Financial Literacy Support
We offer individual coaching on how to navigate the U.S. financial system. Check out the topics we coach you on below!
Basic Banking and Budgeting
• Using financial institutions
• Opening accounts
• Reading statements from financial institutions
• Managing a checking account
• Using electronic banking services
• Recognizing the range of saving options
• Calculating interest and understanding compound interest
• Understanding the importance of budgeting to achieve personal and financial goals
Credit and Debit
• Establishing and using credit
• Repairing poor credit
• Ordering and reading a credit report
• Securing loans
• Identifying expenses
• Identifying and assessing assets and debts
• Avoiding money drainers (check cashing operations, rent-to-own stores, predatory
Money Flow and Asset Creation
• Understanding economic and financial terminology (e.g., understanding the evening news)
• Understanding basic investment principles
• Recognizing the interconnectedness of the economy
• Accessing resources — community resources, financial assistance resources, credit counseling resources, financial planning resources, online resources
• Applying economic concepts to personal financial management
• Communicating about financial matters with family or household members
• Standing up for rights as a consumer
• Recognizing accessible investment options
Lending
• Understanding the proposed and actual costs of owning or leasing a car
• Developing strategies to cut expenses (plug spending leaks) and increase income
• Determining ways to reduce debts and/or save money
Income planning, risk management, and taxes
• Financial planning for different stages on the family life cycle or for life events — getting married or living together, separation or divorce, having children, personal or family illness or disability, buying a home, retirement, sending children to college, losing a job, death of a partner or family member
• Reading a paycheck — what is the difference between gross pay and net pay
• Understanding and identifying various types of insurance, the protections they provide, and the risks associated with remaining uninsured
• Understanding how taxes affect paychecks and the difference between net and gross income
• Decision-making and problem solving
• Identifying values
• Managing risk
• Understanding tax obligations
• Filing for Earned Income Tax Credit (EITC)
• Learning how to avoid tax penalties, underpayment, or overpayment
Individual Development Account
• Understanding the IDA
• Setting up, maintaining, and using the IDA
• Using the IDA to build assets
• Setting goals and priorities (e.g., home ownership, post-secondary education)
• Identifying barriers or obstacles to achieving goals
• Developing a spending plan to achieve goals
• Monitoring plans (tracking progress)
• Keeping records
Home Ownership
• Knowing what to look for when buying a home
• Dealing with mortgage lenders
• Identifying affordable homeownership programs available to low-income workers
Social Enterprise
• Starting your own business: understanding the basics
• Understanding the main components of a business plan
• Creating a budget for a start-up business
• Finding training programs about how to start a small-business