Encouraging Financial Conversations

Encouraging Financial Conversations is a program designed for case managers, social workers, and other frontline staff to help empower clients to achieve their financial goals and manage their money. Participants will learn techniques and strategies to help their clients create a financial goals action plan, build and maintain good credit, pay off debts, develop a spending and savings plan, and protect themselves from fraud and identity theft. Participants will also learn coaching strategies that capitalize on a client’s strengths and resources in coming up with solutions.

Your Southeastern WI EFC team welcomes you! If you have any questions please feel free to connect with any of our team members!

Kenosha County - Mary Metten - mary.metten@wisc.edu
Milwaukee County - Tahnee Aguirre - tahnee.aguirre@wisc.edu
Racine County - Sarah Hawks - sarah.hawks@wisc.edu
Walworth County - Amanda Kostman - amanda.kostman@wisc.edu

Notes:

Classes will not be recorded.
If you were unable to join session(s) last week, please feel free to join us the remaining sessions.

Before our first session please complete the demographics form (It is a short 4-question demographic survey & helps us determine whether our programs are reaching all audiences in the community. Each of the questions has a "prefer not to answer" option.) - https://forms.office.com/r/edsWuTQEZF

Financial Capability & Conversations

Learning Objectives

Discuss components of financial capability.
Recognize core competencies related to financial capability.
Examine factors related to financial well-being.
Identify personal values and how values influence financial decisions.
Practice asking questions related to financial goals.

Handouts

EFC Financial Capability and Conversations handouts.pdf

Resources:

FINRA study; 2019 (conducted 2018); more than 500 households from each state. Study conducted every 3 years. Annual American Psychological Association (APA) survey in 2019 – 72% of Americans report feeling stressed about money ‘sometime in the prior month’, while 60% of adults say that money is a source of significant stress for them. https://www.apa.org/images/stress-america-2019_tcm7-264533.pdf
How to Change People Who Don’t Want to Change, from the Behavioral Science Guys https://youtu.be/9ACi-D5DI6A
ALICE information: https://www.unitedwaywi.org/page/ALICE and https://www.unitedforalice.org/wisconsin
U.S. Census Bureau Household Pulse Survey: https://www.census.gov/data-tools/demo/hhp/#/?s_state=00055&mapPeriodSelector=1&measures=FJR
State Economies and Racial Equality: https://wallethub.com/edu/state-economies-with-most-racial-equality/75810/
UW-Madison Division of Extension Financial Education resources: https://extension.wisc.edu/family/financial-education/ & https://fyi.extension.wisc.edu/toughtimes/
UW-Madison Division of Extension Financial Education website provides self-study modules around different financial topics: https://fyi.extension.wisc.edu/moneymatters/ !
UW-Madison Division of Extension curriculum about Rental Education and offers 2 trainings – one for helping professionals and one for clients: https://fyi.extension.wisc.edu/rentsmart/
Money Habitude cards: https://www.moneyhabitudes.com/

Goal Setting & Maximizing Income

Learning Objectives

Identify reasons for setting financial goals
Set at least one short, medium, and long-term financial goal
Use the Goal Setting and Action Planning Tool to create an action plan to achieve their short-term goal

Handouts

Goal setting handout packet.pdf

Maximizing income handout packet (1).pdf

Resources:

Savings and Asset Limits Handout https://files.consumerfinance.gov/f/documents/cfpb_your-money-your-goals_savings-asset-limits_tool_2018-11.pdf
Income and Benefits Tracker: https://files.consumerfinance.gov/f/documents/cfpb_your-money-your-goals_income_benefits_tool_2018-11_ADA.pdf
S.M.A.R.T. goals – information about the expanded SMARTIE goals to check out: https://www.managementcenter.org/resources/smartie-goals-worksheet/
CFPB’s Savings booklet: https://files.consumerfinance.gov/f/documents/cfpb_ymyg-savings-booklet.pdf
CFPB's Tools: https://www.consumerfinance.gov/practitioner-resources/your-money-your-goals/toolkit/#tracking-income-and-benefits
UW-Madison Division of Extension Financial Education resources: https://extension.wisc.edu/family/financial-education/ & https://fyi.extension.wisc.edu/toughtimes/
Budgeting and Planning Tools: https://fyi.extension.wisc.edu/toughtimes/budgeting-in-tough-times/budgeting-and-planning-tools/ (Excel based tools are at the bottom of the page)
CFPB income and benefits tools: https://www.consumerfinance.gov/consumer-tools/educator-tools/your-money-your-goals/toolkit/#tracking-income-and-benefits
Tax preparation resources for Kenosha, Racine, and Walworth Counties.

Spending

Learning Objectives

Examine the characteristics of a variety of spending tools and financial services for client use
Practice using components of spending plans
Identify key questions to assist clients in exploring their financial situation
Recognize and discuss how values and biases surrounding money affect financial decision-making

Handouts

Spending handouts packet (4).pdf

Resources:

"I’m Addicted to Diet Coke!" Video: https://youtu.be/ZODNXMg5g3c
Your Money, Your Goals curriculum from the CFPB is also available in Spanish on their website. https://www.consumerfinance.gov/practitioner-resources/your-money-your-goals/toolkit/
Behind on Bills? Booklet from CFPB https://www.consumerfinance.gov/practitioner-resources/your-money-your-goals/booklets-talk-about-money/
Overview information of some budgeting apps: https://www.nerdwallet.com/article/finance/best-budget-apps
Bill calendar tool: https://files.consumerfinance.gov/f/documents/cfpb_your-money-your-goals_bill_calendar_tool_2018-11_ADA.pdf
Cash flow budget tool: https://files.consumerfinance.gov/f/documents/cfpb_your-money-your-goals_cash_flow_budget_tool_2018-11_ADA.pdf
Spending plans: https://fyi.extension.wisc.edu/toughtimes/budgeting-in-tough-times/budgeting-and-planning-tools/
Envelope method steps: https://www.thebalance.com/what-is-envelope-budgeting-1293682
Household income ratio calculator: https://financialmentor.com/calculator/expense-calculator
CFPB Your Money Your Goals toolkit: https://www.consumerfinance.gov/consumer-tools/educator-tools/your-money-your-goals/toolkit/
UW-Madison Division of Extension Financial Education: https://finances.extension.wisc.edu/
It's important to know why someone can't open and bank account and to make sure they want to before assuming it's the best choice for them. Information from this article might be helpful. https://www.nerdwallet.com/article/banking/what-to-do-when-you-cant-open-a-bank-account

Saving

Learning Objectives

Identify types of savings goals or methods to plan for saving
Recognize importance of emergency savings for unexpected expenses
Explore different savings strategies
Compare the benefits and risks for determining the best place to keep savings

Handouts

Savings handout packet.pdf

Resources:

CFPB booklets: https://www.consumerfinance.gov/practitioner-resources/your-money-your-goals/booklets-talk-about-money/
How to start conversations around saving and changing habits. https://extension.wisc.edu/family/financial-education/?ss_redir=1
Comprehensive guide to asset limits found at: https://www.dhs.wisconsin.gov/publications/p0/p00079.pdf
HUD asset limits: https://files.hudexchange.info/resources/documents/HUD_P5_Inclusions_Exclusions.pdf
UW Mindful Money Moment: Savings Strategies https://www.facebook.com/watch/HDRInstitute/525304271514425/
Lending Circles (may or may not be available locally) Resource: https://missionassetfund.org/lending-circles/
EARN (SaverLife (formerly EARN) is a nonprofit on a mission — to inspire, inform, and reward the millions of Americans who need help saving money.) https://www.saverlife.org/

Borrowing

Learning Objectives

Review types of traditional and non-traditional borrowing and credit.
Recognize the relationship between a credit report and a credit score.
Identify resources for assisting clients in obtaining their credit report.
Examine strategies to assist clients dealing with credit concerns.

Handouts

EFC Borrowing handout packet (1).pdf

Resources:

Prosperity Now Brief https://prosperitynow.org/forced-walk-dangerous-line
Pew on payday loans video – https://www.pewtrusts.org/en/research-and-analysis/video/2013/payday-loans-explained
CFPB booklet “Want credit to work for you?” https://pueblo.gpo.gov/CFPBPubs/CFPBPubs.php?PubID=13414
UW-Madison, Division of Extension Credit Website http://finances.extension.wisc.edu/programs/check-your-free-credit-report-campaign
Annual Credit Report Website www.annualcreditreport.com
Experian Score Boost https://www.experian.com/consumer-products/score-boost.html
UltraFICO https://www.fico.com/ultrafico/
CFPB Debt getting in your way? Booklet https://pueblo.gpo.gov/CFPBPubs/CFPBPubs.php?PubID=13324

Protecting and Practicing

Learning Objectives

Take actions to secure and protect personal identifying information
Know how and under what circumstances to place a freeze on credit
Demonstrate the steps to take to submit a complaint if one has been a victim of unfair or unlawful practices

Handouts:

Protecting handouts packet.pdf

Problem solving guide with scenarios.pdf

Resources:

Amazing mind reader reveals his 'gift' video https://youtu.be/F7pYHN9iC9I
Federal Trade Commission’s http://identitytheft.gov
Identity Theft Resource Center: http://idtheftcenter.org
Wisconsin Department of Agriculture, Trade, and Consumer Protection https://datcp.wi.gov/Pages/Programs_Services/IdentityTheft.aspx
Consumer Reporting Companies: www.consumerfinance.gov
Identity theft fact sheets: https://www.consumerfinance.gov/practitioner-resources/your-money-your-goals/toolkit/#protecting-your-money

Booster + Practice Sessions

The Booster + Practice Sessions will consist of topic based education programming, practice around that topic and time for community of practice time to discuss wins and challenges when using what has been learned in addition to having time to problem solving time!

November 17, 2022 10:30 - Noon (Central Time) – (Re)Building Credit

To register go to https://forms.office.com/r/PWTJLywpBA

Extension Financial Resources:

https://finances.extension.wisc.edu/

Consumer Financial Protection Bureau (CFPB)

https://www.consumerfinance.gov/consumer-tools/educator-tools/your-money-your-goals/toolkit/#tracking-income-and-benefits

Other Related Professional Development Opportunities:

EFC Booster Session and upcoming programs: Website Link (Free)
Virtual Rent Smart program for your clients: https://go.wisc.edu/Rentsmartregister (Free)
Rent Smart Virtual Train the Trainer for professionals to use with clients: https://fyi.extension.wisc.edu/rentsmart/for-instructors/current-training/ (Free)
Financial Education through Extension: https://finances.extension.wisc.edu/
UW-Madison, Division of Extension Calendar of Event