Financial Independence

8 Week Group Curriculum

Ashley Cliff

Kat Martin

Lark Gehring

Katie McAtee

Generalist Practice/Mezzo Interventions

Social Work 342.01

Professor Loudenback

5/3/2024
 2

Table of Contents
Page Name Page
Confidentiality Waiver 3

Group Guidelines and Conduct Expectations 4

Week 1 Budgets 5-6

Week 2 Taxes 7-8

Week 3 Savings 9-10

Week 4 Debt 11-12

Week 5 Credit Reports 13-14

Week 6 Investments 15-16

Week 7 Giving 17-18

Week 8 Retirement 19-20

Pre-Group Questionnaire 21

Post-Group Questionnaire 22

References 23
 3

Confidentiality Waiver

Confidentiality Waiver:

You have the right to confidentiality and privacy by group leaders and other group members.
Confidentiality within the group setting is a shared responsibility of all members and leaders.
While group leaders may not disclose any client communications or information except as
provided by law, group members’ communications are not protected. As such, confidentiality
within the group setting is often based on mutual trust and respect. Group Facilitator follows
professional, legal, and ethical guidelines of confidentiality established by professional
organizations and state laws.

Legal and ethical exceptions to confidentiality include: a clear or present danger to harm yourself
or another, knowledge of the abuse or neglect of a minor child or incapacitated adult,
responses to a court subpoena or as otherwise required by law.

As a member of this group, I agree to not disclose to anyone outside the group any information
that may help to identify another group member. This includes, but is not limited to, names,
physical descriptions, biological information, and specifics to the content of interactions with
another group member.

Signature _____________________________________

Date _____________________
 4

Group Guidelines and Conduct Expectations

● Students are expected to come each week, stay the entire session, and be on time.

● I agree that if I am going to miss a session, I will communicate with the group

facilitator/co-facilitator 24 hours in advance.

● While I understand that no one is going to force me to talk or reveal difficult material

before I am ready to do so, I further understand that it is my responsibility to participate

in the group to the best of my ability.

● I understand that any form of physical contact is not permitted within the group setting.

● I understand that food and drinks are not allowed.

● I agree that all cell phones will be turned off during group time.

● I agree to not be under the influence of drugs, alcohol or other types of controlled

substances.

● I understand that the work of any unlicensed staff is supervised by a licensed senior staff

member.

● I understand that I may be asked to leave the group if my conduct becomes disruptive or I

am unable to adhere to these guidelines.

My signature below indicates that I have read carefully and understand the Group

Guidelines and Conduct Expectations Agreements and that I agree to its terms and conditions. I

am also aware that my refusal to sign this agreement will exclude me from participating in the

group.

Signature ____________________________ Date _______________

 5

Week 1: Budgets

Welcome and Introductions

Review of Group Guidelines and Conduct Expectations

Group Goal
Equip participants with practical skills and a comprehensive comprehension of
financial independence. This knowledge will serve as a foundation for cultivating a
more secure and empowered financial future for each member. Through a
supportive group dynamic, individuals will have the opportunity to exchange
experiences, seek guidance, and collaborate towards achieving financial
well-being.

Learning Objective
Participants will be able to create a personalized budget plan that effectively tracks
income, expenses, and savings goals, enabling them to make informed financial
decisions and manage their finances with confidence.

Discussion – Pre-class survey

Week 1- Content to inform discussion
1. Understanding the Importance of Budgeting:
● Introduction to budgeting and its significance in financial
management.
● Discussion on how budgeting helps in achieving financial goals and
maintaining financial stability.
2. Budgeting Basics:
● Explanation of income sources and types (e.g., salary, freelance
income, investments).
● Identifying fixed expenses (e.g., rent, utilities) versus variable
expenses (e.g., groceries, entertainment).
3. Creating a Personalized Budget:
● Step-by-step guide to setting up a budget plan tailored to individual
financial situations.
● Tools and techniques for tracking income and expenses, including
 6

digital budgeting apps and spreadsheets.

4. Setting Financial Goals:
● Defining short-term, medium-term, and long-term financial
objectives.
● Strategies for aligning budgeting efforts with specific goals, such as
debt repayment, saving for emergencies, or planning for major
purchases.
5. Managing Cash Flow:
● Tips for optimizing cash flow management to ensure bills are paid on
time and funds are allocated appropriately.
● Strategies for dealing with irregular income or unexpected expenses.
6. Tracking and Adjusting Budgets:
● Importance of regularly monitoring and reviewing budget
performance.
● Techniques for identifying areas of overspending or opportunities for
savings, and making necessary adjustments to the budget plan.
7. Overcoming Budgeting Challenges:
● Common obstacles to successful budgeting and how to overcome
them.
● Dealing with financial setbacks and staying motivated to stick to the
budgeting plan.
8. Building a Sustainable Financial Future:
● Long-term considerations for maintaining financial health and
achieving financial independence.
● Incorporating budgeting into a broader financial strategy, including
savings, investments, and retirement planning.
 7

Week 2: Taxes

Check-ins
Questions from Last Week

Learning Objective
By the conclusion of this tax class, participants will be able to comprehend
fundamental tax concepts, navigate tax forms, and effectively utilize available
deductions and credits to optimize their tax obligations while ensuring compliance
with tax laws.

Discussion –
1. Introduction to Taxation:
● Overview of the purpose and importance of taxes in funding public
services and government operations.
● Explanation of different types of taxes (e.g., income tax, sales tax,
property tax) and their impact on individuals and businesses.
2. Understanding Tax Basics:
● Definition of key tax terms and concepts (e.g., taxable income,
deductions, credits).
● Overview of the tax filing process and important deadlines.
3. Types of Taxes:
● Detailed exploration of various types of taxes, including federal, state,
and local income taxes.
● Discussion on payroll taxes, self-employment taxes, and
investment-related taxes (e.g., capital gains tax).
4. Income Tax:
● Explanation of how income tax is calculated based on different
sources of income (e.g., wages, interest, dividends).
● Discussion on tax brackets, marginal tax rates, and progressive
taxation.
5. Tax Forms and Documentation:
● Overview of common tax forms (e.g., Form 1040, W-2, 1099) and
their purposes.
 8

● Guidance on organizing and maintaining tax-related documents and

receipts.
6. Deductions and Credits:
● Identification of deductible expenses (e.g., mortgage interest,
charitable contributions) and eligibility criteria.
● Explanation of tax credits (e.g., earned income credit, child tax credit)
and how they reduce tax liability.
 9

Week 3: Savings

Check-ins
Questions from Last Week

Learning Objective
By the end of this savings class, participants will be capable of formulating and
implementing personalized savings plans tailored to their financial goals,
demonstrating proficiency in identifying suitable savings strategies, managing
savings accounts effectively, and understanding the importance of disciplined
saving habits for long-term financial security.

Discussion -
1. Importance of Saving:
● Introduction to the significance of saving money for financial security,
emergencies, and achieving long-term goals.
● Discussion on the benefits of saving, including financial
independence, reduced stress, and increased flexibility.
2. Setting Savings Goals:
● Techniques for defining specific, measurable, achievable, relevant,
and time-bound (SMART) savings goals.
● Identifying short-term, medium-term, and long-term savings
objectives, such as building an emergency fund, saving for a major
purchase, or planning for retirement.
3. Budgeting for Savings:
● Strategies for incorporating savings into a budget plan, including
setting aside a portion of income for savings goals.
● Tips for prioritizing savings and distinguishing between needs and
wants when allocating funds.
4. Saving Strategies:
● Overview of different saving strategies and vehicles, such as
traditional savings accounts, high-yield savings accounts, certificates
of deposit (CDs), and retirement accounts (e.g., 401(k), IRA).
● Discussion on the advantages and limitations of each savings option
and considerations for choosing the most suitable approach based on
individual financial circumstances and goals.
 10

5. Building an Emergency Fund:

● Importance of establishing an emergency fund to cover unexpected
expenses and financial emergencies.
● Guidelines for determining the appropriate size of an emergency fund
based on individual factors like income, expenses, and risk tolerance.
6. Strategies for Increasing Savings:
● Tips and tricks for boosting savings rates, including reducing
expenses, increasing income through side hustles or additional
employment, and taking advantage of windfalls or bonuses.
● Creative ways to save money, such as meal planning, comparison
shopping, and practicing frugality.
7. Monitoring and Adjusting Savings Plans:
● Importance of regularly monitoring progress towards savings goals
and adjusting plans as needed.
● Techniques for tracking savings contributions, evaluating
performance, and staying motivated to continue saving over time.
 11

Week 4: Debt
Check-ins
Questions from Last Week

Learning Objective
By the conclusion of this debt management class, participants will be proficient in
understanding various types of debt, assessing their own debt situation, developing
effective strategies for debt repayment, and implementing techniques to avoid
future debt accumulation, ultimately empowering them to achieve financial
stability and freedom from debt burdens.

Discussion -
1. Understanding Debt:
● Definition of debt and its different forms (e.g., credit card debt,
student loans, mortgages).
● Discussion on the pros and cons of using debt as a financial tool and
the potential consequences of excessive debt.
2. Types of Debt:
● Detailed exploration of common types of consumer debt, including
secured vs. unsecured debt and revolving vs. installment debt.
● Overview of interest rates, repayment terms, and potential risks
associated with each type of debt.
3. Assessing Your Debt Situation:
● Techniques for assessing current debt levels, including calculating
debt-to-income ratio and evaluating total debt balances and interest
rates.
● Identifying warning signs of problematic debt, such as missed
payments, high utilization rates, and persistent financial stress.
4. Developing a Debt Repayment Strategy:
● Strategies for prioritizing debt repayment, including the snowball
method (paying off smallest debts first) and the avalanche method
(paying off highest interest debts first).
● Tips for negotiating with creditors, consolidating debt, and exploring
repayment assistance programs or hardship options.
5. Budgeting for Debt Repayment:
● Incorporating debt repayment into a budget plan, allocating funds for
minimum payments, and additional debt reduction efforts.
 12

● Techniques for minimizing expenses and increasing income to

accelerate debt repayment progress.
6. Managing Credit:
● Understanding the role of credit scores and reports in debt
management and overall financial health.
● Strategies for maintaining good credit habits, such as making timely
payments, keeping credit card balances low, and avoiding unnecessary
credit inquiries.
7. Avoiding Future Debt:
● Identifying potential triggers for debt accumulation and implementing
strategies to avoid falling back into debt.
● Tips for responsible borrowing and making informed financial
decisions to prevent future debt burdens.
8. Seeking Professional Assistance:
● Awareness of resources and support available for individuals
struggling with debt, including credit counseling services, debt
management plans, and bankruptcy options.
● Guidance on when to seek professional assistance and how to navigate
the process of debt resolution effectively.
 13

Week 5: Credit Reports

Check-ins
Questions from Last Week

Learning Objective
By the end of this credit report class, participants will be able to interpret and
analyze their credit reports accurately, identify factors influencing their credit
scores, recognize discrepancies or errors, and take appropriate steps to maintain or
improve their creditworthiness for future financial endeavors.

Discussion -
1. Introduction to Credit Reports:
● Explanation of what a credit report is and its importance in financial
decision-making.
● Overview of how credit reports are generated, maintained, and used
by lenders, employers, and other entities.
2. Components of a Credit Report:
● Identification of key elements included in a credit report, such as
personal information, credit accounts, payment history, inquiries, and
public records.
● Explanation of how each component contributes to an individual's
creditworthiness and overall credit score.
3. Understanding Credit Scores:
● Definition of a credit score and its significance in assessing credit risk.
● Discussion on the factors that influence credit scores, including
payment history, credit utilization, length of credit history, types of
credit accounts, and recent inquiries.
4. Obtaining and Reviewing Credit Reports:
● Guidance on how to obtain free copies of credit reports from major
credit bureaus (Equifax, Experian, TransUnion) and how to access
reports through authorized channels.
● Step-by-step instructions for reviewing credit reports, identifying
inaccuracies or discrepancies, and understanding the information
presented.
5. Interpreting Credit Report Information:
● Interpretation of credit report data, including account statuses,
payment history, credit limits, balances, and derogatory marks.
 14

● Strategies for identifying areas of strength and weakness in credit

profiles and recognizing potential areas for improvement.
6. Addressing Errors and Disputes:
● Procedures for disputing inaccuracies or errors found on credit
reports, including how to submit disputes to credit bureaus and follow
up on resolution.
● Tips for maintaining documentation and records related to credit
report disputes.
7. Building and Maintaining Good Credit:
● Techniques for establishing positive credit habits, such as making
timely payments, keeping credit card balances low, and avoiding
excessive credit inquiries.
● Guidance on how to manage credit responsibly and avoid behaviors
that could negatively impact credit scores.
8. Using Credit Reports Wisely:
● Discussion on how credit reports can be used to monitor financial
progress and identify opportunities for credit improvement.
● Strategies for leveraging credit reports to negotiate better loan terms,
obtain favorable insurance rates, and make informed financial
decisions.
 15

Week 6: Investments

Check-ins
Questions from Last Week

Learning Objective
By the conclusion of this investment class, participants will possess the knowledge
and skills necessary to analyze investment options, construct diversified investment
portfolios aligned with their financial goals and risk tolerance, and implement
sound investment strategies to maximize returns and achieve long-term financial
growth.

Discussion -
1. Introduction to Investments:
● Definition of investments and their role in building wealth and
achieving financial goals.
● Overview of different investment vehicles, including stocks, bonds,
mutual funds, exchange-traded funds (ETFs), real estate, and
alternative investments.
2. Investment Objectives and Risk Tolerance:
● Techniques for defining investment objectives, such as capital
preservation, income generation, and long-term growth.
● Assessment of individual risk tolerance and understanding the
relationship between risk and return in investment decision-making.
3. Investment Analysis:
● Fundamental analysis: Evaluation of investment opportunities based
on financial statements, industry trends, and economic indicators.
● Technical analysis: Examination of historical price and volume data to
identify patterns and trends in asset prices.
4. Investment Vehicles:
● Stocks: Understanding stock market basics, stock valuation methods,
and factors influencing stock prices.
● Bonds: Explanation of bond characteristics, bond types, and bond
valuation techniques.
● Mutual funds and ETFs: Overview of mutual funds and ETFs,
including their structure, advantages, and considerations for selection.
5. Investment Risks and Returns:
● Identification and assessment of investment risks, including market
risk, credit risk, inflation risk, and liquidity risk.
 16

● Understanding investment returns, including total return, capital gains,

dividends, and interest income.
6. Investment Planning and Execution:
● Development of investment plans tailored to individual financial goals
and risk tolerance.
● Techniques for implementing investment strategies, monitoring
portfolio performance, and making adjustments as needed.
 17

Week 7: Giving

Check-ins
Questions from Last Week

Learning Objective
By the end of this class on financial giving, participants will be proficient in
understanding the significance of giving back financially, identifying charitable
causes aligned with their values, evaluating charitable organizations for impact and
transparency, and implementing effective financial giving strategies to make a
positive difference in their communities and beyond.

Discussion -
1. Understanding the Importance of Financial Giving:
● Introduction to the concept of philanthropy and its significance in
promoting social welfare and community development.
● Discussion on the benefits of financial giving, including personal
fulfillment, social impact, and community engagement.
2. Identifying Personal Values and Causes:
● Techniques for reflecting on personal values, interests, and passions to
identify meaningful causes or issues worthy of financial support.
● Exploration of different areas of philanthropy, such as education,
healthcare, environmental conservation, poverty alleviation, and
humanitarian aid.
3. Researching Charitable Organizations:
● Guidance on researching and evaluating charitable organizations to
ensure they are reputable, accountable, and effective in achieving their
mission.
● Consideration of factors such as organizational transparency, financial
stewardship, program impact, and alignment with personal values.
4. Financial Planning for Giving:
● Strategies for incorporating charitable giving into personal financial
plans and budgets.
● Techniques for determining an appropriate level of giving based on
individual financial circumstances, income, and expenses.
5. Tax Considerations and Incentives:
● Overview of tax implications associated with charitable giving,
including deductions for donations to qualified charitable
organizations.
 18

● Explanation of tax-efficient giving strategies, such as donor-advised

funds, charitable trusts, and planned giving options.
6. Setting Giving Goals:
● Setting specific, measurable, achievable, relevant, and time-bound
(SMART) giving goals aligned with personal values and financial
capacity.
● Techniques for prioritizing giving goals and allocating financial
resources to maximize impact.
7. Cultivating a Culture of Giving:
● Discussion on the importance of promoting philanthropy within
families, workplaces, and communities.
● Ideas for inspiring and encouraging others to join in giving efforts and
creating a ripple effect of positive change.
 19

Week 8: Retirement
Check-ins
Questions from Last Week

Learning Objective
By the conclusion of this retirement class, participants will have acquired the
knowledge and skills necessary to effectively plan for retirement, including
understanding retirement savings vehicles, estimating retirement income needs,
developing personalized retirement goals, and implementing strategies to achieve
financial security and a fulfilling retirement lifestyle.

Discussion -
1. Understanding Retirement Planning:
● Introduction to the concept of retirement planning and its importance
in achieving financial security and independence during the retirement
years.
● Discussion on the factors influencing retirement planning, including
life expectancy, inflation, healthcare costs, and lifestyle preferences.
2. Retirement Savings Vehicles:
● Overview of retirement savings options, including
employer-sponsored plans (e.g., 401(k), 403(b), pension plans),
individual retirement accounts (IRAs), and taxable investment
accounts.
● Explanation of the features, benefits, and limitations of each
retirement savings vehicle, as well as eligibility criteria and
contribution limits.
3. Estimating Retirement Income Needs:
● Techniques for estimating retirement expenses based on current
lifestyle, anticipated changes in expenses during retirement, and
inflation.
● Calculation of retirement income needs, taking into account sources of
retirement income such as Social Security benefits, pensions, and
investment income.
4. Setting Retirement Goals:
● Guidance on setting realistic and achievable retirement goals based on
individual preferences, aspirations, and financial circumstances.
● Techniques for prioritizing retirement goals and aligning financial
resources to support desired retirement lifestyle choices.
 20

5. Health Care and Long-Term Care Planning:

● Overview of health care costs in retirement and strategies for
addressing health care expenses, including Medicare coverage
options, supplemental insurance policies, and long-term care
insurance.
● Discussion on long-term care planning considerations and options for
financing long-term care needs in retirement.
6. Estate Planning and Legacy Considerations:
● Importance of estate planning in retirement, including creating wills,
trusts, and powers of attorney to ensure the orderly distribution of
assets and protection of heirs.
● Strategies for minimizing estate taxes, maximizing wealth transfer to
beneficiaries, and leaving a meaningful legacy for future generations.
 21

Pre-Group Questionnaire

Demographic Information: Age: ___ Gender: ____ Educational Background: ____________

Current Employment Status: _____________

Financial Situation:

How would you describe your current financial situation?

Do you have any outstanding debts (credit cards, loans, etc.)?

Financial Goals:

What are your short-term financial goals (within the next year)?

What are your long-term financial goals (5 years or more)?

Are you currently saving for any specific financial goal?

Budgeting Experience:

On a scale of 1 to 10, how confident do you feel about your budgeting skills?

Have you created a budget before? If yes, how successful were you in sticking to it?

Tax Knowledge:

How comfortable are you with your understanding of taxes?

Have you ever filed your own taxes? If yes, please describe your experience.

Savings Habits:

On a scale of 1 to 10, how disciplined do you consider your savings habits?

What challenges do you face when trying to save money?

Expectations from the Group:

What motivated you to join this financial education group?

What specific topics or skills are you hoping to gain from this program?
 22

Post-Group Questionnaire

Overall Group Experience:

How would you rate your overall experience in the financial education group?

What aspects of the group did you find most valuable?

Knowledge and Skills Acquired:

Reflecting on the topics covered, how confident do you feel about your knowledge and skills in

budgeting now compared to the start of the group?

What specific concepts or skills did you find most beneficial?

Application of Learning:

Have you been able to apply any of the knowledge or skills gained from the group in your daily

life? Please provide examples.

Behavioral Changes:

In what ways, if any, have your financial behaviors or habits changed as a result of participating

in the group?

Group Dynamics:

How would you describe the group dynamics? Did you find the group setting supportive and

conducive to learning?

Emotional Relationship with Money:

Have your attitudes or emotions toward money evolved throughout the program? If so, how?

Suggestions for Improvement:

Are there specific areas of the program you think could be improved?

What suggestions do you have for enhancing future iterations of this financial education group?
 23

References

Cao, Y., & Liu, J. (2017). Financial executive orientation, information source, and financial satisfaction

of young adults. Journal of Financial Counseling Planning. 28(1), 5-19.

[Link]

Fan, L., & Park, N. (2021). Factors mediating the association between financial socialization and

well-being of young adults: Testing a conceptual framework. Journal of Financial Counseling

and Planning. 32(2), 202-216. [Link]

Kim, J., & Chatterjee, S. (2021). Financial debt and mental health of young adults. Journal of Financial

Counseling and Planning. 32(2), 187-201. [Link]

Sinnewe, E., & Nicholson, G. (2023). Healthy financial habits in young adults: An exploratory study of

the relationship between subjective financial literacy, engagement with finances, and financial

decision‐making. Journal of Consumer Affairs, 57(1), 564–592.

[Link]

Szendrey, J., & Fiala, L. (2018). “I think I can get ahead!” Perceived economic mobility, income, and

financial behaviors of young adults. Journal of Financial Counseling and Planning. 29(2),

290-303. [Link]