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Publication #FCS7220

Become Captain of Your Financial Ship: A Curriculum in Financial Management1

Josephine Turner2

This is the introduction to a 6-part series on improving personal financial management. Other publications in the series include:

Become Captain of Your Financial Ship, Unit 1: Charting the Course

Become Captain of Your Financial Ship, Unit 2: Trimming the Sails

Become Captain of Your Financial Ship, Unit 3: Standing Watch

Become Captain of Your Financial Ship, Unit 4: Stay the Course

Become Captain of Your Financial Ship: Evaluation Survey

Each unit includes PowerPoint handouts, class work, take-home assignments, and other resources.

Additional materials are available on the EDIS Web site (http://edis.ifas.ufl.edu) and/or other Web sites as identified.

Welcome to Participants

Welcome to “Become Captain of Your Financial Ship.”

Consumer debt is a major problem for many families. They have more debt than they can pay. Savings are at an all-time low, and personal bankruptcy is at an all-time high. Financial literacy is a problem nationwide for both adults and young people. This manual was written for Florida's debtor education program and approved by the Department of Justice to fulfill the education requirement of the bankruptcy law. It is designed to provide information which will help participants learn to better manage their available resources. There are four units:

  • Charting the Course

  • Trimming the Sails

  • Standing Watch

  • Staying the Course

Unit 1: Charting the Course

http://edis.ifas.ufl.edu/FY913

Any trip begins with a plan. Participants will use a series of worksheets to examine their goals, their net worth, and their spending habits, and then develop a spending plan.

Unit 2: Trimming the Sails

http://edis.ifas.ufl.edu/FY914

Once underway on any trip, there is a need to check directions and make corrections if you are drifting off course. The participant will learn the importance of maintaining records and a painless way to begin a record keeping system. The participant will also learn the importance of a savings plan and tips to get one started. In addition, the importance of having a risk management plan will be highlighted.

Unit 3: Standing Watch

http://edis.ifas.ufl.edu/FY915

There are predictable hazards on any of life's journeys. The captain is charged with avoiding these hazards. The participant will learn about debt warning signs, as well as how to avoid credit problems. Understanding credit and credit reports will be discussed. Participants learn about different types of credit and how to use credit responsibly. They also learn how to order credit reports, read them, and correct any errors. The discussion focuses on the importance of a person's credit history, as well as on ways to create, maintain, and establish a positive credit report.

Unit 4: Stay the Course

http://edis.ifas.ufl.edu/FY916

The captain holds the ship steady by taking advantage of available information and resources. The participant will learn about consumer protection and regulations, such as those relating to credit identify theft and protection against consumer fraud.

Evaluation Survey

http://edis.ifas.ufl.edu/FY917

At the end of the course, please fill out this evaluation, complete it, and return it to the instructor, who will provide you with a certificate of completion.

Acknowledgements

We would like to thank our reviewers and other experts, who offered helpful suggestions and criticisms for this curriculum.

Special thanks go to Sarah Hazen, Chatom, Alabama, a retired colleague and friend, for her many helpful suggestions.

The Financial Management and Economic Well-Being Focus Team of the University of Florida's Institute of Food and Agricultural Sciences reviewed and tested the curriculum. We acknowledge these efforts. The team included: Elaine A. Courtney, Crestview, Florida; Lisa Leslie, Seffner, Florida; Laura Royer, Ocala, Florida; Brenda Williams, Gainesville, Florida; and Anita McKinney, Jacksonville, Florida, who, along with her committee, developed the participants' evaluation.

Many thanks to Genena Blanchette, who worked diligently to bring all the pieces together in a packet and who created artwork for the PowerPoint slides.

--Josephine Turner and Mary Harrison

Footnotes

1.

This document is FCS7220, one of a series of the Department of Family, Youth and Community Sciences, Florida Cooperative Extension Service, Institute of Food and Agricultural Sciences, University of Florida, Gainesville FL 32611. First published May 2006. First EDIS publication January 2007. Visit the EDIS Web Site at http://edis.ifas.ufl.edu.

2.

Josephine Turner, PhD, CFP, Professor, Family and Consumer Economics, Department of Family, Youth and Community Sciences, Cooperative Extension Service, IFAS, University of Florida, Gainesville, 32611.

The Institute of Food and Agricultural Sciences (IFAS) is an Equal Opportunity Institution authorized to provide research, educational information and other services only to individuals and institutions that function with non-discrimination with respect to race, creed, color, religion, age, disability, sex, sexual orientation, marital status, national origin, political opinions or affiliations. For more information on obtaining other extension publications, contact your county Cooperative Extension service.

U.S. Department of Agriculture, Cooperative Extension Service, University of Florida, IFAS, Florida A. & M. University Cooperative Extension Program, and Boards of County Commissioners Cooperating. Millie Ferrer-Chancy, Interim Dean.