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FINANCIAL LITERACY

FutureStitch is committed to the financial well-being of its employees. To empower our team members as they embark on their personal finance journey, Second Stitch has developed a comprehensive financial literacy program. This course covers fundamental principles, starting from the basics of opening a bank account to more advanced topics like setting up a 401(k).
Our program is designed especially for those who are just beginning to explore personal finance. The ultimate goal is to not only help our employees survive financially but thrive. We want them to be well-equipped to provide for their families and confidently plan for a secure future.
By fostering financial literacy and offering essential knowledge and tools, we aim to empower our employees to make informed decisions and take control of their financial destinies.

LESSONS

LESSON 1: PERSONAL FINANCE WITH KHAN ACADEMY LESSON 2: THE BASICS LESSON 3: SAVINGS AND DEBT LESSON 4: INVESTING BASICS LESSON 5: RETIREMENT PLANNING

LESSON 1: PERSONAL FINANCE WITH KHAN ACADEMY

Topics: Introduction to money management, budgeting, savings, and setting financial goals.

Personal Finance with Khan Academy

Personal Finance with Khan Academy is a 10-part financial literacy course covering a wide range of topics including saving and budgeting, interest and debt, income and benefits, housing, car expenses, taxes and more.

Deliverable: Please complete this course

LESSON 2: THE BASICS

Topics: Everday finances, personal budgeting, paying off debt, starting a savings

Get a Bank Account

  1. Your Second Stitch program director can provide you with a list of local banks with whom FutureStitch has existing relationships
  2. Reach out to these banks and advise that you have just been released from the justice system and would like to open an account for your personal finances, to receive your wages and benefits
  3. Let the bank know of any proof of ID, address, or other documents you can provide
  4. Complete and application directly with them
  5. Once you have set up your account, your Second Stitch program director can provide you with the materials you need to set up direct deposit

Creating a Budget

  1. Make a personal budget using the free Every Dollar App
  2. Set a regular weekly time to review your budget

LESSON 3: SAVINGS AND DEBT

Topics: Everyday finances, personal budgeting, paying off debt, starting a savings

Savings and Debt

Create an Emergency Savings

  1. Use the Baby Step Tracker 1 to start an emergency savings fund of $1000 by putting away $25 at a time
  2. Once you have reached your first savings goal, use the Baby Step Tracker 3 to expand your emergency fund to include 3-6 months of expenses

Begin Paying Off Debt

  1. Access your free credit report from CreditKarma
  2. Take the SoFi Managing Debt Course
  3. Add your minimum monthly payments to your budget as you are able

LESSON 4: INVESTING BASICS

Topics: Investing basics, retirement planning, and setting long-term financial goals

Investing Basics

  1. Start Small- You can begin investing with small amounts of money, even if it's just a few dollars per month
  2. Use the Acorns app; it rounds up everyday purchases and invests the spare change
  3. Consider using Betterment a robo-advisor with a focus on goal-based investment

LESSON 5: RETIREMENT PLANNING

Topics: Investing basics, retirement planning, and setting long-term financial goals

Retirement Planning

  1. Please visit the Social Security Retirement Planner
  2. Visit AARP’s Planning for Retirement Resource to learn more about 401ks, social security, taxes and more