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1 Mentor s Manual

2 Northwest Media, Inc. Specializing in media-based materials for social learning. For a product catalog or for further information, please contact: Northwest Media, Inc. 326 West 12th Avenue Eugene, OR Telephone: or Fax: or visit Northwest Media, Inc. All rights reserved. All audio-visual and written materials for this program are copyrighted with all rights reserved. No program materials may be reproduced or transmitted by any form or by any means without the written permission of Northwest Media, Inc., except where it is explicitly indicated in the curriculum guide. The content of this program, including mention of trade names and commercial products, is not intended to reflect the views, policies, or endorsement of the United States Government. Support for this program was provided to Northwest Media, Inc., through a Small Business Innovation Research grant # R43 HD A2 from the National Institute of Child Health and Human Development

3 Mentor s Manual Writing: Lisa Siegle Lee White Interactives: Lee White William Haldane Artist: William Haldane Graphic Design: Kristian Hansen

4 Money Medical: Healthy Money Management Mentor s Manual Preface 1 Preface Money can be a major stressor. Money Medical: Healthy Money Management is designed to help people who want to develop healthier money skills and change their attitudes towards money. Approach This manual for Money Medical will guide you as you work to sharpen skills for budgeting, saving, spending and borrowing money. Equally important, the program will provide a self-help guide to understand your attitude towards money. The course is organized into 7 short sessions, each about 30 minutes long. Each session will generally have two video segments, one to learn money management skills and another to work on attitudes towards money. In addition, there are several interactive exercises hosted by Mr. Standing Proud that build on the skills being studied. After viewing the two segments and doing the interactive activities (5-10 minutes) this manual will provide additional ideas for activities and discussion. We suggest you establish a schedule for working together and try to complete at least one segment during each session. The video program is set up so that you can not skip ahead; the current segment must be completed before the next one can be viewed. After viewing a segment for the first time, you can view it again as often as you like. The web program also includes The Big Book of Financial Health, to be read as you go through the program. It expands on information taught in the online class and contains related information on budgeting and spending. We recommend you keep a folder or binder with your notes, printouts and written exercises. Print out several copies of indicated exercises so you have them ready for future use. Keep your Money Medical binder handy for quick reference. Preface for A New Beginning Most classes will close with a section called A New Beginning, about changing unwanted habits. Changing behavior requires a series of steps, from recognizing old behaviors to following a plan toward your behavior goals. In this section, we will look at some of the steps; accepting our old ways, working through confusion, and moving to a new beginning. We suggest discussing the points in this section together. We want to offer a special thanks to Brad Klontz, Psy.D., who consulted on Money Medical: Healthy Money Management and The Big Book of Financial Health. Brad is a nationally recognized author on psychology and money and has been extremely helpful to us. Mr. Klontz is co-author of Wired for Wealth: Change the Money Mindsets That Keep You Trapped and Unleash Your Wealth Potential, The Financial Wisdom of Ebenezer Scrooge: 5 Principles to Transforming Your Relationship With Money, and Facilitating Financial Health: Tools for Financial Planners, Coaches and Therapists. Disclaimer Money Anonymous is a fictional program and is the creation of Northwest Media, Inc. as a companion to Money Medical: Healthy Money Management; it is not affiliated with any self-help program or group. The booklet The Big Book of Financial Health is a companion to both Money Anonymous and Money Medical.

5 Money Medical: Healthy Money Management Mentor s Manual Class 1: Understanding Money 2 Class 1: Understanding Money Purpose to learn how careless money attitudes or habits can lead to personal and financial crisis to begin to understand the value of money to become aware of the concept of money scripts to learn how denial prevents growth Overview In Money Medical: Healthy Money Management, an animated group of teens have hit the wall financially and as a cure are assigned to Money 101 to learn how to take charge of their money habits. They will be guided by our narrator, Standing Proud, and Dr. Buck. This is followed by an interactive exercise to help you explore your money health. After answering the 20 questions, Standing Proud will give you the results. Then continue with Money Medical: Class 1 Understanding Money. In this class, Dr. Buck explores how money and time are valued, and there is an exercise to show how you value your time and your money. Watch Money Medical introduction: Healthy Money Management Activities complete the online interactive, Your Money Health, to see what Standing Proud suggests for you Watch Money Medical Class 1: Understanding Money Activities Complete the Time Is Money exercise together.

6 Money Medical: Healthy Money Management Mentor s Manual Class 1: Understanding Money 3 Discussion The concept of time is money means the money you spend is directly related to the time you spent working for it. Does thinking about how much an item costs in terms of the hours worked to pay for it affect how you feel about spending? The joy of spending money can make you lose sight of how hard you had to work to get the money. That disconnect about the true value of money can also happen when you don t have to work for the money, or when you spend the money using a substitute for cash. Discuss how it feels when you spend by: check credit card gift money Money Anonymous: Meeting 1 Discussion Money scripts are attitudes and beliefs that influence behavior toward money. How might someone learn a money script? Is it possible to change your money script? Before Alexus can change her spending habits, she needs to accept that she needs to change. We know she hit the wall because she has no money management skills and acts as if she doesn t have a problem. She doesn t think she is in denial. What do you think?

7 Money Medical: Healthy Money Management Mentor s Manual Class 2: Spending Choices 4 Class 2: Spending Choices Purpose to begin to understand spending choices to learn how to track spending to learn the difference between a need and a want to begin to learn about budgeting to learn the ABCs of Spending Overview In Class 2: Spending Choices, Dr. Buck explains the difference between a need and a want. Roxie tells how lifestyle choices and changes help her stick to a budget so she can save money for travel. Standing Proud and Roxie show how to use a Money Tracking Envelope. Watch Class 2: Spending Choices Activities complete the online interactive, Needs or Wants print out, make, and use the Tracking Envelope (print extras for future use) Discussion Needs are things necessary to survive; wants are things we d like to have but do not require to survive. What are a few things that are needs for you, but are wants for someone else? How can you make room in your budget to pay for a want? To Work On As you work your way through the class, you will learn many new skills and new ways of thinking about money but for now, please work on these three skills: Begin tracking your spending by saving receipts in your Money Tracking Envelope Practice using the ABCs of spending before you buy something As you shop, ask yourself, is this a need or a want? If I buy this, what won t I have money to buy?

8 Money Medical: Healthy Money Management Mentor s Manual Class 2: Spending Choices 5 Money Anonymous Meeting 2 Discussion The ABCs of spending help a person shop wisely. How can you analyze what you need to purchase? How can you budget before you spend? Describe two ways to comparison shop. Have you ever thought about spending decisions in this way before? If so, did it influence your spending choices? A New Beginning Using a tracking envelope can be an eye opening experience. Many people aren t fully aware of where their money goes or how small purchases, like a daily cup of coffee and a muffin, can add up over time. Before you can change you have to study your spending habits, good and bad, and be honest with yourself about how you have done so far.

9 Money Medical: Healthy Money Management Mentor s Manual Class 3: Income and Bill Cycle 6 Purpose Class 3: Income and Bill Cycle to learn how to handle income and bill cycles that don t match to learn how to read paychecks and pay stubs to begin to understand change Overview Class 3 is about income and bill cycles. Income cycles are the regular pattern of receiving money and bill cycles are the regular pattern of when debt comes due. The cycles usually don t match, so it is important to plan to pay bills on time. The class continues with a section about income and how to read a paycheck stub. Watch Class 3: Income and Bill Cycles Activities complete the online interactive, Cycles Card Sort compete the interactive, Paychecks and Pay Stubs print out and complete the Total Income sheet (print extras for future use) Discussion Often, income and expense cycles don t match. What strategies would be helpful if a paycheck comes on the 1st of the month and bills are due on the 10th, the 15th and the 25th? (see Big Book part 3) Expense cycles can be monthly, biennial, or annual. What are some strategies for preparing for bills that have longer cycles? (see Big Book part 3) Some people never look closely at their pay stubs. Is this part of their money script? Why Is reading a pay stub part of good budgeting? Why? What is it that Alexus doesn t get? Is it that she doesn t understand where her money goes? Why do you think she is so confused?

10 Money Medical: Healthy Money Management Mentor s Manual Class 3: Income and Bill Cycle 7 To Work On Continue saving your receipts in tracking envelopes Continue using the ABCs of Spending while shopping Money Anonymous BB ended up in a shelter. Why? Is he aware of what his problem is? What do you think his problem is? What are the first three steps of change? Becoming aware there is a problem Making the decision you want to change Making a plan to change The steps of change can help a person rewrite his money script (his attitude toward money). What are some signs someone s money script needs changing? What might a person do to begin to change his script? Can you identify any of your money scripts? Are you satisfied with them, or do you want to change them? Class 3: A New Beginning Roxie, Slick and Benny seem to understand all that is being taught, yet they are still having problems. This is common; they know how to do what it takes to live within a budget, but applying it to everyday life can be confusing. That confusion is a normal part of the process; people who succeed in following a plan for change accept their confusion and keep learning and working towards their goals.

11 Money Medical: Healthy Money Management Mentor s Manual Class 4: Expense Categories 8 Class 4: Expense Categories Purpose to learn how to sort expenses into categories to learn how to use an expense summary sheet, which is a collection of expense categories to learn how self-talk can affect spending decisions Overview In class 4, Dr. Buck and Roxie explain how to develop expense categories. Dr. Buck says that knowing where your money goes is necessary in order to build a budget. In Money Anonymous, the group talk about how positive self-talk can help you stay on track with your spending. Watch Class 4: Expense Categories Activities complete the online interactive From Envelope to Categories print out and complete the Summary Sheet (print extras for future use) Discussion Separating expenses into categories shows us how we used our money so we can figure out what we can budget for the next month. Once you have completed your expense category Summary Sheet, study it and ask yourself: Do the categories work for you? If not what should you change? Are there expenses or income that you missed?

12 Money Medical: Healthy Money Management Mentor s Manual Class 4: Expense Categories 9 Money Anonymous Meeting 4 Positive self-talk can help you stay focused. What is the difference between positive self-talk and negative self-talk? What are some phrases you can use to help yourself in a stressful money situation? How will using self-talk help you avoid overspending? A New Beginning At the very end of Money Anonymous, Alexus had a brain flash about her money script. The next step for her is to want to change. After she does that, she can build a plan and start working on it.

13 Money Medical: Healthy Money Management Mentor s Manual Class 5: Fine Tuning Categories 1 Class 5: Fine Tuning Categories Purpose to learn how expense categories help us build a budget to learn how to build a budget, which is a plan for spending your money to learn how self-imposed limitations can prevent us from reaching our goals to learn how self-talk can affect our behavior Overview Dr. Buck uses discussion and interactive exercises to present the final steps to building a budget. There is a brief discussion on fine-tuning expense categories to gain a clearer picture of how money is spent. Then, Dr. Buck shows how to transfer expense categories onto a summary sheet and how to use that information to start next month s budget. Finally, she shows how to make adjustments in expected income and expenses to create a budget. Watch Class 5: Fine Tuning Categories Activities complete the online interactive, Budget Sheet Exercise print and complete the Budget Worksheet (print extras for future use) Discussion If budgeting is a plan, what did Roxie plan when she built her budget? She plans to save more money for travel She plans to pay down her debt Can you identify the rest of her money plan for the month of June? This course showed how to budget for one month at a time. Are all budgets that way? What are the steps to budgeting? Understand previous spending habits Figure out what adjustments to make to meet financial goals Make the adjustments Follow the budget

14 Money Medical: Healthy Money Management Mentor s Manual Class 5: Fine Tuning Categories 2 To Work On Following the steps Roxie used, build your own budget Figure out your goals for your future and think of how you can plan to meet those goals Figure out strategies you can use to help keep yourself on budget Money Anonymous After Alexus s speak out, the big book discussion explores self-imposed limitations and self-doubt, which can hold us back from making changes and reaching our goals. Positive self-talk can help us stay focused and move in a positive direction; negative self-talk holds us back and defeats us. Self-limitation is how we hold ourselves back. In the class, Kelly admits she limits herself by telling herself she can t go to school because it s too expensive and because her parents say she isn t the college type. Can you think of ways you hold yourself back? What are some tools you can use to overcome self-limitation? Do you use negative self-talk? Can you think of some positive messages you could substitute for those negative messages? A New Beginning Building a budget is building a money management plan. Sticking with a budget takes commitment. Sure there will be times, just like Slick or Roxie, when you fall off your budget, but it is important to keep trying.

15 Money Medical: Healthy Money Management Mentor s Manual Class 6: The Costs and Benefits of Borrowing 3 Class 6: The Costs and Benefits of Borrowing Purpose to learn about interest, borrowing fees and penalties to learn when it is wise to borrow money to learn when not to borrow to learn more about self-limitation Overview Dr. Buck explains credit card costs, such as interest and penalties, and when it is a good idea to borrow money. Self-limitation is examined further in Money Anonymous, and the MA group also talks about change. The handout Borrowing Tips helps explain several considerations to think about before borrowing money. Watch Class 6: The Costs and Benefits of Borrowing Activities complete the online interactive, Costs and Benefits of Credit Cards complete the online interactive, Credit or Cash? print out and read Borrowing Tips Discussion Sometimes it s good to use credit, sometimes it s good to pay cash. Give examples of good times to use credit Give examples of good times to pay cash Discuss the handout Borrowing Tips See if you can give examples of the 3 C s of credit The rule for borrowing What are your responsibilities for borrowing? The four-way test for borrowing What are some loans to avoid?

16 Money Medical: Healthy Money Management Mentor s Manual Class 6: The Costs and Benefits of Borrowing 4 To Work On Continue following your budget Think about whether or not you limit yourself. If you do, can you think of ways to move on? Money Anonymous Kelly speaks out about how she limits herself. The discussion continues with ideas of goal setting and changing self-limiting behavior. Discussion: Discuss what the group says about change Have you begun to think about the stages of change and how they might apply to you? A New Beginning The final stage of change is sticking with your new, healthy money management practices until budgeting and saving become a habit. In maintenance, you feel strange if you don t save money!

17 Money Medical: Healthy Money Management Mentor s Manual Class 7: Banking and Credit Reports 5 Purpose Class 7: Banking and Credit Reports to learn how to choose a bank or credit union to learn about credit reports to learn about credit counseling services Overview Dr. Buck discusses credit reports and credit repair. The Bank Lady cartoon describes the difference between banks and credit unions and outlines 6 rules for choosing a bank. Watch Class 7: Banking and Credit Reports Activities print out and read Credit Reports Discussion The six rules of picking a bank are: The 3 location rules Safety Friendliness Costs Banks and credit unions both offer banking services What is the difference between a bank and a credit union? Discuss the credit report print out How can your financial history affect your financial future? Together, view the suggested web sites in the printout on Credit Reports. If your credit score is low, how can you raise it?

18 Money Medical: Healthy Money Management Mentor s Manual Class 7: Banking and Credit Reports 6 Program Review Below is a review of the skills presented in Money Medical. Discuss these skills and make sure you understand them. Start here... distinguish between a need and a want save receipts in a money envelope separate expenses into categories chart personal income and bill cycles read a pay stub and understand the deductions understand the ABCs of Spending Keep Going! complete a summary sheet make a budget and stick to it know how to pick a bank know the costs and benefits of credit cards know when it is a good idea to borrow money and know when it is a bad idea You are a pro! know how to pick a credit counselor know how to avoid risky loans order and examine your credit report know how a credit score can affect you know how to raise a low credit score The Big Picture Can you figure out what some of your money scripts are? Are you making personal progress toward change? How does it feel? Are you staying on budget? How does that feel to you? Keep the Change Managing your money takes attitude, learning, and hard work. Visit Vstreet and watch classes whenever you grow rusty on the concepts. Remember, you can control your money.

19 Northwest Media, Inc tel toll free fax web address 326 West 12th Avenue Eugene, Oregon 97401

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