is more
important than the actual amount saved.
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Credit is your ability to borrow money.
A credit score is a report card on payment
history, credit usage, and more.
Credit scores are between 350 and 850—
higher scores are better.
Check credit reports once a year:
www.annualcreditreport.com.
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Using credit means borrowing money to buy
goods or services.
Credit may involve paying interest charges.
Good uses of credit contribute to the future,
including borrowing for education.
Avoid impulse buying by asking
yourself, “Would I take out a
loan for this?”
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Advertisers target students with legal but
costly financial products:
 Payday loans and cash advances
 Pawnshops and car title loans
 Rent-to-own stores
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Save money by avoiding these products.
See Consumer.gov for details.
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Con artists target students with Internet
phishing, job and money wiring scams,
and scholarship search services.
You should not have to pay money to
get money.
If something sounds too good to be true, it
probably is.
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Beyond school fees, costs may include:
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Books and supplies
Computers and Internet access
Any temporary loss of earnings
Housing, transportation, and childcare
The costs of college should eventually pay off
through a more satisfying and higher paying
career.
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A combination of funds pays for college:
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Savings and earnings
Financial aid
Employer or military benefits
Individual Development Accounts (IDAs)
Returning to school provides tax benefits.
Research and planning are key.
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Sources include:
• Federal, state, local, and institutional aid
• Work-Study, scholarships, grants, and IDAs
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Cost of attendance minus expected family
contributions equals financial aid eligibility.
To get started, complete a Free Application
for Federal Student Aid (FAFSA) at
www.studentaid.ed.gov.
◦ Tailor school assignments to the job.
◦ Discover the college career center.
◦ Take advantage of other job-related
college services.
◦ Gain experience while in school.
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Published by NEFE in
collaboration with NCTN
Aimed towards nontraditional students who
are transitioning into
college
Excellent resource for
financial planning
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What are the financial barriers that adults face
when going to college?
Brainstorm ways to overcome the financial
barriers assigned to your group
We will hear back from all groups
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To succeed in college classes while juggling
work and family:
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Get to know professors.
Use campus resources.
Develop time management resources.
Enlist help from family.
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Review the topics covered in the workshop:
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Learn how to set realistic goals.
Review the basics of managing money.
Find out how to avoid scams and prevent identity theft.
Identify the costs of college.
Explore ways to pay for college.
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Work in small groups to discuss how you can
integrate financial literacy (a curriculum, overall
concepts, ideas) in your program and classroom.
We will hear back from all groups.
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Additional funding
Ally in achieving
organization
mission
Training
resources/venues
Publicity/marketing
Promo items
◦ Consumer.gov: www.consumer.gov
◦ Federal Trade Commission:
www.consumer.ftc.gov
◦ National Endowment for Financial Education
(NEFE): www.nefe.org
◦ Federal Student Aid: www.studentaid.ed.gov
◦ World Education: www.worlded.org
Financial Workshop Kit
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Tools to enhance
effectiveness
Customizable programs
and presentations
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Content
Delivery
Each workshop consists
of
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Presentation
Script (facilitator's guide)
Handouts
Other resources
FAQs
Relevant information for
audiences
FINANCIAL WORKSHOP KIT/SURVEY OF
NEFE TOOLS
NEFE Tools
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Smart About Money
My Retirement Paycheck
Retirement TLC
Life Values Quiz
NEFE Financial Education Evaluation Toolkit®
NEFE High School Financial Planning Program® (HSFPP)
CashCourse®
Spendster
Consumer
Tool
Consumer
Tool
www.NEFE.org
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www.NEFE.org
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http://www.financialworkshopkit
s.org/Portals/0/NEFE%20CC%203r
d%20ed%2003212013b_linked.pdf
Click on NEFE Tools
Then, click on case management
tools, The title Blueprint for
Community-Based Financial
Education is highlighted. You will
click on this link to direct you to
the 90-plus page workbook.
Evaluation Toolkit
toolkit.nefe.org
Tools Available from NEFE
NEFE resources:
•www.hsfpp.org
•www.financialworkshopkits.org
•www.spendster.org
•www.cashcourse.org
•www.smartaboutmoney.org
•toolkit.nefe.org
Mary “Jeannette” Schultz, MNM
Project Manager, Grants & Research
National Endowment for Financial Education
jeh@nefe.org
(303) 224-3502
Priyanka Sharma
Coordinator
National College Transition Network
A part of World Education, Inc.
psharma@worlded.org
(617) 385-3788
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www.nefe.org
www.financialworkshopkits.org
www.collegetransition.org
www.mappingfinancialjourney.org