Basic Budget Seminars

Attendance: Required attendance of all having their vehicles repaired. First time volunteers and mentors are also encouraged to attend.

Participants: Participants generally are either working single mothers with incomes of approximately $14,000/year or low income recipients who feel they are tied to the system and may not even need to budget because they have “only $500 a month”. One goal is to help them become better stewards of the money they have. More money is probably not the real answer to their problems. Very few will have established a support system/community.

GOALS:

  • Participants will recognize the need to establish a support system/community
  • Participants will recognize the need to be a good steward of their finances, regardless of income
  • Participants will learn the basics of developing a budget.

PROCESS: Use the following process and topics of discussion to illustrate and convey understanding so the above goals can be reached. The budget is the smallest goal, but it is the foundation which builds relationships and trust so that the other goals may eventually be met. The presenter should include short stories from their life or other illustrations which will help the recipient know that the presenter understands.

GOAL 1

  • Participants will recognize the need to establish a support system/community

Topics/Activities


Vulnerability. All of us are vulnerable. Stack up some blocks, one on top of the other, on a table. These are 6-7 of the traditional wooden blocks which represent us/our family. Show that this stack, sitting by itself, is quite wobbly and vulnerable to something knocking it over.

Strength from a support system/community: Have a pre-built structure of Legos or something that is made up of many objects, but which is built so that the center is hollow and which you can set over the stack of wooden blocks. When you put the family into the support system/community, i.e. blocks into the Legos, the individual family is now less vulnerable to outside calamity. This structure represents the Support system/community-extended family members/friends/neighbors/members of your faith community/mentors.

Each member of the support system/community (Lego) has gifts to give and needs to receive-car repair, food, clothing, helping hand, transportation, babysitting, etc. What you can contribute to this support system/community-babysitting, listening ear, time, talent, teaching ability, counseling ability

Volunteers-mention that all of the helpers at the Car Care Saturday are volunteers. Suggest that they get to know one of the volunteers and learn about the support system/community they come from. There is strength in the Legos!

Note that members of the support system/community are human and not perfect. As you pre-build the Legos structure, use a few cracked Legos, or leave some spaces. The structure built of Legos is not perfect or complete. You help bring about the completeness. In one instance you are a member in need (block) and a few seconds later you may be a member helping someone (Lego).

GOAL 2

  • Participants should recognize the need to be a good steward of their finances, regardless of income.

Topics/Activities

Assessment of the participant’s areas of financial strength and identification of the money skills they would like to improve. After this assessment, the participant should be able to identify the areas in which they have strong money skills and the areas in which they want to improve their money skills.

Distribute Handout A-1 “What Are My Money Habits Now?” and Handout A-2 “How I Can Build on My Strengths” to each participant. Handout A-1 will help each participant determine how he/she handles his/her money now. Handout A-2 will help each participant identify the areas in which he/she has strong money skills and the areas in which he/she would like to learn more. Instruct each participant to complete both of these handouts and to bring the handouts with them to the first “How to Manage Your Money/Budgeting” course. Explain that these handouts will be the basis for designing their budgeting/learning plan.

GOAL 3

  • Participants will learn the basics of developing a budget

Topics/Activities

Setting Financial Goals: Financial goals are things we want to be able to do with our money in the future. Financial goals should be specific, realistic, timely and achievable, will help increase our sense of being in control of our finances Developing a Spending and Savings Plan. This plan should include a complete picture of all money resources received include a complete picture of all money spent keep track of all missing money spent during the month-snacks, etc. Managing a Spending and Savings Plan. Management includes organizing information and keeping records developing a system for timely paying of bills to avoid late fees setting savings goals/establishing regular savings planning for non-monthly expenses using credit wisely