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The financial preparedness of our nation's youth is essential to their well-being and of vital importance to our economic future," "In light of the problems that have arisen in the subprime mortgage market, we are reminded of how critically important it is for individuals to become financially literate at an early age so that they are better prepared to make decisions and navigate an increasingly complex financial marketplace," Ben Bernanke, Federal Reserve Chairman.
Right now is an increase of financial literacy grants available for nonprofit organizations. Below are three tips designed to help you maximize your financial literacy grant award.
Tip #1 STOP designing new material! The first thing that many nonprofit organizations do with financial literacy grant money is design a financial education program from scratch. Instead, find a financial education program that meets your needs and purchase that with your financial literacy grant funds. This will cut down your cost and allow you to reach more people. This will help you receive additional financial literacy grant funds next year.
For the nonprofits that want their own program, there are organizations that allow you to custom brand financial education programs. This will allow you to commit more of your financial literacy grant money to ensuring today's youth receive the practical financial education program they need.
Tip #2 Train your instructors. What is worse than not having a financial education program? Having a financial education program that bores the students! Be sure to spend some of the financial literacy grant money you receive on training your instructors.
Teaching money management for teens takes skill beyond just reading the curriculum. When teaching kid's money management lessons you need to do so in a way they relate to and are inspired by. Having someone that is skilled in teaching kids about money is a cornerstone of ensuring your programs success.
Tip #3 Adjust your presentations to the audience demographics. Teaching money management for teens has more to do with how you present the information rather than the information itself. If you're teaching kids about money in a school where most of the kids are into hip hop - incorporate hip hop. If you're teaching teens about money in an area that students are into action sports - show video clips of action sport stars. We are teachers and it is our duty to provide money management for teens in a way they relate to.
It is also our responsibility as financial literacy grant recipients to effectively teach financial education programs so participants retain, are inspired by and will implement the money management lessons we are providing.
To recap: stop designing new material, train your instructors and adjust your presentations to the audience demographics. Stretch your financial literacy grant money further and impress the people that provided the funding for your nonprofit with your reach and effectiveness.
Receiving a financial literacy grant will help fund your money management for teens programs. Be sure to maximize the dollars you receive from the financial literacy grants by following the three simple tips listed above.
