1. Money Management for 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. 1

2. Welcome & Introductions
Congratulations on Making the Decision to Go Back to School!
Introduce yourself and express your pleasure at having the opportunity to help adult learners imagine a new life.
Have participants introduce themselves and, if they are comfortable, briefly explain why they are there.
?Ask participants: “What is holding you back?” Write some of the answers on the board, expecting answers such as lack of money, childcare, and time.
Explain how information in the workshop will help them overcome any obstacles. For example, financial aid can ease concerns over money.
Note that you will be using the term “college” as shorthand for all forms of continuing education. 2

3. Objectives 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.
Explain that this workshop is designed to teach money management basics with the goal of helping participants return to college.
Review the workshop’s objectives:
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.

4. Setting Smart Goals 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.
Note that people without goals tend to drift through life, maybe living paycheck to paycheck.
Sometimes, before they know it, they’re nearing retirement age and still looking for a satisfying career—not to mention a retirement fund.
To give your life direction, learn to set SMART goals.
Hand out the Setting SMART Goals worksheet.
Explain that SMART stands for: Specific, Measurable, Achievable, Realistic, and Time bound. The key to goal setting is to make a plan—in writing—that follows the SMART format. For example:
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.
Encourage everyone to use the worksheet later to set at least one financial goal.
?Ask participants: “Have you ever started out the day with a $20 bill and at the end of the day, you have no idea what you spent it on?” Explain that money can seem to slip through your fingers—until you take a closer look.

5. Figuring Out Where Your Money Goes
Prioritize spending by analyzing where money goes:
Record every penny spent in a spending diary for a week.
Review needs vs. wants.
Look for spending leaks— small amounts that add up over time.
Note that paying for college may seem daunting, particularly if you’re having trouble managing current expenses. Fortunately, a few tools can help you figure out where your money is going and redirect it to better uses.
Recommend recording every penny spent in a spending diary for a week.
Use a small spiral notebook or keep notes in a smartphone.
Review spending for any small, recurring purchases that you may not have noticed were adding up—such as the amount spent at vending machines.
Hand out the Needs vs. Wants worksheet.
In general, “needs” are housing, food, clothing, and health care while “wants” include cellphones, eating out, and Internet access.
One person’s wants can be another person’s needs. If you work from home on a computer, Internet access may be a need.
Reviewing your own needs and wants can help you prioritize your spending.
Spending leaks are small amounts of money that add up over time.
Hand out the Spending Leaks worksheet and ask participants to use it later. They may be surprised to find out what they’ve been spending on fast food or apps.

6. Creating a Spending Plan
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.
Explain that creating a realistic spending plan—and following it—is key to finding money to save for goals such as college.
Be sure to review pay stubs, bank statements, and bill statements to see how much you actually make and how much you actually spend. The more you guess, the less helpful the spending plan will be.
If your spending plan includes one meal out a week and you eat out three times a week, you may not have money to save—or to pay a bill.
On the other hand, if your plan includes $40 per week for gas but it turns out you only spend $30, you have $10 more per week to pay down debt or save towards goals.
Hand out the Four-Step Spending Plan worksheet and briefly explain how it works:
Step 1: Identify Income Sources. If your wages are seasonal or based on tips, you may need to average your income over the course of a year.
Step 2: List Expenses. If you have quarterly expenses such as car insurance or annual expenses such as sewer bills, be sure to save a little bit toward that expense each month.
Step 3: Compare Income and Expenses. Subtract your total expenses from your total income.
Step 4: Change Habits. If you’re lucky, your biggest problem is too much money left over. In that case, earmark it towards saving. If your expenses are higher than your income, look for ways to cut expenses, increase income, or both.
Hand out the Cutting Expenses and Increasing Income worksheet for participants to review later.
Point out that creating a spending plan is not a one-time event. While most of the work happens on the front end, the spending plan should be adjusted as more accurate information becomes available, expenses change, or income changes.

7. Choosing a Bank or Credit Union
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.
Explain that storing money at a bank or credit union is safer than handling cash.
Cash can be lost or stolen, and for some people it is simply easier to spend.
Most bank accounts are insured by the Federal Deposit Insurance Corporation (FDIC).
Explain the two main kinds of bank accounts:
Checking accounts are mainly for paying bills.
Savings accounts are primarily for setting aside money for emergencies and goals.
Hand out the Choosing a Bank or Credit Union That’s Right for You worksheet. Tell participants to use the checklist to review the banks in their area:
Products and services offered.
Locations close to home or work.
Hours open.
ATM locations and fees.
Minimum balances and fees (that is, monthly and annual “service charges” that you will be charged regardless of how much money you have in your account or which bank services you use).

8. Using a Checking Account
Track spending with online banking or a check register.
Consider ALL spending: debit transactions, checks, ATM and bank withdrawals.
Consider all fees the bank may charge, such as overdraft/bounced check fees.
Note that checking accounts provide many methods of quick, convenient access to money for paying bills and living expenses:  
Writing checks.
Using an ATM.
Making withdrawals at the bank.
Using a debit card.
Paying bills online.
Emphasize the need to keep track of spending from a checking account to avoid bounced check or overdraft fees.
If participants sign up for online banking, they can check their balance and review their spending at any time by simply logging in to the bank’s website.
If participants don’t have accessible Internet access or prefer not to use online banking, they should track their account by writing down in the check register all checks written, ATM withdrawals made, and debit card purchases made.
If participants are new to banking: Explain that writing a check for more than is in the bank account is known as “bouncing” a check. A bounced check also is known as an overdraft or non-sufficient funds (NSF) check. The bank could charge $30 or more for each bounced check (source:
 Note that banks may charge many types of fees that consumers need to understand. These include:
Bounced check or overdraft fees.
Overdraft protection fees.
Cash advance and transfer fees for debit cards.
Fees for not maintaining a minimum balance.
?Ask participants how many regularly put money into savings.

9. Minimizing Fees to Spend Your Money
Save money be researching fees on financial products that students often use:
Phone cards
Prepaid cards
Money wiring services
See Consumer.gov for details.
Explain that students of all ages often use three financial products that can have very high fees. Consumer.gov provides many details on selecting and using these products:
Phone cards: When purchasing phone cards for long-distance calls, look for low or no maintenance fees and check the expiration date to make sure you can use all the minutes by that date.
Prepaid cards: Prepaid cards offer the convenience of a credit card without the possibility of debt. Compare cards to see which has lower fees for purchasing the card.
Money wiring services: If you need to send money across the country or overseas, compare the fees from two different services.
Note that a small amount of research can help participants save a lot of money over time. High fees for accessing your own money can really add up.

10. Starting a Savings Habit
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.
Explain that setting aside money in a savings account is important for two reasons: To establish an emergency fund and to save for goals.
Emphasize the importance of listing savings as an expense on the spending plan.
Making a point to “pay yourself first” helps build up savings and maintain financial stability.
If you save only what is left over after you pay your bills at the end of the month, you could be setting yourself up for your failure. That leftover money rarely materializes or makes it to the savings account.
Put “found” money such as bonuses, tax refunds, gifts, and inheritance into savings.
Remind participants that developing a savings habit is more important than the actual amount of money deposited each month. Every penny really does count!
?Ask participants how many know what a credit score is. Then, ask how many know what their credit score is.

11. Understanding Credit 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 at least once a year:
Explain that “credit” is your ability to borrow money—whether for 30 days with a credit card or 30 years for a home.  
As soon as you start to use any form of credit, whether through a store credit card or car loan, you start building a credit history.
Part of your credit history is a score.
Your credit score is like a report card of your credit history.
Credit scores are between 350 and 850—higher scores are better.
Credit scores are based on payment history, credit usage, length of credit history, bankruptcies, and more.
Paying bills on time helps build good credit.
Note that participants need to check their credit reports once a year.
Receive one free credit report from each of the three credit reporting agencies from
Review the report for accuracy and report problems.
Make sure all the accounts are yours to spot identity theft.
Emphasize that having bad credit can cost you.
Banks and creditors use the credit score to determine creditworthiness and the rate of interest charged.
Employers, landlords, and insurance companies may check your credit and make assumptions about you as well.

12. Using Credit
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?”
Explain that using credit means borrowing money to buy goods or services.
Major credit cards, store credit cards, car loans, mortgages, and student loans are all forms of credit.
Using credit may result in paying interest charges.
Interest rates are expressed as annual percent rates (APRs). A lower interest rate means you pay less money. A higher interest rate means you pay more money.
Note that credit allows you to pay for things and pay for them later. This can be good or bad.
Many people could not save enough money to buy a car to get to work, buy a home to live in, or go to college without using credit. These are considered good uses of credit because they support the future.
Credit is sometimes necessary when handling emergencies. For example, you may pay for a necessary car repair with a credit card or a crucial roof repair with a home equity line of credit.
On the other hand, using credit for consumer goods that do not gain value (such as clothing, entertainment, vacations, and eating out) are considered bad uses of credit.
Emphasize that good credit contributes to the future while bad uses of credit wastes money on purchases that likely can be delayed. To avoid the impulse to charge items on a credit card:
Ask yourself, “Would I take out a loan for this?”
Avoid spending triggers such as shopping to cope with anger or depression.
Use a debit card, check, or cash when shopping to use only the money currently available in your bank account. Leave credit cards at home.
Remove your credit card number from online accounts to make purchasing more difficult.
?Ask participants if they’ve ever had a bad experience with a pawnshop or paycheck lender. Ask volunteers to share their stories.

13. Avoiding Money Traps
Advertisers target students with legal but costly financial products:
Payday loans and cash advances.
Pawnshops and car title loans.
Rent-to-own stores.
Save money by avoiding these products.
See Consumer.gov for details.
Explain that advertisers often target students with legal but costly financial products. Avoiding these products can save participants a great deal of money.
Note that common money traps include:
Payday loans.
Cash advances.
Pawnshops.
Car title loans.
Rent-to-own stores.
Hand out the Same-as-Cash Offers in Action worksheet. Tell participants to read the example later to see how much of their hard-earned money might be wasted on a common money trap.
Note that this workshop does not allow time to cover all these businesses in detail, but participants can find comprehensive, easy-to-read information at if they believe they need to use one of these services.
Encourage participants to find another solution if they need money quickly.
Refer to the Cutting Expenses and Increasing Income worksheet for ideas.
Suggest that using a bank loan or credit card may be less expensive in the long run. Look at the options carefully.
Note that students can talk to the financial aid office about an emergency loan.

14. Skipping the Scams
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.
Explain that con artists often target students, especially international students, with financial scams such as:
Internet phishing—such as requests to confirm your bank account number or password.
Job scams—including the infamous “Make millions from home!”
Money wiring—such as “I’m stranded on vacation.”
Scholarship search services—the information is available for free.
Emphasize that remembering two things will help participants avoid falling victim to scams:
You should not have to pay money to get money.
If something sounds too good to be true, it probably is.
See more signs of scams on the Scams and Identity Theft tab at

15. Dealing with Identity Theft
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
?Ask participants if anyone has a story about identity theft to share. If not, describe how stressful it might be if your bank accounts were suddenly empty, you could no longer qualify for credit, and creditors were calling you all day. Then imagine if this went on for years as you tried to unravel the problem.
Explain that being a victim of identity theft can be expensive, time consuming, and very stressful. There are three keys to dealing with identity theft: protecting, spotting, and reporting.
Note that consumers need to protect their identity on paper and online.
Store important papers in safe places, shred trash that includes identifying information, use secure mailboxes when possible, and don’t provide personal or financial information on the phone or through .
Create secure passwords, don’t store login and password information in browsers on public computers, and never respond to s requested personal or financial information.
Remember that banks and businesses should not contact you for your information—they know your account number and address.
Explain how to spot identity theft by regularly reviewing personal financial information:
Review your bank statements and credit card statements at least monthly for purchases you did not make.
Review all three credit reports for accounts you did not open and other suspicious spending at least one a year.
Watch for mail or about address changes you did not make.
Take notice of bills that stop arriving—this may be a sign that someone is intercepting your mail.
Emphasize that participants must take immediate action at the first signs of identity theft.
First, call one of the three credit reporting companies and request a fraud alert. Find details at
Second, create an Identity Theft Report. Find details on the Federal Trade Commission website at Click the Privacy & Identity link.
?Ask participants if they have any more questions about managing money before you move on to talking about paying for college.

16. Calculating the Costs of College
Beyond school fees, costs may include:
Books and supplies.
Computers and Internet access.
Any temporary loss of earnings.
Housing, transportation, and child care.
The costs of college should eventually pay off through a more satisfying and higher paying career.
Explain that continuing education has many hidden costs. An accurate spending plan that covers the costs of college should include all applicable costs:
School fees.
Books and supplies.
Computers and Internet access.
Any temporary loss of earnings.
Housing.
Transportation.
Child care.
Remind participants that the costs of college should eventually pay off through a more satisfying and higher paying career.

17. Reviewing Payment Options
A combination of funds pays for college:
Savings and earnings.
Financial aid.
Employer or military benefits.
Individual Development Accounts (IDAs).
Returning to school provides tax benefits.
Research and planning are key.
Explain that college is generally paid for with a combination of funds:
Savings and earnings.
Financial aid.
Employer or military benefits.
Individual Development Accounts (IDAs).
Note that returning to school also provides tax benefits.
Remind participants that everybody’s situation is different.
How they pay for college will depend on their career goals and personal situation.
This makes research and planning key.

18. Understanding Financial Aid
Sources include:
Federal, state, local, and institutional aid.
Work-Study, scholarships, grants, and IDAs.
Cost of attendance minus expected family contributions equals financial aid eligibility.
To get started, complete a Free Application for Federal Student Aid (FAFSA) at
Explain that financial aid helps students pay for college. Sources include:
Federal, state, and local aid.
Institutional aid.
Work-study, scholarships, grants, and IDAs.
Note how financial aid is calculated:
The cost of attendance minus expected family contribution equals unmet need.
Your unmet need is your financial aid eligibility.
Explain how to apply for financial aid:
Complete a Free Application for Federal Student Aid, commonly known as FAFSA.
Start at the Federal Student Aid website, to learn more about the types of aid available and start applying for financial aid.
Check the deadlines carefully as they vary among states and schools. In general, you can apply after Jan. 1 of the year you plan to start college. However, you will need information from your tax returns to complete the application. Applications are generally due by June 30. Note that all financial aid starts with the FAFSA even if you don’t qualify for federal aid. And you do not need to have been accepted by your intended school before filling out the FAFSA. If you think you may attend school in the coming year, go ahead and apply for aid.

19. Working While in School
Tailor school assignments to the job.
Utilize the college career center.
Take advantage of other job-related college services.
Gain experience while in school.
Note that many adult learners need to continue working while attending school.
Explain that participants can benefit from this by:
Tailoring school assignments to their job.
Using the college career center.
Taking advantage of other job-related college services.
Gaining experience and updating their resume while in school.

20. Succeeding in College
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.
Emphasize how excited you are for students to embark on a new life.
Note that adult learners have challenges such as juggling work and family life, so they need to be extra focused on succeeding in classes. The following will help:
Getting to know your professors.
Using campus resources.
Developing time management resources.
Enlisting help from your family.

21. Summary 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.
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.

22. Resources Consumer.gov: www.consumer.gov
Federal Trade Commission:
Smart About Money:
Federal Student Aid:
World Education:
Consumer resources:
Consumer.gov:
Federal Trade Commission: Consumer Information:
Smart About Money:
College and financial aid resources:
Federal Student Aid:
World Education:
National College Transition Network:
College for Adults: