Building Financial Wellness

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Graphic of the Building Financial Wellness Participant Workbook Cover

Download the workbook for free

About the curriculum

Building Financial Wellness conveys valuable knowledge and skills that people need to better manage their personal finances. It acknowledges that many individuals with mental health and substance use issues have limited income, poor credit, and minimal access to financial institutions. These barriers, in turn, create financial burden and further limit economic opportunity, creating emotional distress and negatively impacting physical health.

This curriculum helps people to develop money management skills that can promote their overall recovery, well-being, and health. It guides participants in recognizing what triggers spending, how using credit leads to debt, and ways to cope with challenging feelings about money. Participants also learn to set attainable financial goals. Learning occurs in a context of acceptance and encouragement aimed at increasing participants’ sense of control over their personal finances.

Who can use it?

This course was developed for people in recovery from mental health and/or substance abuse challenges, but it can be used by anyone who wants to gain basic financial management knowledge and skills. While it is designed for an audience with minimal financial literacy, it also contains suggestions for activities to use with participants who have more advanced knowledge and experience.

How does it work?

The curriculum includes an instructor guide and participant workbook with all of the information needed to teach the 6 classes and conduct 3 virtual booster sessions after class completion. The instructor guide includes a teacher script, presentation notes, and information on how to prepare for each class and booster session. Instructions are provided for all activities and refer to specific sections in the accompanying participant workbook. In-class activities include introduction to basic financial concepts, use of personal reflection in establishing financial wellness, and how to use money management tools to create new habits and set financial management goals. Participants are encouraged to complete assignments on their own between classes. After classes end, 3 brief virtual booster sessions reinforce learned material and offer additional peer support for goal attainment.

Classes cover the following information and skill building activities:

Class 1 introduces the concept of financial wellness. Participants learn about skills, habits, and routines for money management.
Class 2 covers basic financial habits and skills. These include increasing awareness of the difference between needs and wants, and addressing spending triggers that lead people to buy things they can’t afford, or do not want or need.
Class 3 introduces a process to set financial goals and prepare a personal budget. Budget development and monitoring helps people track what they spend, predict their future expenses, and plan for a better future.
Class 4 provides an overview of financial services such as savings and checking accounts. Participants learn the benefits of saving money, and how banks and other financial institutions help people better manage their money.
Class 5 reviews credit and debt to help participants increase their financial security and improve their credit rating.
Class 6 focuses on creating a Financial Wellness Plan based on what participants have learned about budgeting, savings, credit, debt, and the value of planning ahead. In this final class, participants also create an action plan to achieve a financial wellness goal. This final session concludes with a celebration.
Booster sessions allow participants to check-in about progress toward financial goals, receive peer support, and obtain additional resources and suggestions.

What resources are needed?

The teacher guide lists all resources that are needed for each class, including office supplies (such as name tags, pencils, and envelopes). It also contains a “to-do” list that helps them prepare to deliver the course. Also included are additional resources that teachers can use to further educate themselves and participants about advanced topics in money management, if desired.

What experience is needed?

Classes are designed to be co-taught, preferably with one or both teachers having experienced mental health or substance use issues. Teachers should possess knowledge of basic financial concepts, as well as proficiency in facilitating groups, especially on topics that are personally sensitive or challenging to participants.

While teachers do not need to be financial experts, we strongly recommend that they thoroughly review all of the material before starting a course. They also should carefully plan how they will conduct each class and booster session. Teachers also are expected to act as role models by discussing their own personal financial experiences, engaging in class activities, and sharing their completed between-class assignments. This helps them to better understand course content, while also relating to participants’ experiences.

Preparing to teach the course

Complete all activities and assignments on your own before offering the first class. This will help you understand the flow of the course and how topics build upon each other. It will also allow you to target your recruitment to those participants who are most likely to benefit.
Take time to orient potential participants to the course, so they know what to expect and what kind of commitment is needed to complete the course.
Recognize that financial issues are often emotionally charged. Think through how you will take care of your own physical and emotional well-being while teaching the course. Share your needs and experiences with your co-teacher, so that the two of you can offer each other mutual support.
Plan to meet with your co-teacher after each class to evaluate how it went and to prepare for the next class. An assessment is included in the instructor guide to help with this self-evaluation.