1. 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

2. 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

3. 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

4. Tool 2: Resource and referral guide template 4

5. Instrument 3A: Member Training pre-survey 5

6. Instrument 3B: Member Training post-survey 6

7. 7 Your Money, Your Goals Module 2: Assessing the situation

8. Tool 1: Financial empowerment self-assessment, P11 8

9. 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

10. 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

11. 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

12. 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

13. 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

14. 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

15. Financial empowerment Financial literacy Ability Financial empowerment 15 What is financial empowerment? How is it different than financial education, financial literacy, financial capacity, or other commonly used terms?

16. AccessTrust Opportunities for providing financial empowerment Financial empowerment, and case managers 16

17. 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

18. Tool 3: Submitting a complaint 18

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20. 20 Your Money, Your Goals Module 4: Emotional and cultural influences on financial decisions

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22. 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

23. 23 Your Money, Your Goals Module 3: Starting the conversation

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25. 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?”

26. Module 8: Managing Income and Benefits Tool 4: Increasing your income through tax credits 26

27. 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.www.irs.gov 27

28. 28 Your Money, Your Goals Module 11: Dealing with debt

29. Tool 1: Debt management worksheet 29

30. Tool 3: Debt-reduction worksheet 30

31. Tool 5: When debt collectors call 31

32. 32 Your Money, Your Goals Module 7: Saving for the unexpected, emergencies, and goals

33. Tool 1: Savings plan 33

34. 34 Your Money, Your Goals Module 10: Managing cash flow

35.  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

36. Module 10: Managing Cash Flow Tool 1: Cash flow budget 36 Week 1Week 2 Beginning balance for the week$37.00$142.37 Sources of cash and other financial resources Income from job$305.34$290.80 SNAP$280.00 Public housing voucher$650.00 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 Groceries$180.00$80.00 Eating out (meals and beverages) Transportation$240.00$60.00 Total uses of cash and other financial resources$1,129.97$235.50 Ending balance for the week$142.37$197.67 Ending balance from previous week. To get a starting balance, total your cash, debit card, and account balances

37. 37 Your Money, Your Goals Module 8: Managing income and benefits

38. Tool 1: Income and financial resource tracker 38

39. Module 8:Managing Income and Benefits Tool 1: Income and financial resource tracker 39 Week 1 Week 2 Week 3 Week 4 Total Regular Irregular Seasonal One-time Job Second job Self- employment income SNAP TANF SSI Child support Gift Tax refund Weekly total

40. Module 9: Paying Bills and Other Expenses Tool 1: Spending tracker 40

41. Module 9: Paying Bills and Other Expenses Tool 1: Spending tracker, continued 41 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 HousingRent, mortgage, insurance, property taxes UtilitiesElectricity, 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

42. Module 9: Paying Bills and Other Expenses Tool 1: Spending tracker (continued) 42 Transportation Gas, car payment, insurance payment, repairs Health care 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

43. Tool 2: Bill calendar 43

44. Tool 3: Strategies for cutting expenses 44

45. Tool 4: When cash is short – prioritizing bills and spending 45

46. Tool 5: Prioritizing bills 46

47. 47 Your Money, Your Goals Module 6: Setting Goals

48. Module 6: Setting Goals Tool 1: Goal setting tool 48

49. 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?

50. 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.

51. 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

52. 52 Your Money, Your Goals Closing