Tips and Tools For Financial Success - Newton Free Library

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Financial Literacy at the Library Tips and Tools for Financial Success A Legacy for Literacy Newton Free Library 330 Homer Street Newton, MA 02459
Background and Acknowledgments Financial Literacy at the Library was held at the Newton Free Library from October 2010 through July 2012. Its goal was to offer a basic program in financial education that was accessible to all members of the community. Supported by a grant from the FINRA Investor Education Foundation through Smart investing @ your library®, a partnership with the American Library Association, it presented the FDIC Money Smart curriculum in its entirety and hosted guest speakers at monthly meetings. Through in-house events and online resources, Financial Literacy at the Library helped many newcomers and long term residents of the Metro Boston area become more competent and confident users of financial services. We would like to acknowledge American Consumer Credit Counseling, Federal Deposit Insurance Corporation and FINRA Investor Education Foundation for their significant contributions to this project as well as permission to reproduce materials for this booklet. We appreciate the support of the Newton-Needham Chamber of Commerce and the Newton Senior Center who faithfully publicized our events in their monthly newsletters, Whole Foods Market for donations of refreshments and NewTV for broadcasting Event videos. A special acknowledgement for our partner, The Second Step, Newton, MA who welcomed and coordinated the delivery of our financial education curriculum to its client population. We would also like to thank the following individuals who generously gave of their time and expertise: Kathleen Barrett and Katie Ross, American Consumer Credit Counseling; Tim DeLessio, Boston office, FDIC; Roberta Rosenberg, Roberta Woods-Dunham, Carol Thompson, Liz Meffen and Claudia Segura, The Second Step; Ana Gonzalez, City of Newton Department of Human Services; Robert Kane and Tom Donnellan, Newton North High School; Michael Yip, Celestial Media; Newton Free Library volunteers: Irene Harrison, Lucy Caldwell-Stair, Peter Kalil; and our Guest Speakers: Kip Child, FDIC; Deborah Bloomberg, Federal Reserve Bank of Boston; Susan Caulfield, Newton Free Library; Francine Kollias, Social Security Administration; Christine Kieffer, FINRA Investor Education Foundation; Martha Savery, Massachusetts Educational Financing Authority; William J. Brisk, Esq.; Barbara Anthony, Massachusetts Office of Consumer Affairs and Business Regulation; Linda Kaplan, Massachusetts Department of Revenue; David P. Simon, Bentley University; Barbara Chandler, Metropolitan Boston Housing Partnership; Joshua S. Grinspoon, U. S. Securities and Exchange Commission; Congressman Barney Frank, The Fourth District of Massachusetts. We especially would like to thank Burt and Judy Lavine for the contribution of their graphic design skills on many of our publicity flyers and in particular for the cover of this publication. We would like to express a very special thank you to Roberto Mighty of Celestial Media whose expert video recordings have allowed us to extend our reach beyond the physical walls of the Newton Free Library into the virtual world. With much gratitude, we would like to acknowledge the contribution of Julie Soforenko whose clear voice and thoughtful explanations brought the FDIC Money Smart curriculum to life for our auditorium and online audience. 2
Page 1: Financial Literacy at the Library T
Page 5 and 6: Chapter V. Credit Overview of Credi
Page 7 and 8: 6 Newton Free Library hosted Financ
Page 9 and 10: 8 © 2011 American Consumer Credit
Page 11 and 12: Goal Setting & Financial Planning (
Page 13 and 14: Financial Goals Worksheet (SMART)
Page 15 and 16: Planning For Unexpected Life Events
Page 17 and 18: 1. Determine what to keep at home a
Page 19 and 20: 5. Keep a close watch on your bank
Page 21 and 22: 20 Kip Child, FDIC Community Affair
Page 23 and 24: Introduction to Banks (from FDIC Mo
Page 25 and 26: 24 Debit Cards • Fees? • Fee wa
Page 27 and 28: Ways to Take Money Out of Your Acco
Page 29 and 30: Using Electronic Banking (from FDIC
Page 31 and 32: Activity 1: Checking Account Fees (
Page 33 and 34: Activity 3: Record Transactions in
Page 35 and 36: Sample Check Register Check Number
Page 37: Paper Money Copy, cut, and put the
Page 40 and 41: III. Budgeting Practice Good Habits
Page 42 and 43: Create a Budget—and Pay Yourself
Page 44 and 45: Household Budgeting Worksheet Housi
Page 46 and 47: Read the scenario, review the Month
Page 48 and 49: Increase Your Income How might how
Page 50 and 51: Develop a Spending Plan A spending
Page 52 and 53:
Implement Your Plan Seek Assistance
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• Educate yourself and learn more
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Budgeting Quiz 1. How long should y
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Budgeting Quiz -Answers 1. Correct
Page 60 and 61:
IV. Saving and Investing Preparing
Page 62 and 63:
The true magic of compound interest
Page 64 and 65:
9. Pay off high-interest credit car
Page 66 and 67:
Risk-Return Relationship Table (FIN
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Compounding with Tables (FINRA Inve
Page 70 and 71:
Retirement Savings Vehicles (FINRA
Page 72 and 73:
In most cases, you roll over a trad
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Activity 2: Savings Goals Worksheet
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Investing Quiz 1. Which of the foll
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Investing Quiz - Answers 1. Correct
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Making your First Investments http:
Page 82 and 83:
V. Credit Overview of Credit What i
Page 84 and 85:
What Is a Credit Report? (from FDIC
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How the Credit Report Is Used (from
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How to Get Your Free Annual Credit
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Credit Cards: What Are They Used Fo
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Credit Card Comparison Chart (from
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ACCOUNT ACTIVITY Date of Transactio
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Activity 1: Maria’s Credit Report
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Activity 3: Who Poses the Most Cred
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Credit Terms and Definitions Bankru
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8. All of the following appear on y
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VI. Borrowing Basics Types of Loans
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Car Loans (from FDIC Money Smart) T
Page 108 and 109:
To Rent or To Own? (from FDIC Money
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Activity 1: Which Loan Is Best? (fr
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Activity 3: How Much Mortgage Can P
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Note: Make sure you compare loan of
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Estimated prepaid amounts for inter
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Borrowing Basics Quiz 1. Which of t
Page 120 and 121:
Answers for Borrowing Basics Quiz 1
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VII. Life Skills Menu Planning Work
Page 124 and 125:
Grocery Shopping Tips 1. Clean out
Page 126 and 127:
Computer Terms and Definitions Comp
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Housing Terms and Definitions Appli
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8. According to the 2010 Consumer E
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VIII. Glossary Glossary (excerpted
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Compounding: Interest paid on money
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Interest: A percentage of your bala
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Stocks: Parts of a company, called
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IX. Recommend Resources Bibliograph
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Careers and Life Skills Bostick, Na
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Heath, Julia A. Personal finance es
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Debt information for teens: tips fo
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Tutor/Teacher Cordell, Jane. Cambri
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Newton Free Library Financial Educa
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I. Learning English Online Resource
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Investor Knowledge Quiz - http://ww
Page 156 and 157:
American Consumer Credit Counseling
Page 158 and 159:
Nationwide Resources (from American
Page 160:
This publication is made possible b
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