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Home & Family: Welfare Reform

MONEY MANAGEMENT PROGRAMS

Extension money management programs help individuals and families develop skills and gain confidence in managing their personal resources. The programs teach people how to develop and use a spending plan, control credit use, pay bills on time, plan for financial emergencies, and access community resources.

For families to continue down the path to self-sufficiency, they need to develop skills, which will enable them to use their limited resources more efficiently. Extension money management programs, which focus on preventive education, help these families develop life skills that move them from support systems to independence.

For more than eight decades, the Cooperative Extension System has taught families how to manage their money and make wise choices in the marketplace. Traditionally, this outreach has been directly with families where they live and work. Today, however, Extension educational outreach includes training volunteers, paraprofessionals, and agency personnel to work with families in learning to more effectively manage their resources. This train-the-trainer approach, along with quality educational materials, is a valuable asset in reaching families with the money management information they need.

PROGRAMS THAT WORK

The success of Extension in helping families move toward financial independence is a result of quality educational materials, effective outreach efforts, and a committed staff. Extension home economists provide money management programming in all 82 counties, bringing the research and expertise of money management specialists at Mississippi State University and Alcorn State University to all areas of the state. The following program has proven effective in helping limited-resource families achieve financial stability.

The Money in Your Pocket program, having already reached over 8,000 limited-resource families, can be implemented as a study-at-home course, as a group learning approach, or as a one-on-one educational experience. The eight-lesson series includes lesson plans, participant handouts, and a participant certification of completion. Lesson topics include:

• Danger Signs in Money Management--discovering personal money management problems
• What's Important to You--understanding how values influence choices
• Spending for the Future--identifying family money goals
• Financial Fitness--developing a family budget
• Use Credit Wisely--understanding sources of credit and making wise credit-use decisions
• Decisions, Decisions--evaluating shopping options
• Your Checking Account--learning how to use a checking account
• Your Family's Security--developing a saving plan and a method of safekeeping for important family documents

The Money Smart program incorporates the use of a money management calendar and the envelope system to teach limited-resource families how to more effectively manage money. The program includes a lesson plan, money management calendar with 12 mini-lessons, envelop masters, visuals, an evaluation form, and a participant certificate of completion. Mini-lesson topics include:

• Your Money Goals--learning to write family money goals
• Adding Up the Extras--controlling impulse buying
• Shopping at Home Through Catalogs--comparing costs at different retail shopping outlets
• The Cost of Eating Out--determining the cost of eating out versus eating at home
• Buying Insurance--comparing insurance costs
• Family Money Talks--conducting family financial discussions
• Checking the Ads--using advertisements to plan shopping
• Talking to Kids About Money--teaching children good money management habits
• Rent to Own--analyzing rent-to-own contracts
• Cash or Credit--figuring the cost of credit
• Consumer Problems--writing a complaint letter
• Let's Review--checking financial progress

The Savings Series teaches limited-resource families basic resource management skills. Over 6,000 families have been trained by more than 200 agency volunteers with the six-unit curriculum. The program--which includes lesson plans, flip-chart posters, slides, and overhead transparencies--can be used in a one-on-one or small group setting. Unit topics include:

• Paying Bills on Time--organizing bills, developing a system, and handling late payments
• Tracking Expenses--analyzing fixed, variable, and occasional expenses
• Avoiding Unpleasant Surprises--planning savings to handle unexpected expenses
• Put Your Money to Work--determining needs and developing a plan for spending
• Getting More for Less Money--identifying individual and community resources
• Saving at the Bank--opening and using a savings account