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Money Smart - A Financial Education Program

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The Money Smart Training Program - Modules

Bank On It

Time
90-120 Minutes

Objectives
By the end of this course, participants will understand Available banking services and how to build a positive relationship with a financial institution.  To achieve this objective, the participants will be able to:

  • Identify the major types of insured financial institutions.
  • Identify five reasons to use a bank.
  • Describe the steps involved in opening a bank account.
  • Describe two types of deposit accounts.
  • Identify additional bank services that come with deposit accounts.

Borrowing Basics

Time
90 -120  Minutes

Objectives
By the end of this course, participants will understand How credit works, types of credit that are available, and if they are ready to apply for credit.  To achieve this objective, the participants will be able to:

  • Define “credit” and “loan”.
  • Distinguish between secured and unsecured loans.
  • Identify three types of loans.
  • Identify the costs associated with getting a loan.
  • Identify the factors lenders use to make loan decisions.
  • Explain why installment loans cost less than rent-to-own services.
  • Explain why it is important to be wary of rent-to-own, payday loan, and refund anticipation services.
  • Describe how to guard against predatory lending practices.

Check It Out

Time
Part I:   60-90 Minutes
Part II:  60-90 Minutes

Objectives
By the end of this course, participants will understand how to use a checking account responsibly. To achieve this objective, the participants will be able to:

  • State the benefits of using a checking account.
  • Determine which checking account is best for you.
  • Identify the steps involved in opening a checking account.
  • Add and withdraw money from a checking account.
  • Reconcile a check register with a bank statement.
  • Identify strategies to avoid overdrawing your account.
  • Explain how debit cards are linked to checking accounts.
  • Recognize how to manage a checking account wisely, with proper debit card use and overdraft programs.

Money Matters

Time
60-90 Minutes

Objectives
By the end of this course, participants will understand how to manage money by preparing a personal spending plan and identifying ways to decrease spending and increase income. To achieve this objective, the participants will be able to:

  • Track daily spending habits.
  • Prepare a personal spending plan or budget to estimate monthly income and expenses.
  • Identify ways to decrease spending.
  • Identify possible ways to increase income.
  • Identify budgeting tools that will help you manage your bills.
  • List and prioritize financial goals.
  • Recognize how to create a plan to achieve financial goals.

Pay Yourself First

Time
60-120 Minutes

Objectives
By the end of this course, participants will understand ways to save money and savings options to save toward their goals. To achieve this objective, the participants will be able to:

  • Explain why it's important to save.
  • Determine goals toward which you want to save.
  • Identify savings options.
  • Determine which savings options will help you reach your savings goals.
  • Recognize investment options that will work for you.
  • List ways you could save for retirement.
  • List ways to save for large-expense goals, including child’s college tuition, car or home purchase, or a vacation.

Keep It Safe

Time
90-120 Minutes

Objectives
By the end of this course, participants will understand how to protect their rights as consumers and how to be financially prepared if a disaster strikes. To achieve this objective, the participants will be able to:

  • Recognize how federal deposit insurance protects deposits.
  • Recognize how to guard against identity theft.
  • Recognize how the various types of insurance will help you manage risks.
  • Recognize the need to plan for unexpected death or disability.
  • Describe the ways you need to be financially prepared for disasters.

To Your Credit

Time
90-120 Minutes

Objectives
By the end of this course, participants will understand how to read a credit report and how to build and repair their credit history. To achieve this objective, the participants will be able to:

  • Define credit.
  • Explain why credit is important.
  • Describe the purpose of a credit report and how it is used.
  • Order a copy of their credit report.
  • Read and analyze their credit report to determine if they are ready to apply for credit.
  • Differentiate between “good” and “bad” credit.
  • Describe the implications of “good” and “bad” credit scores.
  • Identify ways to build and repair your credit history.
  • Recognize how to correct errors on your credit report.
  • Recognize how to guard against identity theft.

Charge It Right

Time
120 Minutes

Objectives
By the end of this course, participants will understand how to use a credit card responsibly and what to do when a credit card is lost or stolen. To achieve this objective, the participants will be able to:

  • Define credit.
  • Explain why credit is important.
  • Describe the purpose of credit cards.
  • Determine if you are ready to apply for a credit card.
  • Determine which credit card is best suited for you.
  • Identify the factors creditors look for when making credit decisions.
  • Describe how to use a credit card responsibly.
  • Identify the steps to take when a credit card is lost or stolen.

Loan To Own

Time
90-120 Minutes

Objectives
By the end of this course, participants will understand the characteristics of consumer installment loans. To achieve this objective, the participants will be able to:

  • Identify various types of installment loans.
  • Identify the factors lenders use to make home loan decisions.
  • Explain federal laws that protect you when applying for a loan.
  • Identify the questions to ask when purchasing a car.
  • Explain why installment loans cost less than rent-to-own services.
  • Explain why it is important to be wary of rent-to-own, payday loan, and refund anticipation services.
  • Explain how to guard against predatory lending practices.

Your Own Home

Time
90-120 Minutes

Objectives
By the end of this course, participants will understand the home buying process and the difference between renting versus owning and financially protecting their home.  To achieve this objective, the participants will be able to:

Pre-Homebuyers

  • Explain the advantages and disadvantages of renting versus owning a home.
  • Identify questions to ask to determine your readiness to buy a home.
  • Identify the steps required to buy a home.
  • Identify basic terms and required disclosures used in a mortgage transaction.
  • Describe the advantages and disadvantages of different mortgage options.
  • Describe how interest rates affect the “amount” of house you can buy.
  • Explain how taxes and insurance affect a monthly payment and the “amount” of house you can buy.

Homeowners

  • Describe the advantages and disadvantages of borrowing against a home.
  • Explain what to do if you are having trouble making payments.
  • Describe the different types of refinancing options.
  • Explain the advantages and disadvantages of a reverse mortgage.
  • Identify predatory lending practices and loan scams.

Financial Recovery

Time
120 Minutes

Objectives
By the end of this course, participants will learn about steps they can take to recover financially and rebuild their credit after experiencing a financial setback. To achieve this objective, the participants will be able to:

  • Assess their current financial situation.
  • Identify ways to increase income and decrease and prioritize expenses.
  • Develop a financial recovery plan.
  • Identify steps to successfully implement a financial recovery plan.
  • Recognize how to guard against credit repair scams.
  • Identify timeframes to review and adjust their financial recovery plan.

Setting Financial Goals
(Young Adult Curriculum)

Time
90 Minutes

Objectives
By the end of this course, participants will understand how to manage money by preparing a personal spending plan and identifying ways to decrease spending and increase income. To achieve this objective, the participants will be able to:

  • Track daily spending habits.
  • Prepare a personal spending plan or budget to estimate monthly income and expenses.
  • Identify ways to decrease spending and increase income.
  • Identify budgeting tools that will help them manage their money.

Paying For College and Cars
(Young Adult Curriculum)

Time
120 Minutes

Objectives
By the end of this course, participants will understand general information on installment loans, including car loans and student loans. To achieve this objective, the participants will be able to:

  • Differentiate between secured and unsecured installment loans.
  • Explain why installment loans cost less than rent-to-own services.
  • Identify the factors lenders use to make loan decisions.
  • Identify the questions to ask when purchasing a car.
  • Describe various types of college loans and loan programs.

A Roof Over Your Head
(Young Adult Curriculum)

Time
90 Minutes

Objectives
By the end of this course, participants will understand information on the steps involved in renting an apartment and buying a house. To achieve this objective, the participants will be able to:

  • Identify initial and continuing costs of renting an apartment.
  • List questions to ask when determining if you are ready to buy a home.
  • List costs associated with renting and owning.
  • Describe the benefits and pitfalls of renting versus owning a home.


Last Updated 11/01/2010 CommunityAffairs@fdic.gov