Purpose and Themes
A cohort of families started Saranam’s Financial Management course in January. This topic can be daunting and traumatic for various reasons. For some parents in our program this may be a whole new skill set to learn, or some may realize the impacts of their past choices. There may be strong feelings that make it challenging to discuss in a group, or one may struggle to foster a new mindset about personal finances. We all have different experiences with finances. This class helps build parents’ skills and confidence in managing their own finances.
The instructors help families focus on what they can control now. They teach basic terms, concepts, and build a foundation. There are five core themes of this class.
Parents determine their financial goals through practical budgeting, values-based decision-making, and long-term financial planning. This class is not based on hypothetical situations. Families apply the lessons and money management skills with real numbers.
“The most helpful class was the budgeting workshop. This training was so in depth and practical that I still use it today.” ~ Alum parent
Financial Management is one of many life skill classes in our program. In the first semester, an adult attends 10 life skill classes, totaling over 450 hours. The various topics help the adults sustain and further develop their roles as parents, community members, and potential employees. These classes include numerous resources that nurture resilience, self-awareness, and empathy.
Where to begin
In the first week of the course, adults start by examining their values and priorities. There are various activities they complete to take a closer look. First, they review a long list of over 50 values to rank what is “important”. A few examples of the values are balance, commitment, and wisdom. They continue the process by focusing on values they marked as “important” and then rank those as which are “very important” and continue until they delineate their top 3-5 “most important”. This self-assessment helps the adults realize, currently, their most important values. Keep in mind, values can change at different times of their lives.
“Values dictate the choices we make whether we are aware of them- or not.”
Next, they assess their priorities. There is a scale from low to high between two columns that compare “what is important to you” and “how well you are doing”. This side-by-side comparison is a real check-in. They can see the variances and where they they may need to bring some closer together.
Over the span of the course, parents weekly write in their “Values Journal”. This journal is a tool to track their actions, progress, and goals. More specifically, they write examples of when their actions aligned with their values that week. Also, if one feels they are progressing toward their goal, or not, how can they continue or modify a goal to be in line with their values.
Lessons Learned
There are many lessons learned in this course, from a variety of areas including curriculum and personal stories. We asked the instructor, Norma Lauben, to share a couple “aha moments” that students experienced. Here are a couple: “They can open a checking account where their transaction can be declined instead of charging NSF (Non-Sufficient Funds) fees.” Also, students experienced how each person has a back story. For example, they met a bank representative who “works with million-dollar business accounts and got to his position without a college degree.”
Over the course of the class, parents’ confidence grows. “In the first week some adults are intimidated by the terms and by the last week of the course, they are more comfortable talking about money and start talking to their kids. They understand what things mean and how they work”, Lauben observed. She also saw adults, “make connections between what they value and how that relates to money. By the end, they are tracking expenses and know what they are doing.”
Another big lesson is that things will change with knowledge and hope. Co-instructor and Alumni Coordinator, Leighann Plummer, shared “This class gives families hope. Yes, it is possible to increase your credit score. Yes, it is possible to save and plan. What they learn today does make an impact on their long-term planning for themselves and their children.” Additionally, case management is there every step of the way to support and guide families through this transition in their lives.
Lasting Legacy
There is a section about legacy planning. This includes how to compile important documents, write a will, estate planning, and insurance basics. These topics are significant for every family. The “legacy planning checklist” is helpful to follow and more crucial if those items are prepped. We’ve heard from Saranam’s alumni over the years about the impact of this class.
The annual alumni survey, many parents have stated the two most helpful classes are Financial Management and Parenting. Hearing from our alumni are the best reviews of the lessons they learned and how they are teaching their children.
“I am showing my daughter how to implement some of those budgeting tools because she wants to save for a house.”
“My son’s credit rating is better than mine. He’s doing things better than me now, which is great!”
“One of the great things about Saranam, is when you leave, you are still part of this program. As an alum, you get to come back and participate in community events. There’s also the IDA program through Prosperity Works and Rio Grande Credit Union. We were able to buy a house because of this program. So, there’s things we’ve done while we were in Saranam but also after that still show up in our life today.
This challenging, yet essential course helps families become more confident and hopeful. As they learn more, they slowly see how lessons build a stronger foundation. Their mindset will shift as they apply the skills today that will influence generations to come.