Money Smart is an FDIC education program focusing on basic finances, helping inmates become financially responsible. The ten class program covers basic banking, borrowing, balancing a checking account, budgeting, the importance of saving, understanding basic financial regulations, credit reports, using credit wisely, installment loans and the basics of buying a car or a home. This program helps students feel empowered to change the direction of their future by making wise financial choices.
|The Money Smart program includes:|
| 1. The Bank On It module provides an overview of banking services and is designed to help participants build a positive with a financial institution.
2. The Borrowing Basics module describes how credit works and helps participants determine if they are ready to apply for credit.
3. The Check It Out module will help participants learn how to open, use, and manage a checking account responsibly.
4. The Money Matters module shows participants how to manage their money by preparing a personal spending plan and identifying ways to decrease spending and increase income.
5. The Pay Yourself First module helps participants identify ways they can save money and introduces savings options that will help them reach their goals.
6. The Keep It Safe module teaches participants how to protect their finances and identity.
7. The To Your Credit module teaches participants how to read a credit report, and how to build and/or repair their credit history.
8. The Charge It Right module teaches participants about credit cards, their benefits, how to use them responsibly, and what to do when a credit card is lost or stolen.
9. The Loan to Own module teaches participants about installment loans, including car loans and home equity loans.
10. The Your Own Home module provides information on renting versus owning a home, the home buying process, and financially protecting your home.
11. The Financial Recovery module describes steps participants can take to recover financially and rebuild their credit after experiencing a financial setback.