The Answer: By participating in the University of Illinois Extension Money Management for Families Program.

The Money Management for Families Program teaches personal financial skills to limited income individuals. Last year 121 persons were counseled individually improving their money management skills. Another 3,148 people attended workshops learning budgeting and financial record-keeping.

Learning to plan financial expenditures was a skill Habib Graves learned in the Money Management for Families Program. Preparing a grocery shopping list has helped him save food money. His savings are now growing in a savings account.

Betty Summers is the paraprofessional staff member from the local Champaign County Extension office working with this audience. She meets individually with the participants at least twice a month. It takes a lot of encouragement and support to build money management skills and help individuals change their behaviors. Some clients begin to change spending habits after three to four months while others have worked with Betty as long as two and a half years before reaching their financial goals.

Changes do occur. Last year of the 121 people she worked with, 33 opened savings accounts. Betty goes with them to the bank to help establish savings accounts and help them understand banking procedures and privileges.

Betty explains, "Many of the participants have limited experiences in managing money. They've made mistakes in the past. I don't give up on them. I encourage them to have a 'can do' attitude. I help them believe they can develop the skills they need to handle money responsibly."

Referrals to the Money Management for Families Program often come from past program participants. Case management professionals from hospitals, social service and mental health agencies often encourage participation and make referrals.

Peg Trulock has struggled with medical expenses. Opening a savings account has helped prepare her for emergencies.

Group workshops are held in neighborhoods from senior citizen centers, libraries to housing centers to maximize peoples' abilities to participate.

"Many individuals have gotten themselves into trouble with checking accounts and are embarrassed to go back to a bank. They need an advocate to go with them. They are more likely to manage their money if they are using a savings account. Getting beyond the practice of spending cash with no record of where the money goes is a money management skill that takes time to develop."

Other participants reach long term financial goals. One participant started in the program on food stamps, public and medical assistance. She and her three girls lived in a one bedroom apartment and their future appeared pretty bleak. Over a three year period of participating in Money Management for Families Program, the woman changed her attitude about her future—from viewing it as limited to limitless. Her confidence in decision making improved as she developed money management skills. This MMFF participant now has her own home and has a job working as a driver for a trucking company.

Mike Longest was a participant at a workshop held at the Skelton Building. After that session, he began working individually with Betty Summers. He had limited knowledge of bank services and financial record keeping. He now is successfully maintaining a savings account.

Money Management for Families Program helps individuals with limited resources develop money management skills. Through Betty's encouragement and consistent contacts with participants, skills develop and attitudes change. This program helps hundreds of Champaign County residents improve their financial well-being and quality of life.

Money Management for Families Program Facts

Program Accomplishments

• 121 participants have kept financial records including budget plans, personal data sheets, notations on contacts with businesses, a calendar noting financial obligations, and an inventory of assets.
• 33 have established savings accounts.
• 25 have gone back to school for vocational training.
• 14 have moved off of public housing assistance.
• 4 have become homeowners.

Who We Served

121 Participants counseled individually

• 1 out of 5 were male
• 82% of the females were head of household
• 78% were single
• 83% had monthly incomes under $1000

3,148 workshop participants

• 61% Caucasian
• 35% African American
• 3% Hispanic
• 1% Asian

Financial support for the Financial Management for Families Program was provided by Bank Illinois, Bank One, Busey Bank, Central Illinois Bank and First of America. Their investment in individuals/families in our Champaign County communities is appreciated.

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