IDA EDUCATIONAL PROGRAMS

IDA EDUCATIONAL PROGRAMS ARE ON THE MONEY

Schedule of upcoming classes, click here...

The first Individual Development Account (IDA) financial literacy training course took place on Oct. 10, and more financial education courses are on the CSPNJ/CEC agenda.

The Basic Banking course was presented by CSPNJ/CEC and the Rutgers Cooperative Extension Service, according to Zoraida Reyes, CEC financial services coordinator.

“It went very well,” she noted. “I think the participants learned quite a lot. It seemed like they really wanted to be there, and their enthusiasm came through.”

Seventeen participants attended the session, which was conducted by Carole Glade of Rutgers. The course reviewed different aspects of basic banking services, such as how to open and maintain a checking account; how to interpret and maintain financial records and statements; benefits of using a bank or credit union instead of a check-cashing service; and the rights and responsibilities of account holders.

The focus of a course entitled Basic Money Management will revolve around establishing a budget. The class also will cover goal-making; net and gross income and fixed and flexible expenses; ways to involve family members in financial management, effective and easy-to-follow budgeting strategies, ways to track income and expenses, paying bills and maintaining records, using a debit card and an ATM, finding and using free or inexpensive community services, and simple ways to save money.

Understanding the benefits and risks of using credit cards is a key element of financial stability, and will be covered in Credit 101. The session also will focus on the types of available credit; the impact of credit on future financial plans, such as buying a house and insurance coverage; protecting credit records; the role of creditors, credit bureaus and credit reports; reasons for denial of credit; and signs of credit problems and ways to resolve them.

Understanding Your Relationship to Money will define the role money plays in daily life; using money to reach goals; dealing with stress and discussing money matters with family members; ways to build financial confidence; identifying and building skills, talents, hobbies and abilities; setting priorities; and changing behavior patters with regard to money matters.

Saving and Investing On a Shoestring is designed to help participants reach their financial goals. The session will highlight easy ways to save money and cut expenses; determine return and risk levels; identify different types of savings and investment accounts; explain fees, interest payments and dividends; explain the importance of using employment-based savings plans; utilization of free community services to save money; and discuss tax credits and tax preparation services.

Future classes will include Predatory Lending Practices, Insurance, and Credit 102 – Dealing With Debt.

Here is the schedule of upcoming classes (all will be conducted at the Knights of Columbus Hall at 70 E. Main St., Freehold):

• Basic Money Management, Thursday, Oct. 23, 2003 and Friday, Nov. 21, 2003. Both sessions will run from 10 a.m. until noon.
• Credit 101, Friday, Dec. 12, 2003 from 10 a.m. until noon.
• Basic Banking, Thursday, Jan. 29, 2004 from 6 p.m. to 8 p.m.
• Understanding Your Relationship to Money, Friday, Jan. 30, 2004 from 10 a.m. until noon.
• Saving and Investing On A Shoestring, Friday, Feb. 27, 2004 from 10 a.m. until noon.