What do you need in order to make the most of your money?
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What do you need in order to make the most of your money?. Desire and Will to control your income and spending as a high priority Your needs clearly separated from your wants Ability to Read and write English Do simple arithmetic Use a PC, Smartphone or Tablet to access the internet

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What do you need in order to make the most of your money?

Desire and Will to control your income and spending as a high priority

Your needs clearly separated from your wants

Ability to

Read and write English

Do simple arithmetic

Use a PC, Smartphone or Tablet to access the internet

Confidence to manage your finances, and support from family or friends

Knowledge of: budgeting, bank accounts, how to safely use the internet, priority and non-priority payments, credit, money-saving opportunities

Know: how to convert weekly and monthly units into all weekly or all monthly. An understanding of percentages

Awareness and understanding of financial products – loans, insurance, “jam jar” accounts, savings plans eg. credit union account, what to avoid.

The habit of writing down and tracking what you do against what you want to do

Trusted sources of reliable advice and support when needed


Potteries MoneyWise – the Guts of making the most of your money - 1

  • Dealing with known emergencies now

  • Money Planning (budgeting)

    • financial statement for adviser, specialist appointment or referral

    • wants and needs

    • income maximisation

  • Debts and bills – priority vs non-priority payments

  • Credit – Credit union vs Payday loan vs new Social Fund

  • Money-saving opportunities:

    1. spending less – tips and lifestyle change suggestions

    2. “rainy day money” . . . . putting money aside for

    future events and emergencies.


Potteries MoneyWise – the Guts of making the most of your money - 2

  • Awareness of financial products:

  • + ve . . . Bank, Credit Union and Post Office accounts,

  • Moneyline, insurance

  • - ve . . . Payday loans, Loan sharks,

  • Brighthouse and Perfect Homes

  • Awareness of:

  • - How to access the positive ones, and

  • - Alternative solutions and actions to avoid the

  • negative ones.

  • Maximising income

  • Where to go for local help and more coaching

  • see Potteries MoneyWisehandout, ChatterboxNS.com


Potteries MoneyWise – Beneficiaries money - 2

Probability

of

success

Resource

needed

HOPEFULS

Hoping for

opportunity to

change or

move on

HIGH

“hopefuls” are the

examples.

The others follow

PERSUADABLE

not bothered or

not aware

Follow the lead

of the “hopefuls”

50/50

Engage only at emergencies or when compelled

IMMOVABLE

don’t want to

change or engage

or in denial

ZERO

Infinite resource

needed


Potteries MoneyWise – Beneficiaries money - 2

  • Identify hopefuls

  • Work with hopefuls

  • Find incentives that encourage hopefuls and act as

  • “carrots” for “persuadables”

    • eg. reward tokens

    • Desirable experiences

    • Further development opportunities

    • Positive peer pressure from friends and role models

  • Therefore being seen to reward effort and behaviour that

  • moves towards meeting project and potential beneficiaries’

  • objectives

  • Example is YMCA

  • Don’t waste resources on the immovables.

    • (who are in denial or don’t have hope, or desire to change.

    • Colloquially . . . . . ? “Zombies, Outlaws and Aliens” ?)


  • Potteries MoneyWise – Core session money - 2

    Could be for debt,

    Benefits, housing

    etc. advice

    Queue in Reception at

    CAB office or CAB outreach

    Assessor

    Checks PMW

    eligibility

    1 to 1 in private

    Seen by Assessor who completes Gateway and Consent forms

    • Gateway form +

    • Consent form +

    • (Assisted information

    • Signposting information)

    Coach also monitors

    + requests

    permission to

    follow up in 6 wks

    Seen privately by PMW coach who does 30 mins Core training, + PMW Financial Statement

    • Client takes away:

    • PMW “Top Tips” booklet

    • PMW Financial Statement

    • Spending Diary

    • assisted info. / signposting

    Specialist

    Adviser / other

    Agency refines

    PMW financial

    statement

    Finished . . . OR

    Seen by Specialist Adviser or signposted elsewhere or another appointment made

    Appt. made for PMW in-depth session (group)


    Potteries MoneyWise – Words money - 2

    • Budget

    Money plan

    • Trainer

    Coach if 1 to 1

    • Fincap

    Making the most of your money

    • Financial products

    Financial awareness

    • Saving . . . . 2 sorts - paying less

    • - putting money away for the future


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