By Shary Lyssy Marshall, Times Correspondent
Wednesday, September 8, 2010
Now, perhaps more than ever, people need good advice about managing their money.
And the Hernando County United Way and the Hernando County Cooperative Extension Service want to help. They are collaborating to promote financial literacy through a workshop series called the Master Money Mentor program.
The program will train mentors to help people figure out where their money goes, create and maintain a spending budget, and plan for future goals.
Partnering for this program made perfect sense, said Kathy Jones, executive director for the United Way of Hernando County, noting the United Way's core mission is to promote health, education and financial stability.
She sees far-reaching benefits of the mentoring program.
"People who are struggling with their personal finances can be very overwhelmed," Jones said. "Having a mentor can make a huge difference."
The Master Money Mentor program, being rolled out across Florida, was modeled after a similar program in Ohio, said county extension agent Scott Taylor.
Once mentors are trained, Taylor will match them with those seeking free one-on-one financial coaching and support.
Taylor has been conducting personal finance sessions for several years. He recommends what he calls the Ziploc bag challenge, in which receipts from each purchase are collected within a baggie for a two-week period.
"At the end of two weeks, you sit down and look at your receipts to see where the money goes," Taylor said. "Many people can't even remember where they spent it."
The exercise is simple but eye opening for most people, he said. And it paves the way for another personal finance challenge: communication.
"Talking about money is one of the most difficult things for people to do," Taylor said.
Shary Lyssy Marshall can be reached at slmarshall.sptimes@gmail.com.