Money Tools and Resources for your Adult Learners 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. Effective Transitions in Adult Education conference Session VI, Friday, November 14 9:00am – 10:30am in Tiverton.

Mary “Jeannette” Schultz National Endowment for Financial Education Priyanka Sharma National College Transition Network

o 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.

We Serve... o youth up to retired adults o particularly “underserved” o people in difficult or unusual life circumstances We Provide... o Grants for research about the field of financial literacy o Resources for consumers, educators, and facilitators We Partner with... o Habitat for Humanity o American Indian College Fund o American Red Cross o Dress for Success o Generations United o Others...

o Supports ABE staff, programs, and state agencies in establishing and strengthening ABE-to-college transition services. o Brings together the various efforts of educators, professional development providers, policy makers, and researchers concerned with effective college transitions to postsecondary education and training. o 2300 members and counting o 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

o 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.

o Identity theft is expensive, time consuming, and stressful. o Protect personal papers and online accounts. o Review bills, statements, and credit reports. o Report identity theft immediately:  Request a fraud alert.  Create an Identity Theft Report at

◦ 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! For more money saving tips, go to the publication at: ** Quiz was based on 40 Money Management Tips Every College Student Should Know by NEFE

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.  Step 1: Identify Income Sources.  Step 2: List Expenses.  Step 3: Compare Income and Expenses.  Step 4: Change Habits. ◦ Update the spending plan as necessary.

o 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.

o Record all spending: checks, ATM and bank withdrawals, debit transactions. o Subtract these amounts from the amount in the checking account. o Keep track of spending to prevent bounced checks and nonsufficient funds fees.

o Research the fees on financial products to save money:  Phone cards  Prepaid cards  Money wiring services o See Consumer.gov for details.

o Save money for emergencies and goals. o List saving as an expense on the spending plan. o Put bonuses, tax refunds, gifts and inheritances in savings. o Developing a habit is more important than the actual amount saved.

o Credit is your ability to borrow money. o A credit score is a report card on payment history, credit usage, and more. o Credit scores are between 350 and 850— higher scores are better. o Check credit reports once a year:

o Using credit means borrowing money to buy goods or services. o Credit may involve paying interest charges. o Good uses of credit contribute to the future, including borrowing for education. o Avoid impulse buying by asking yourself, “Would I take out a loan for this?”

o Advertisers target students with legal but costly financial products:  Payday loans and cash advances  Pawnshops and car title loans  Rent-to-own stores o Save money by avoiding these products. o See Consumer.gov for details.

o Con artists target students with Internet phishing, job and money wiring scams, and scholarship search services. o You should not have to pay money to get money. o If something sounds too good to be true, it probably is.

o Beyond school fees, costs may include: Books and supplies Computers and Internet access Any temporary loss of earnings Housing, transportation, and childcare o The costs of college should eventually pay off through a more satisfying and higher paying career.

o A combination of funds pays for college: Savings and earnings Financial aid Employer or military benefits Individual Development Accounts (IDAs) o Returning to school provides tax benefits. o Research and planning are key.

o Sources include: Federal, state, local, and institutional aid Work-Study, scholarships, grants, and IDAs o Cost of attendance minus expected family contributions equals financial aid eligibility. o To get started, complete a Free Application for Federal Student Aid (FAFSA) at

◦ Tailor school assignments to the job. ◦ Discover the college career center. ◦ Take advantage of other job-related college services. ◦ Gain experience while in school.

o Published by NEFE in collaboration with NCTN o Aimed towards non- traditional students who are transitioning into college o Excellent resource for financial planning

o What are the financial barriers that adults face when going to college? o Brainstorm ways to overcome the financial barriers assigned to your group o We will hear back from all groups

o To succeed in college classes while juggling work and family:  Get to know professors.  Use campus resources.  Develop time management resources.  Enlist help from family.

o Review the topics covered in the workshop:  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.

o Work in small groups to discuss how you can integrate financial literacy (a curriculum, overall concepts, ideas) in your program and classroom. o We will hear back from all groups.

o Additional funding o Ally in achieving organization mission o Training resources/venues o Publicity/marketing o Promo items

◦ Consumer.gov: ◦ Federal Trade Commission: ◦ National Endowment for Financial Education (NEFE): ◦ Federal Student Aid: ◦ World Education:

Financial Workshop Kit o Tools to enhance effectiveness o Customizable programs and presentations Content Delivery o Each workshop consists of Presentation Script (facilitator's guide) Handouts Other resources FAQs Relevant information for audiences

F INANCIAL W ORKSHOP K IT /S URVEY OF NEFE T OOLS NEFE Tools o Smart About Money o My Retirement Paycheck o Retirement TLC o Life Values Quiz o NEFE Financial Education Evaluation Toolkit® o NEFE High School Financial Planning Program® (HSFPP) o CashCourse® o Spendster

Consumer Tool

Blueprint for Community-Based Financial Education Financial Education Program In Cooperation with s.org/Portals/0/NEFE%20CC%203r d%20ed% b_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.

toolkit.nefe.org Evaluation Toolkit

Tools Available from NEFE NEFE resources: toolkit.nefe.org

Mary “Jeannette” Schultz, MNM Project Manager, Grants & Research National Endowment for Financial Education (303) Priyanka Sharma Coordinator National College Transition Network A part of World Education, Inc. (617) o o o o