- Virginia Beach, Virginia 757-943-9652 Facebook: Bank On Hampton Roads Twitter: @Bank_On Sixth Edition…

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www.bankonhr.org 757-943-9652

Facebook: Bank On Hampton Roads Twitter: @Bank_On

Sixth Edition July 2018

www.vbgov.com/bankon 757-385-3551

www.norfolk.gov/bankon

http://www.bankonhr.org/http://www.vbgov.com/bankonhttp://www.norfolk.gov/bankon

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IF THIS BOOK IS FOUND, PLEASE CONTACT:

NAME:____________________________________________________________

PHONE:__________________________________________________________

My Financial Team These are the people who can help me reach my goals

NAME EMAIL/PHONE NUMBER

MY INSTRUCTOR(S)

MY COACH

OTHER FINANCIAL PROFESSIONALS

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Contents Acknowledgements ......................................................................................................... 6 About this Challenge........................................................................................................ 7 Resource Guide ................................................................................................................ 8 Financial Assessment - Beginning ................................................................................. 13 Bank On It ......................................................................................................................... 16 Crisis Mode ....................................................................................................................... 20 Money Management 1 .................................................................................................. 23 Money Management 2 .................................................................................................. 35 Credit the Basics .............................................................................................................. 40 Credit Next Steps............................................................................................................. 46 Pay Yourself First .............................................................................................................. 48 Keep It Safe ...................................................................................................................... 50 Financial Assessment Completion ............................................................................. 54 Next Steps ......................................................................................................................... 56

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Acknowledgements This manual was prepared as a collaborative effort among many community partners of Bank On Hampton Roads. Each partner has contributed to this manuals contents. Thank you to all the providers of services who contributed to the creation of this Financial Empowerment Passport. The services you offer and the expertise you provide are invaluable not only to this program but to all who need an extra bit of help on their way to financial health. We appreciate the contributions of:

ABNB Federal Credit Union ACS/FFSC Financial Representatives Beach Municipal Federal Credit Union Financial Institutions of Bank On Virginia Beach Fulton Bank Master Financial Education Volunteers Virginia Beach Adult Learning Center Virginia Beach Community Development Corporation Virginia Beach Schools Federal Credit Union Virginia Cooperative Extension Services

The City of Virginia Beach Human Services Department developed the original Financial Empowerment Passport with the assistance of the partners associated with Bank On Virginia Beach. As the program expands to more municipalities within Hampton Roads, the Financial Empowerment Passport continues to be developed with the needs of our participants in mind.

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About this Challenge Welcome to your financial challenge! Each municipality participating in Bank On Hampton Roads has issued a challenge to its citizens to build financial security through the following ways.

Regular sustainable income Established written goals Emergency savings Manageable debt obligations Ability to obtain traditional credit Plan to build assets for long-term sustainability

If you want to create greater opportunity for income, increased savings, reduced debt and increased credit score, this is the challenge for you.

Classes, Coaching and Homework: Each month, you will receive new information in lively interactive classes to help you make wise decisions with your financial life. Coaches offer support, education and encouragement to help you apply what you have learned to your own personal financial plan. Homework assignments allow you to build your plan one piece at a time. The combination of having classes, Coaching and goals to accomplish each month makes this program unique.

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Resource Guide There are a number of resources you can use to help you get started on your financial journey. Many of these resources are free or very low cost. Bank On Hampton Roads is proud to work in partnership with our local educational and non-profit providers to grow financial security for every citizen!

Income Resources for education, business development and employment.

Tax Information to help you maximize your refund and get free tax help

Money Management Budgeting tools and local resources

Credit & Debt Resources to help you build your credit and reduce your debt

Savings & Investment Ways to create a financial cushion and let your money work for you. Also find resources related to retirement.

Housing Find resources related to affordable housing and first-time home ownership

Consumer Protections Steps to protect identity, your assets and future generations. Find help for estate planning here.

Web Tools Great websites offering free tools to help you manage money, find resources, build credit, reduce debt and more!

Public & Charitable Support List of programs and organizations that can help connect financially stressed individuals to community supports.

http://hrresourcelist.blogspot.com/p/income.html

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Orientation Date of Class ___________________ Instructor Initials/Code___________

My class meets every _________ ____________________ of each month at _____________________ (Time)

HOMEWORK: Completion ASSIGNMENT

Complete My Financial Goals Worksheet: p. 12

Join Virginia Saves: Establish Savings Goal

Obtain Credit Report from www.annualcreditreport.com

Complete Financial Assessment: pp. 13 -14

Visit Bank On Blog and answer: What dates are all the Bank On Classes for the coming month scheduled (List Below) (www.bankonhr.org) : p. 11

Read Income Resource Guide: www.bankonhr.org

Read Homework Notes: below

Start Spending Diary: p. 15

Make Contact with Your Coach Need help? Call 757-943-9652 or email: info@bankonhr.org.

Homework Notes:

For the first few months of the Challenge, we will be establishing financial goals and collecting the information that will help us establish a working monthly plan for managing expenses.

My Financial Goals: allows you to document some big goals you would like to accomplish during the Challenge. Later you will take some of these big goals and develop them so that they are actionable with timelines for accomplishment. For now, it is important to have written goals to help us

http://www.annualcreditreport.com/http://www.bankonhamptonroads.com/http://www.bankonhamptonroads.com/

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remember what we hope to accomplish. It will help us to stay motivated through the Challenge.

To accelerate your progress, consider developing a Dream Book (pictures of your goals) to help you visualize success. Having a visual can help us articulate what success looks like.

Virginia Saves: will help us maintain a savings focus throughout the program. Virginia Saves and America Saves send out periodic e-wealth Coach emails and texts if you choose to receive them. Your savings is maintained at any financial institution you choose, and your person information is never shared with third parties. Studies show that in writing a savings goal you are more likely to take positive action toward achieving that goal. Virginia Saves also can be found on the web www.virginiasaves.org; at their blog: http://virginiasaves.blogspot.com; on Facebook www.facebook.com/virginiasaves and Twitter @_VAsaver_.

Annual Credit Report: Knowing what the financial institutions know about you is the first step in taking control of your financial future. www.annualcreditreport.com allows you to access your credit report from the three credit bureaus. Only one is needed for this first homework assignment. Midway through the Challenge, we will access another report. At the end, you will access a final credit report. By spacing them through the Challenge, you can monitor if improvements are made and stay alert to the potential for identity theft.

Financial Assessment: A periodic financial assessment is at the heart of any financial plan. The success of this challenge is rooted in improving critical financial stability measures such as income, savings, debt reduction and credit score. By doing a detailed assessment early, you have the greatest opportunity for demonstrating improvements.

Bank On Blog: www.bankonhr.org The calendar of classes is at the bottom of the blog to help you connect to other classes should you have a scheduling difficulty with your class. If you miss a class, just look on the calendar for the next time this material is presented. At the blog, you can sign up to receive updates to your email as announcements and events are posted. Look around: in addition to some great articles, the lessons are all freely available for reprint as well as your homework assignments. You can access this Passport electronically and find worksheets and forms you can use as you get started.

http://www.virginiasaves.org/http://virginiasaves.blogspot.com/http://www.facebook.com/virginiasaveshttp://www.annualcreditreport.com/http://www.bankonhamptonroads.com/

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Income Resource Guide: Are you looking to grow your sources of income? Perhaps you are considering getting a certification, building a business or looking for that next venture. The Income Resource Guide provides a list of free or low cost public and non-profit resources to help you along the way. Find the Resource Guide at www.bankonhr.org.

Spending Diary: By collecting detailed information on your spending, you are gathering the data you will need to establish a spending plan that addresses your lifestyle and values. Documenting your feelings will help identify areas where your emotions drive your spending choices.

Bank On Coach: Coaching is where the real magic happens in Bank On Virginia Beach. The Coach is your ally in helping you stay on track, encouraged and focused throughout the Challenge. In between each class, you should plan to meet with your Coach. Getting connected early will assure you the greatest potential for success. Many Financial Institutions offer Coaching, but Bank On Virginia Beach has volunteer Coaches who offer their time to the program to help you build a financial plan that will help you achieve your goals.

Next Months Classes:

DATE LESSON DATE LESSON

http://www.bankonhr.org/

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My Financial Goals

Consider why you came to Bank On what do you hope to see in your future as a result? Your goals can be either short-term (less than a year) or long-term (several years into the future).

List or draw your goals for the future. To make a Dream Book organize photos or visuals for your goals. The more we can see it, the more invested we are in making it come to pass.

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DATE:

Financial Assessment - Beginning INCOME PER MONTH INCOME PER MONTH Gross Salary 1 Pensions/Retirement Gross Salary 2 TANF/SNAP Commissions Child Support Social Security Other TOTAL MONTHLY INCOME $

ASSETS VALUE ASSETS VALUE Savings Automobile(s) Checking Home Investments Personal Property Retirement Other TOTAL ASSETS

$

LIABILITIES PAYMENT TOTAL OWED INTEREST RATE Credit Card 1 Credit Card 2 Credit Card 3 CAR LOAN 1 CAR LOAN 2 MORTGAGE1 MORTGAGE2 TAX DEBT STUDENT LOAN 1 STUDENT LOAN 2 PERSONAL LOAN MEDICAL1 MEDICAL2 TOTAL LIABILITIES

$

Credit Report can be obtained at www.annualcreditreport.com or 877-322-8228

http://www.annualcreditreport.com/

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CREDIT SCORE DATE SOURCE SCORE

YOURS

SPOUSE

Free credit scores can be obtained through www.creditkarma.com or www.creditsesame.com or perhapse listed on your credit card statement.

ALTERNATIVE FINANCIAL SERVICES

Used payday/title lender in last 12 months Number of times

Used check cashing in last 12 months Number of times

Financed car or furniture on location in last 12 months YES or NO

Used rent-to-own in last 12 months YES or NO Received advanced refund for taxes last year YES or NO Financial Assessment Tips: Income:

Use gross income (before any taxes or withholdings). If your income is irregular use the total received in the prior month as a

baseline. Examples of Other may include: dividends, rents, annuities, etc. Include all income from all sources.

Assets: Savings: total savings even if it is not deposited in a financial institution.

Add up your stash. Checking/Investments/Retirement: Refer to recent statement. Automobile: Estimate value of your vehicle(s) using free estimators

(kbb.com, cars.com, etc). Home: Use free estimators online or tax assessment value. Personal Property: includes boats, electronics, collectibles, jewelry,

clothing, furniture, etc. Estimate the total worth of the property.

Liabilities: Record for each creditor monthly payment, total owed and interest rate. Annual Credit Report should show most active credit.

http://www.creditkarma.com/http://www.creditsesame.com/

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SPENDING DIARY: DAY SPENDING TODAY I FEEL 1

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Bank On It Date of Class ___________________ Instructor Initials/Code___________

HOMEWORK Completion ASSIGNMENT

Complete Temptations List below Complete When are Bills Due Worksheet: p. 18 Review Annual Credit Report with Coach and begin process for

correcting any identified error Read Tax Resource Guide: www.bankonhr.org Read Homework Notes: p. 17 Reconcile Bank Statement: pp. 19-20 Coach Initials/Date

Make Contact with Your Coach

Need help? Call 943-9652...

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