Making Money Work for You & Taking Charge of Your Finances 

Some representative comments from Post-Program Questionnaire:  “The class helped me take a closer look at debt management. I paid off my car, paid off a 401k loan, transferred some balances + got creditors to lower their interest rates. I plan to accelerate repayment of debt. I also lowered expenses + plan to find more ways to do that.” “Going to pay double on credit card account.” “Great sense of empowerment – Now have strong understanding of where I stand financially – no longer overwhelmed.  “took steps to get student loan paid” “Sense of financial well being; knowledge + courage to speak with partner about attitudes/behavior re: money!” “Have been saving money + paying off credit/ debt and plan on not using it as much!” “Not getting deeper in debt, using credit cards for emergencies only” “Pay yourself first. It works. I’m finally saving some money.”

SPENDING SMART: Individuals and households are saving less and spending more, putting their financial security at risk now and in the future. Cheshire County’s FY07 Family Resource Management educational efforts include: group program 5-week series (“Making Money Work For You”) and group programs such as Take the Road to Financial Security in Later Life, Getting and Using a Checking Account, Don’t Get Crushed by Debt, Making Ends Meet, Legal Issues – Are You Prepared?; county newsletter articles; individual contacts; distribution of publications/fact sheets. Individuals gain awareness, knowledge and skills to: manage resources and pay bills on time; recognize consequences of financial decisions; increase personal savings and investments; reduce excessive debt; determine retirement or future income needs and how to meet them; prepare to manage the risk of changes in health and independence. Individuals are motivated to gain skills in money management. Individuals increase their confidence to manage personal finances. Individuals and families utilize recommended financial management practices by: setting spending/savings goals to meet day-to-day financial obligations; developing and following a plan for achieving personal financial goals; reducing their debt level and managing their use of credit; increasing rates of savings; establishing retirement and investment plans to achieve long term financial goals and income needs. At least 60 Cheshire County citizens took steps or planned to take steps to reduce debt or increase savings as a result of the educational efforts.

• End-of-the series evaluations for “Take the Road to Financial Security in Later Life” indicated that participants could identify common factors that increase a person's risk of not achieving later life financial security; could identify reasons why reaching later life financial security can be rewarding; could identify specific action steps to protect later life financial security; could use the information on normal later life events to help develop plans for the future. Participants also indicated on the end-of-the-series evaluations the following plans as a result of this program: "evaluate where I am and where I need to be"; "re-evaluate my plan"; "re-evaluate my planning"; "plan"; "read the materials and plan". The following actions were indicated on a six-month follow-up evaluation as a result of attending: $ identified later life goals $ determined later life income needs $ established or revised saving and investment goals $ organized my financial records $ identified health insurance options after retirement $ initiated or increased my contributions to my employer-provided retirement plans $ initiated or increased my contributions to any savings plans $ reviewed my Social Security Statement $ built more than one source of income for later life $ reviewed my savings and investment plans $ developed a plan for my later life financial future $ prepared or updated a will $ updated my list of beneficiaries $ reviewed insurance coverage and property ownership $ prepared a power of attorney and advance health directive.

• "Legally Secure Your Financial Future" participants end-of-the-program evaluations indicated an increase in their knowledge of estate planning and the following actions: ? plan to do an inventory of important papers ? plan to organize family, financial and property records ? plan to do a power of attorney ? plan to do a written will ? plan to do an estate plan ? plan to do a household inventory ? work with an attorney as a result of participating in this program ? work with a financial planner ? work with a tax preparer ? work with a banker ? work with an insurance agent ? plan to discuss legal issues with family members.

Making Money Work for You - Valley Street Jail to 20 male inmates and 4 volunteers/staff
Dates - Feb 15-March 29.
Comments from inmates: "I found out saving money can be fun even when you don't think you can.  I also earned that open up communication with spouse can be helping to not only save money but maybe relationship."

"I truly believe that I will be able to manage my income more successfully and pay my bills on time."

"I've spent a good deal of my life saying why? Why am I broke? Why am I in financial trouble? Why? Why? The things I learned and experienced in this class regarding budgeting, saving, and most important communicating.  I can now say no wonder instead of why because now I know!  Thank you!"

"You've taught me alot.....Thanks. It helps me alot" 

Comments from participants after a five-week MMWFY class

I learned how to budget list my needs and wants and know the difference and track my spending and find out beneficial situation

Successfully traacked my spending...consolidated my credit card debt to one account (balance transfer...)

I am proud of the workshop because it has made me more goal oreiented with my money

I have set up goals for shrot term and long term to pay off debts

I now have a plan to take care of my debt

Saving money

Better keeping track of expenses

Started saving for emergencies

I only receive TANF whic is $213 tweice amonth.  There is no room with 2 kids to spnd foolishly

That I know that I can get out of debt without asking family to get me out or bankruptcy

I have realized why I don't have $$ for the important things and am stopping impulse spending

Six-month follow-up evaluations were sent to 8 participants in October 2006 "Take the Road to Financial Security in Later Life"; 2 evaluations were returned.  The following actions were indicated as a result of attending:  identified later life goals (2); determined later life income needs; established or revised saving and investment goals (2); organized my financial records (2); identified health insurance options after retirement; initiated or increased my contributions to my employer-provided retirement plans (2); initiated or increased my contributions to any savings plans (2); reviewed my Social Security Statement (2); built more than one source of income for later life (2); reviewed my savings and investment plans (2); developed a plan for my later life financial future (2); prepared or updated a will; updated my list of beneficiaries (2); reviewed insurance coverage and property ownership; prepared a power of attorney and advance health directive.

Planning Ahead/Staying Ahead-3 part workshop series was offered 5 times to audiences at the Belknap County House of Corrections, and NH State Prison-Laconia.

26 of 28 participants completing survey (93%) indicated an increase in financial literacy and use of good money management strategies. 

Responses to the question, "What changes do you think that you will make based upon the information in this program?", participant responses included:

~"Think before I act/react"

~"Be more cautious on making investments.  Also be careful about personal financial information"

~Start using a budget plan for savings.  Come up with a long term plan for goals and how to reach them"

~"I will definitely think about what I purchase and make sure I can afford it"

~"Keep track of my money and always at least pay a little above the minimum on credit."

~"I'm going to look into investing and banking a lot more carefully. Read the fine print on everything, credit cards, loans, etc."

~"Save more. Think before I spend"

~I will think more about purchasing things that I want and try to plan more for being financially stable in the future. "

Getting A Grip on Your Finances - 3 adults complete correspondence program to become eligible for IDA program 

First quarter:

Finished a 3-week 'Getting a Grip' series with 3 participants. I also received an evaluation from one mail-in participant. In addition, 13 Academy participants finished a face to face 'Getting a Grip series' as well as a 'Credit Check-Up' workshop. 16 out of 17 participants reported strongly agreeing that they learned new information and that they will use this information in the future. This is 94% of participants.

Some of the ideas/practices that participants plan on trying as a result of these workshops are:

"Saving more and buying a home", "Organizing old statements and discarding or filing.", "Setting up an emergency fund", "Update records"

Re: Credit Check-Up workshop:  

"I wouldn't have ever bothered to do this if not for the group", "I liked all the information that was given, and it made me become more knowledgeable", "I gained knowledge"  

I held 5 Financial Management programs this quarter that were evaluated.

I held a workshop at the Collins and Akeman plant in Farmington called "When Your Income Drops" There were 11 participants and 9 completed the evaluation.

78% of participants reported agreeing or strongly agreeing to increased financial literacy. 100% of participants reported agreeing or strongly agreeing that they will use the information now and in the future.

There were also some qualitative reports that help to back up the quantitative data.

Idea/practices that participants plan on trying as a result of attending this workshop:

"better management of money", "family more aware-single source of income", "control spending", "cut back", "consolidate debt", "sharing these skills with our children", "participate with bill paying" 

I held two "Credit Check-Up" workshops. One was for the Transitional Housing program through DCYF. I held this workshop at the home in Dover. This program is for young adults ages 18-22. The other workshop was for the Strafford County Homeless Shelter. I had 14 participants total who completed and filled out evaluations.

100% of participants reported gaining knowledge, awareness, and skills in financial literacy. 100% of participants reported that they expect to improve their credit management skills as a result of the Credit Check-Up workshop.

Qualitative feedback:

"Never knew how to access this information before", "I had no idea how to obtain my credit report or score before, and I didn't know why it was important", "I am currently in debt and found the information useful", "Made me aware of how much credit is controlling my life",

I also conducted a Debt workshop for the Transitional Housing Group in Dover. 6 participants completed the workshop and filled out the evaluation. 100% of participants reported increased financial knowledge, including understanding the impact of debt on financial security and knowing how to create a debt reduction plan.100% of participants reported that they expect their debt management skills to improve after taking this workshop.

In addition to a Credit Check-Up workshop with the folks from the SCHS in Rochester, I also provided a Budgeting workshop which included the publications, "Developing a Savings/Spending Account" and "Getting and Keeping a Checking Account". There were 11 participants who completed the workshop and evaluation.

89% of participants reported learning new information as a result of this workshop. 91% reported that they plan on using the information from the workshop now and in the future.

Qualitative data, ideas/practices participants plan on trying...

"Spending money more wisely and start planning for future goals. Making better financial decisions for myself and my family", "Budgeting and goal setting", "Setting money aside for goals within a time frame", "Strive to reach my short and long term goals", "Get my goals written down and put them on my mirror so I can be reminded and set money aside towards my goal", "stay on task with my money and keep organized with bank statements" "save money to get out of debt", "budget planning", "eliminating debt", "save, save, and save" 

6 individuals attended the "Making Money Work for You" series. 5 out of the 6 individuals indicated on their post-evaluation that they had accomplished some financially sound tasks as a direct result of this workshop. The 6th person indicated that he/she was planning on working on these. Some of the things that people accomplished because of this workshop: "calculated a net worth statement", "developed a plan to achieve retirement and/or future income goals", "reduced money leaks", "saving on a regular basis", "obtained copy of credit report", "reduced debt", "following a spending plan". 83% of people accomplished one or more of these things because of the workshop series. 100% of the people intend to work on these areas, as well as others.

50% indicated that they increased their savings.

67% indicated that they had decreased credit card use.

83% indicated that they had increased their overall money management skills.

83% of participants shared information from the workshops with others, and 100% of participants would recommend this program to others.