New Money Smart Class begins January 4th, 2010! See schedule below.

CHA Low-Income Services’ (CHALIS’) Money Smart program is a series of classes designed to assist prospective homeowners with money management and budgeting for future homeownership. It is open to any low- or moderate-income family in Boone County, Missouri, and is free of charge.

The Federal Deposit Insurance Corporation (FDIC) created the Money Smart training program in 2002 to help adults outside the financial mainstream enhance their money skills and create positive banking relationships. Money management is the foundation of homeownership, and without that groundwork, many participants would fall short of reaching the American dream of owning their own home.

CHALIS began offering Money Smart in 2004 as a local pilot program that was funded by the Columbia Board of Realtors. Since that time, this self-sufficiency and homeownership program has enhanced the well-being of hundreds of local low-income people.

Financial education fosters economic stability for individuals, families, and entire communities. The more people know about credit and banking services, the more likely they are to clean up their bad credit, increase savings, buy homes, and improve their financial health and well-being. The Money Smart curriculum helps individuals build financial knowledge, develop fiscal confidence, and use banking services effectively.

CHALIS’ Money Smart program is a series of financial education classes designed to assist participants with developing money management skills. However, Money Smart is much more than a financial management program. It is a full-fledged homeownership educational and counseling program. Its ultimate goals are self-sufficiency and homeownership. CHALIS’ Money Smart instructor provides one-on-one counseling to class participants helping with everything from credit counseling to meeting with lenders and evaluating homeownership options.

Each Money Smart session meets once weekly for 10 consecutive weeks, and each weekly class is approximately 90 minutes in length. Participation gives individuals the opportunity to review their credit reports and scores from each of the three credit reporting agencies (Equi-fax, Experian, and TransUnion). In addition, participants meet one-on-one with the instructor to discuss ways of improving or maintaining their scores.

Eight 10-week Money Smart sessions are conducted by CHALIS each year with an average of 15 participants per session. The 10 Money Smart weekly modules include:

• Bank On It (an introduction to bank services)
• Borrowing Basics (an introduction to credit)
• Check It Out (how to choose and keep a checking account)
• Money Matters (how to keep track of your money)
• Pay Yourself First (why should you save, save, save)
• Keep It Safe (your rights as a consumer)
• To Your Credit (how your credit history will affect your credit future)
• Charge It Right (how to make a credit card work for you)
• Loan To Own (know what you are borrowing before you buy)
• Your Own Home (what homeownership is all about)

CHALIS’ Money Smart Program receives funding from the City of Columbia, Missouri (Community Development Block Grant).

For more information, contact:

Cornellia Williams (Public Housing) at (573) 443-2556, ext. 1279 or cwilliams@columbia.com

Caira Dean (Section 8) at (573) 443-2556, ext. 1257 or cdean@columbiaha.com.

Source and More:
http://www.columbiaha.com/other/homeownership/moneysmart.asp

Added Note: Alot in Paquin Tower would do good to go to this class so they can learn to budget their money.