	Money IN/Money OUT INSTRUCTOR'S GUIDE

Session Six: Reaching Your Goals

GOAL: To encourage participants to practice money management techniques and to seek additional help as they need it

Learner Objectives

Participants will be able to:

Understand that money management takes time, practice, and patience
Get organized for a second month of record keeping and for making a comparison of their spending record with their spending plan
Check credit reports for inaccuracies and be aware of what is in their records
Seek assistance for additional help with credit management or investments

Materials Needed

6-a Envelopes (two per person--for 6 mos. and 12 mos. mailings)
(3-e)Confidential Memos
6-b Survey Forms and Return Envelopes for 6 mos. mailing
6-c Survey Forms and Return Envelopes for 12 mos. mailing
(2-e)Transparency or copies of Sample Personal Credit Report from Session 2 (via http://www.equifax.com - then click on Equifax Credit Profile icon, scroll to ECP icon and click on "more," note ECP icon again and click on "example").
6-d Your Credit Report handouts
6-e Who Can Help?handouts
6-f 66 Ways to Save Money (http://www.pueblo.gsa.gov/cic_text/money/66ways/index.html handouts
6-g Evaluation Form
Overhead projector, it using transparencies
Pens or Pencils

1. Getting Started.

Ask participants to cross their arms in front of them on their chests in a comfortable manner. Then ask them to notice which arem is on top of the other arm and how easily their arms went into position. Next, ask them to quickly uncross their arms and recross them the opposite arm on top of the other arm. Participants may be surprised at how difficult it is to consciously put the other arm on top.
Explain that this is a change from years of old habits. It is not what we usually do and it takes some effort and creates discomfort. That is the case with the money management techniques presented in Money IN/Money OUT. It will take time, practice, and patience to become comfortable with record keeping and goal setting! But the payoff is far greater than being able to cross your arms in either direction.

2. Review.

In the Money IN/Money OUT sessions you have been encouraged to limit credit, begin saving, keep organized records, and use a spending plan. You may want additional copies of these forms so that you will continue to keep good records. (Provide additional copies for those who want them.) you may want to create your own forms or use a notebook to keep up with your expenses and income.

3. Distribute return envelopes.

(6-a) At a previous session, you recieved a Confidential Memo (3-e) to record your plans for increasing savings and reducing debt. [If someone forgot, provide another copy of 3-e.] You are to keep your copy of this memo, and make two additional copies now. Put one in each envelope I'm giving you (6-a) and address both envelopes to yourself. Note that one envelope has a 6-month survey and envelope for returning it. The other envelope has a 12-month survey and a net worth statement--and an envelope for returning them. Please seal both of the outer envelopes now and return them to me. When you receive the 6-month envelope, please fill in the survey and return it to me promptly. When your receive the 12-month envelope, please complete a new net worth statement for you to complete and compare it to the one you prepared last week. You are to keep the net worth statement. Then complete the survey and return it to me ASAP. [Collect the 6-month envelopes, and the 12-month envelopes. Label each batch of envelopes with the date you are to mail them.]

4. Credit Reports

Ask how many participants have received a copy of their personal credit report. Ask if there are questions about what is included on the report or how to read it (without revealing confidential information.)

Use the transparency or copy of a sample report (2-e) to show examples of entries:

bankruptcy claim
small claims judgement
county tax lien
bank accounts opened and closed
balance in checking account
late payments on accounts
inquiries made about the credit record
person's employer(s)
other names used

Distribute copies of Your Credit Report (6-d) and urge those who have not done so to request a copy.

5. Additional Help

Distribute copies of Who Can Help? Explain what the Consumer Credit Counseling Service offers and how to contact the nearest office. The toll free number is 1-800-388-2227, for locating the office nearest you or check www.nfcc.org. CCCS is a nonprofit agency and can help to make special payment arrangements with creditors. Fees are low and are wiaved in some instances.
Some credit unions provide counseling on budgeting, debt management, and investments, such as IRAs.
Beware of firms that claim to offer credit counseling, but are in reality just a debt management service. Fees can be high and you could be worse off after you pay the fees.
If you do want or need additional help, there are records and information you can have ready to speed up the process. The information you have been asked to gather in Money IN/Money OUT is a good starting point-regardless of whom you ask for help.

6. Sharing ideas.

See categories for reducing spending and increasing saving in 66 Ways to Save Money (6-f). Ask each person or small group to offer an additional suggestion for cutting costs, reducing debt, or increasing saving.

Summary and conclusion.

Participants have received the fundamental tools for financial planning. Group members may vary sigificantly in their readiness for additional help. Regardless of their financial status, they have taken a big step by attending this series.
Remind participants that they will receive a copy of the goals they set and a survey about the Money IN/Money OUT series in 6 months and again in 12 months, when they will be asked to prepare a new net worth statement and compare it to the one they made during the 4th session.

8. Evaluate

If time permits, ask participants to share orally what they have gained from these sessions and what they would like to know more about. But make time for participants to complete the Evaluation Form (6-g). Point out that they are asked to include the dollar amount for their debt reduction and savings goals, and to fold the form before turning it in. These forms are not to be signed, so no one will know your dollar goals. It is important for me to be able to report the total goals of our entire group, and the total achievements in one year without revealing any personal information. I wish each of you good luck in your efforts to reach goals, and look forward to hearing from you about your progress.

Other Resources

Return to Money IN/Money OUT Home Page

This page (http://www.ces.ncsu.edu/plymouth/mimo/session6net.html) was created by Jan Lloyd (Extension Area Specialist, Family & Consumer Sciences), Michele Simpson(Program Assistant, Family & Consumer Sciences), and Bruce A. Emmons(Area Specialized Agent, Information Management).

Date Created April 17, 2000.
Last revised on June 26, 2001.

Published by North Carolina Cooperative Extension Service

Distributed in furtherance of the Acts of Congress of May 8 and June 30, 1914. Employment and program opportunities are offered to all people regardless of race, color, national origin, sex, age, or disability. North Carolina State University at Raleigh, North Carolina A&T State University, U.S. Department of Agriculture, and local governments cooperating.