the guide

building strong foundations

Founding Sponsor

2007_08

THE UNITED STATES CONFERENCE OF MAYORS COUNCIL FOR THE NEW AMERICAN CITY

INTRODUCTION
CONTENTS
Page 3
WELCOME
A letter of welcome from the leadership of The United States Conference of Mayors and the Council for the New American City.

The Mayors National Dollar Wi$e Campaign

is the ofcial nancial education and literacy effort of The United States Conference of Mayors and its Council for the New American City. Since its inception in 2004, over 120 cities across America have made a commitment to increasing their residents nancial literacy by joining Dollar Wi$e. The Dollar Wi$e Campaign focuses on the core areas of savings and banking, credit, education, and homeownership. It invites mayors and city staffs to examine their communities nancial education needs; create an action plan; and forge partnerships with nancial institutions, faith-based groups, nonprots, local businesses, and others in the community to address this important issue. The National Dollar Wi$e Campaign offers support through technical assistance, partnerships with national organizations ranging from Countrywide Financial Corporation to the Federal Reserve System, and the Capacity Grants Program. We invite you review this new brochure where you can learn all about the Dollar Wi$e Campaign and nd out what it takes to tackle nancial illiteracy in your city. Most importantly, we invite your city to make a commitment to nancial education and join the Mayors National Dollar Wi$e Campaign. Together, we are building strong foundations for the future of our communities and those who call them home.
THE MAYORS NATIONAL DOLLAR WI$E CAMPAIGN

Page 4

BENEFITS
What membership in the Mayors National Dollar Wi$e Campaign offers to your city.

Page 5

PUBLICATIONS
The Mayors National Dollar Wi$e Campaign produces an array of high-quality publications. Learn more about them here.

Pages 6-7

DOLLAR WI$E WEEK

Dollar Wi$e Week is held the last week of September each year. Learn what Dollar Wi$e Week is all about and nd out ways you can focus the communitys and the medias attention on your local nancial literacy efforts

Contact us
MAILING ADDRESS TELEPHONE

Page 8

STEPS OF THE CAMPAIGN

How to set up a nancial literacy campaign in your city and information on joining the Mayors National Dollar Wi$e Campaign.

National Dollar Wi$e Campaign The U.S. Conference of Mayors 1620 Eye Street NW, 4th Floor Washington, D.C. 20006
E-MAIL

202.861.6759
FACSIMILE

202.429.0422
WEB SITE

dollarwise@usmayors.org

www.dollarwiseonline.org

WELCOME
Dear Mayor,

e are pleased to present to you the Mayors National Dollar Wi$e Campaign: Financial Education for America, presented by The United States Conference of Mayors Council for the New American City. Dollar Wi$e is a growing effort across the country to bring awareness to the need for better nancial literacy in our nations cities. Working together with Dollar Wi$e local campaigns and our national partners, we are combating this issue and building stronger communities with residents who are nancially-stable, contributing members of society. The founding sponsor of the Dollar Wi$e Campaign is Countrywide Financial Corporation, the nations largest home-mortgage lender. Countrywides contribution of $1 million over ve years helps fund many of the Dollar Wi$e Campaigns activities. The Dollar Wi$e Campaigns national partners also include the members of the Council for the New American City and Citigroup, cosponsor of Dollar Wi$e Week 2007. Additionally, Dollar Wi$e works closely with the Federal Reserve System, the U.S. Department of the Treasury, and other federal agencies, as well as national organizations such as the National EITC Outreach Partnership. With Countrywides support, each year the Dollar Wi$e Campaign awards three cities grants ranging from $15,000 to $25,000 each through its Capacity Grants Program. These are cities that have shown a commitment to nancial literacy and a desire to increase the reach of their local campaigns. Grant funds are used by the cities to expand and enhance their local nancial education efforts. Each September, the Dollar Wi$e Campaign invites its local campaigns to recognize Dollar Wi$e Week. Celebrated the last week of the month, Dollar Wi$e Week provides local campaigns the opportunity to focus their communities attention on the need for greater nancial literacy and to highlight local efforts. Throughout the week, Dollar Wi$e cities organize press conferences, seminars, workshops, fairs, and other community events. Most cities also issue a mayoral proclamation for the week. In 2007, Dollar Wi$e Week will be recognized September 24-29. The Dollar Wi$e Campaign is encouraging its cities to focus their efforts around the theme Savings for Kids and Families. The National Dollar Wi$e Campaign will provide curriculum items, promotional materials, and technical support for this theme. The Dollar Wi$e Campaign also produces an array of high-quality publications. These range from the Resource Book, a valuable tool cities can use for locating excellent nancial education curriculum items offered by our national partners, to the new Best Practices series, proling what cities across the country are doing in particular nancial education curriculum areas. In the coming years, Dollar Wi$e will roll out further publications as it expands and enhances all aspects of its efforts. We invite you to learn more about these areas of the Dollar Wi$e Campaign and more in this book. In the end, we invite you to register your city for the Mayors National Dollar Wi$e Campaign and to make a commitment to increasing nancial literacy in your community. Together, we can make a difference in the lives of all Americans. Thank you for your participation in this important effort. Sincerely,

Douglas H. Palmer
Mayor of Trenton President, The United States Conference of Mayors

Kwame M. Kilpatrick
Mayor of Detroit Chair, Council for the New American City

Tom Cochran
Executive Director The United States Conference of Mayors

Douglas H. Palmer Mayor of Trenton President, The United States Conference of Mayors

Kwame M. Kilpatrick Mayor of Detroit Chair, Council for the New American City

Tom Cochran Executive Director The United States Conference of Mayors

2007_08 the guide

BENEFITS
Membership in the Mayors National Dollar Wi$e Campaign offers a lot to your city. Capacity Grants Program
Registered member cities of the Mayors National Dollar Wi$e Campaign are eligible to apply for our Capacity Grants Program. Each year the program awards grants of $15,000 to $25,000 each to three cities to expand and enhance their nancial literacy efforts.

Calendar
SEPTEMBER 24-29, 2007

Dollar Wi$e Week 2007 Savings for Kids and Families

NOVEMBER 1, 2007

Curriculum materials
Our national partners offer many of their curriculum materials for free or at reduced cost to registered members of the Mayors National Dollar Wi$e Campaign.

Applications for the 2008 Dollar Wi$e Capacity Grants Program available
DECEMBER 5, 2007

Applications for the 2008 Dollar Wi$e Capacity Grants Program due
DECEMBER 20, 2007

Connections with national partners

The National Dollar Wi$e Campaign works to build relationships with national organizations. These include large corporations, nonprots, and federal agencies. Dollar Wi$e acts as a connection between our local campaigns and these national organizations to provide support and resources for local efforts.

2008 Dollar Wi$e Capacity Grants Program recipients notied

JANUARY 23-25, 2008 WASHINGTON, D.C.

76th Winter Meeting of The United States Conference of Mayors; 2008 Dollar Wi$e Capacity Grants Program recipients announced
JUNE 20-24, 2008 MIAMI, FLORIDA

Connections with other local campaigns The Council for the New American City
2007 MEMBERS American Institute of Architects American Management Services Cherokee Investment Partners, LLC Countrywide Financial DuPont Initiative for a Competitive Inner City International Council of Shopping Centers Mortgage Bankers Association National Association of Home Builders National Association of Realtors National Urban League Nationwide Retirement Solutions Social Compact Dollar Wi$e helps put you in touch with other local campaigns in cities like your to share ideas, support, and resources. FOUNDING SPONSOR

76th Annual Meeting of The United States Conference of Mayors

Countrywide Financial Corporation

In 2005, Countrywide Financial Corporation came onboard as founding sponsor of the Mayors National Dollar Wi$e Campaign with a $1 million contribution over ve years. Countrywide and their staff work closely with The United States Conference of Mayors as partners in nancial education. Their generous contribution funds many aspects of the Dollar Wi$e Campaign and makes possible the Capacity Grants Program. Since 1969, Countrywide has helped millions of American families realize the dream of homeownership. Countrywide Financial Corporation meets the needs of consumers and business clients through mortgage banking while also offering products and services from their growing synergistic business segments, which include Banking, Insurance, Capital Markets, Loan Closing Services and Global Operations.

PUBLICATIONS
The Mayors National
Proles of local Dollar Wi$e
LOUISVILLE ASSET BUILDING COALITION
from becoming victims. Target population After researching the demographics, Louisvilles Dollar Wi$e campaign has narrowed its focus towards working poor families, newly employed families, the rapidly growing immigrant population, and other families with minimal nancial assets. Financial education is crucial to these groups and Louisville works hard to spread knowledge about the opportunities that their campaign provides. The Louisville Asset Building Coalition (LABC) works with the Dollar Wi$e program and currently has 90 member organizations. Through these organizations, Louisville spreads their message to constituents. As the tax season comes into full swing, Louisville utilizes an EITC media campaign (television, radio, posters, and advertisements) and other marketing materials. These advertisements are headed by Mayor Abramson and

Louisville spotlights other local Dollar Wi$e best practices and adapts them to meet the needs of Louisville residents.

Dollar Wi$e Campaign produces an array

CitiCorp is an outstanding corporate partner that provides 1,600 employees paid-time to volunteer and educate others on wealth building opportunities. Innovation and creativity Louisvilles campaign creates environments where all family members can participate and attend age-appropriate programs in the same location. This makes participation a possibility for countless families that otherwise would be unable to attend because of their family responsibilities. It also serves as a reinforcement tool as children begin to talk to their parents about saving rather than spending, which leads to wealth creation. This approach has made a denitive impact in Louisville and will continue to provide a brighter future for citizens.

Louisville Metro
KENTUCKY

2006

partnerships

campaigns across

ouisvilles Dollar Wi$e campaign offers multiple programs and opportunities for residents to become nancially literate. Louisvilles Chase Financial Park which offers

services to citizens living in low-income communities, is an exemplary program. The park is located in West Louisville, close to public housing developments and poor working communities. It offers nancial education to students and can take the place of child care and after-school activities. The park offers other classes for all family members so the entire family

Capacity Grant
RECIPIENT

2007

reach tens of thousands of citizens. Partnerships Louisvilles Dollar Wi$e campaign works with many

building strong foundations America

Founding Sponsor

Mayor Jerry Abramson

CO N TAC T

can learn about nancial issues. The sessions break out into smaller groups so participants can receive information relative to their age-group. The sessions are centered on topics such as checking and savings accounts, credit and credit repair, tax savings, free income tax and Earned Income Tax Credits (EITC) preparation, asset building and homeownership, asset protection, and education. Among the topics relevant to nancial literacy, Louisvilles campaign has made the EITC and predatory lending priorities. In recent years close to 100,000 residents that could receive the EITC relief did not apply. At the same time home foreclosures have skyrocketed and it is estimated that 30% of them are a result of predatory lending. These statistics have led the Louisville campaign to aggressively educate citizens in order to keep them

organizations such as nonprots and community-based organizations to make the campaign as successful as it is. Greater Louisville (Louisville Chamber of Commerce) communicates with employers so that they will emphasize the importance of the EITC. Annie E. Casey Foundation representatives to provide nancial education for areas in Louisville in the most need. The United Way helps the Louisville Asset Building Coalition nd new potential collaborators to help grow assets for the program. Junior Achievement and the Louisville Urban League both provide nancial education programs that reach a wide variety of citizens from students to residents of distressed neighborhoods.

U.S. CONFERENCE OF MAYORS COUNCIL FOR THE NEW AMERICAN CITY

THE UNITED STATES CONFERENCE OF MAYORS COUNCIL FOR THE NEW AMERICAN CITY Founding Sponsor

Ron Jackson

Proles of local Dollar Wi$e campaigns across America

18

502.574.6128 ron.jackson@louisvilleky.gov

National Dollar Wi$e 19 Campaign

of high-quality publications to help cities build their nancial education efforts.

Partnerships Partnerships is a yearly publication that proles various local Dollar Wi$e campaigns across America. With photos, text, and contact information for directors of the local programs featured, its a great resource for connecting with other campaigns and for generating new ideas for your own.

contents
RESOURCES ORGANIZED BY
S E C T I O N 1 | page 1

HOMEBUYERS
page 3

TARGET AUDIENCE
RESOURCES ORGANIZED BY

TARGET AUDIENCE

Low- to moderate-income General consumers Minorities Adults Students Banking/budgeting/savings Credit management Homeownership Retirement planning Train-the-trainer

PROVIDER
S E C T I O N 2 | page 23 Citigroup page 23

STUDENTS

An Easy Guide to Buying a Home

COUNTRYWIDE FINANCIAL CORPORATION | An informational booklet for potential homebuyers on the steps to purchasing a home. Tips include how to nd a real estate professional, common real estate terms, types of loans, and how to make an offer on a property. AVAILABILITY

Home Affordability Chart

COUNTRYWIDE FINANCIAL CORPORATION | A calculator to determine how much you can afford to pay for a home based on your yearly income, the amount of your down payment, and your interest rate. To access the calculators, please visit the Web site below. AVAILABILITY

page 10

CURRICULUM AREA
1

Booklet available in English or Spanish 50 complimentary copies per city Center 1.800.577.3732 (English) | 1.800.293.6316 (Spanish) www.wehouseamerica.com

CONTACT House America Counseling Countrywide Financial Corporation

CONTACT

CREDIT House America Counseling Center

Chart available in English only 50 complimentary copies per city

HOMEBUYERS

page 24

resource book
Federal Reserve System page 26 National Urban League page 39

2007_08

page 11 1.800.577.3732 (English) | 1.800.293.6316 (Spanish) www.countrywide.com/calculators/CalcCombined.asp

FHA Insured Mortgages

NATIONAL ASSOCIATION OF REALTORS

| The National Association of REALTORS and the Federal Housing Administration created an educational brochure titled FHA Insured InCharge Education Foundation, Inc. Mortgages , which is designed for REALTORS and consumers. The brochure lays out page 33 the benets and changes made to the FHA mortgage program. The brochure is also a user-friendly guide to other resources from FHA and the Department of Housing and Urban Development.
AVAILABILITY

Home Mortgages: Understanding the Process and Your Right to Fair Lending
FEDERAL RESERVE SYSTEM

financial education curriculum matrix

Credit Booster
INCHARGE EDUCATION FOUNDATION

2007_08

| Designed to lead the consumer through a step-by-step process to enhance usage of credit and

HOMEBUYERS

management of debt. Chapters include:

application, and understanding your rights to fair lending. GENERAL CONSUMERS Jeff Smith | 202.452.2955 | Jeffrey.V.Smith@frb.gov page 13
CONTACT

| Guidance on shopping for a home mortgage, making an

www.federalreserve.gov/pubs/mortgage/morbro.htm

Mayors can receive 10 copies each free of charge, or purchase more brochures at cost through the Realtor.org Store at www.realtors.org Program 202.383.7504 | wpenn@realtors.org www.realtor.org/government_affairs/housing_opportunity/resource_ center/fha_mortgages.html

House America Counseling Center

Mortgage Bankers Association page 35

National Association of REALTORS CONTACT Wendy Penn, Housing Opportunity page 37

H.O.M.E. (Home Ownership Mortgage Education)

COUNTRYWIDE CORPORATION | Countrywides H.O.M.E. (Home Ownership NationwideFINANCIAL Retirement Solutions Mortgage page 40 Education) is a comprehensive consumer nancial education program designed to help individuals make more informed nancial decisions, and to arm them with the knowledge they need to achieve and maintain home ownership. H.O.M.E. gives consumers easy-to-understand educational materials and tools that can help them learn how to develop a budget and savings plan, build their credit, shop for a loan, and maintain a home once theyre in it. The website provides articles, worksheets, video clips, quizzes, and printable checklists to help consumers when they leave the site and begin the actual home-buying process. Portions of the H.O.M.E. program have been produced in cooperation with the National Foundation for Credit Counseling (NFCC) and are based in part on the NFCC publication Keys to Home Ownership, National Foundation for Credit Counseling. CONTACT

OTHER TARGET House America Counseling Center 1.800.577.3732 (English) | 1.800.293.6316 (Spanish) AUDIENCES www.wehouseamerica.com/resource.html
CONTACT

| Toll-free number potential homebuyers can call for home buyer education information, loan pre-qualication, credit analysis, and budget counseling through the Countrywide Home Buyers Club Program.
COUNTRYWIDE FINANCIAL CORPORATION

1 Basics of Improving Your Credit 2 Where Do You Stand? 3 Where Does All the Money Go? 4 Making Sense of Your Financial Situation 5 Understanding Your Credit Report & Credit History 6 Understanding Your Credit Score 7 Setting Your Financial Goals 8 Budgeting

09 Removing Mistakes from Your Credit Report 10 Improving Your Credit Score 11 Resolving Severe Credit Problems on Your Own 12 Getting Help for Resolving Severe Debt Problems 13 Building Credit When You Do Not Have Any 14 Building Credit After Divorce 15 Rebuilding Credit After Bankruptcy

www.mindyournances.com/products/credit-booster

page 17

building strong foundations

FREDDIE MAC

CreditSmart

| Designed to help users obtain the knowledge and skills necessary to manage their nances and positively impact

their credit.

How to Avoid Predatory Lending

2007_08 resource book

AVAILABILITY

NATIONAL ASSOCIATION OF REALTORS | The National Association of REALTORS and the Center for Responsible Lending created an educational brochure titled How to Avoid Predatory Lending to help consumers identify the warning signs of predatory loans. It also gives tips to consumers on how to avoid them, including questions they should ask when shopping for a loan.

Founding Sponsor

ii

Urban STATES League andCONFERENCE the Rainbow/PUSH 1000 Connected initiative. THE UNITED OF Churches MAYORS COUNCILCreditSmart FOR THE AMERICAN is NEW available in English and CITY Spanish and includes eleven different modules, including: 1 Your Credit & Why It Is Important 2 Managing Your Money 3 Goal Setting 4 Banking Services, An Important Step 5 Establishing and Maintaining Credit 6 Understanding Credit Scoring 7 Thinking Like a Lender 8 Avoiding Credit Traps

CreditSmart is being distributed through organizations committed to helping underserved communities, including the National

Mayors can receive 10 copies each free of charge, or purchase more brochures at cost through the Realtor.org Store at www.realtors.org Wendy Penn, Housing Opportunity Program 202.383.7504 | wpenn@realtors.org www.realtor.org/government_affairs/housing_opportunity/resource_ center/predatory_lending.html

09 Restoring Your Credit 10 Planning for Your Future 11 Becoming a Homeowner

more O N L I N E
All Dollar Wi$e publications are available online in downloadable PDF format. Just go to our Web site at www.dollarwiseonline.org and click on Publications .

building strong foundations

THE UNITED STATES CONFERENCE OF MAYORS COUNCIL FOR THE NEW AMERICAN CITY 4
FOUNDING SPONSOR

CONTACT

www.freddiemac.com/creditsmart

House America Counseling Center 1.800.577.3732 (English) | 1.800.293.6316 (Spanish) www.HomeByCountrywide.com

Freddie Mac Homebuyer Resources

www.freddiemac.com/homeownership

| These credit, mortgage nance, and home-buying resources are designed to assist prospective homebuyers and existing homeowners. Online only.
FREDDIE MAC

2007_08 resource book

High School Financial Planning Program

NATIONAL ENDOWMENT FOR FINANCIAL EDUCATION | Created in partnership with InCharge, the HSFPP uses contemporary materials to teach the basics of personal nance to young people while they are developing habits and attitudes about money that will inuence them for the rest of their lives. It is based on the philosophy that learning about money is as important as earning itand that effective money management results from disciplined behavior, which is most easily mastered if learned early in life.

Has train-the-trainer and train-the-teacher components as well as teacher in-classroom instruction. Also provides Web-based training as a course aimed at teachers and others who work with young people in an informal setting. It provides information on personal nance and features a myriad of suggestions and examples that can be applied to classroom exercises and discussions. www.nefe.org/hsfppportal

Resource Book The Resource Book is a comprehensive listing of nancial education curriculum materials and tools available through the Dollar Wi$e Campaigns national partners. Items are arranged by target audience and provider, and listings provide a description of each item and information on obtaining the item for use in your local efforts. Best Practices Best Practices is a series of publications DOLLAR WI$E focusing on best practices different Earned Income DOLLAR WI$E Tax Credit best practices aspects of the Dollar Wi$e Savings & Banking Campaign. Each publication provides short descriptions of how various Dollar Wi$e cities are tackling a specic issue. The rst two in the series, on the Earned Income Tax Credit and savings and banking, are currently available.
Founding Sponsor

Financial Education Curriculum Matrix The Matrix is a listing of twelve nancial education curriculum items chosen by a panel of experts for their quality, availability, and low cost. The innovative matrix format makes it easy to nd items by target audience and curriculum area. The Matrix also includes listings of national nancial literacy resources, clearinghouses, and other resources.
5

Homeownership Basics Online

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

| Provides prospective homeowners with modules that explain the basics of buying a home, and what is expected of a buyer. Online only. www.hud.gov/webcasts/archives/homeforall.cfm

Investing for Success

INVESTMENT COMPANY INSTITUTE | This Web course is an educational program jointly sponsored by the Hispanic College Fund, Inc. (HCF) and the Investment Company Institute Education Foundation (ICIEF).

This program responds to research showing that, compared to other groups with similar incomes, Hispanics are the least likely to invest. HCF, ICIEF, and the mutual fund industry have joined forces to help Latinos become knowledgeable about opportunities to build wealth and to encourage long-term nancial planning to secure their childrens education and their own retirement. www.investingforsuccess.org | Spanish www.invertirconexito.org

Late Savers Guidebook

NATIONAL ENDOWMENT FOR FINANCIAL EDUCATION

| A guide to help late savers prepare for retirement.

www.nefe.org/latesavers/index.html

Mind Your Finances Classroom Edition

INCHARGE EDUCATION FOUNDATION

| Mind Your Finances (CD-ROM and Web versions) is divided into seven major topics:

Clarifying Goals Asking for Credit Reports Organizing Financial Records Saving Money Monitoring Debt-to-Income Ratio and Credit Use Studying and Learning About Consumer Credit Issues Preparing a Spending Plan These learning activities are tailored into a teachers guide and a student workbook to t both these seven major topics and the specic needs and interests of students in grades 6-10, so they can better understand and learn the skills they need to become responsible, savvy consumers. elearning.mindyournances.com

Mind Your Finances: Saving, Increasing Your Spending Power, Banking

INCHARGE EDUCATION FOUNDATION | These modules are designed to serve as resources that the general consumer can use to learn about the basic nancial principles involved in these areas and to identify steps that can be taken to ensure that the consumer can direct some control over his/her economic activities.

www.mindyournances.com

10

Money Smart

FDIC | Teaches low- to moderate-income adults about nances. It is available in a teacher-based format, and directly to consumers in CD-ROM and Web-based format on the FDICs homepage. Available in 5 other languages including Spanish and includes a train-the-trainer component.

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 you should 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 youre borrowing before you buy Your Own Home: what homeownership is all about

www.fdic.gov/consumers/consumer/moneysmart

11

Preparing to Buy a HomeYour Personal Workbook

COUNTRYWIDE HOME LOANS | Offered in English and Spanish, this workbook was created to work in conjunction with the FDIC Money Smart training materials. Topics covered include money management, the importance of credit, qualifying for a loan, and a glossary. Worksheets include a daily spending diary, income and expense worksheet, budgeting tool, mortgage shopping worksheet and more. Up to 50 complimentary copies provided upon request. Contact Countrywide Corporate Giving, corporate_giving@countrywide.com.

12

Young Money | Grab Todds Cash

Low- to moderate-income General consumers Minorities Adults Students Banking/budgeting/savings Credit management

INCHARGE EDUCATION FOUNDATION | Grab Todds Cash is a high-tech game designed to test a players money skills, a fun way to test how much one knows how to handle his/her dough.

In each chosen topic round, the player teams up with one of the Mo Money Gamers. This team challenges Todd, the nancial genius. One can play from Dead Broke to Big Wheel by teaming up with all 8 Mo Money Gamers and winning Bonus Rounds! High scores are displayed on the Web site, so people are encouraged to come back, test Todd again and again, score more points, and even learn a little bit more about managing ones nances. www.youngmoney.com/money_game booklet/workbook CD-ROM online

U.S. CONFERENCE OF MAYORS COUNCIL FOR THE NEW AMERICAN CITY

Founding Sponsor

U.S. CONFERENCE OF MAYORS COUNCIL FOR THE NEW AMERICAN CITY

Model Program Each publication in the series will feature a description of a single local campaign. Bank on Through this, San Francisco those establishing new local campaigns can look at what similar cities have done and use these ideas as a starting point for developing their own campaigns. The rst in the series, on San Francisco, Californias Bank on San Francisco project, is currently available.
available in Spanish

Homeownership Retirement planning Train-the-trainer

MAYORS NATIONAL DOLLAR WI$E CAMPAIGN

MODEL PROGRAM SAN FRANCISCO, CA

F I N A N C I A L E D U C AT I O N F O R A M E R I C A

FOUNDING SPONSOR

U.S. CONFERENCE OF MAYORS COUNCIL FOR THE NEW AMERICAN CITY

Copies of all publications are available for free with registration in the Mayors National Dollar Wi$e Campaign. For information on registering in the Campaign, please see page 8.

2007_08 the guide

DOLLAR WI$E WEEK

Dollar Wi$e Week is celebrated the last week of September every year. It is designed to provide Dollar Wi$e communities an opportunity to focus on the importance of personal and family nancial literacy and to highlight SEPTEMBER 24-29, 2007 their ongoing, year-round nancial education programs. In past years, cities across the country have marked Dollar Wi$e Week with mayoral proclamations, press conferences, and community events.
DOLLAR WI$E WEEK 2007 THEME SAVINGS FOR KIDS AND FAMILIES Beginning in 2006, Dollar Wi$e Week has had an annual theme. The U.S. Conference of Mayors encourages Dollar Wi$e cities to organize events and press releases around these themes. This year, the theme for Dollar Wi$e Week 2007 is Savings for Kids and Families . Dollar Wi$e invites cities to work with nancial institutions and others to reach out to the unbanked and to invite parents to bring their children to open savings accounts. The goal is to help as many children as possible across the country open savings accounts. To achieve this goal, local campaigns can focus their efforts in a number of areas: Parents and grandparents can help children open accounts. Families can establish a savings goal for the coming year. Citizens of all ages can learn about savings as a way to secure and invest in the futurecollege, homeownership, retirement, and emergencies. WHAT YOUR CITY CAN DO Communities organize a large variety of events to mark Dollar Wi$e Week. In past years, events have ranged from large community breakfasts involving mayors and special guests to a series of workshops and classes throughout the week. Other cities have organized housing fairs where attendees learn how to prepare for homeownership. Yet others have organized community forums to discuss nancial literacy. The possibilities are endless, and, as with anything in the Dollar Wi$e Campaign, Dollar Wi$e Week is exible and cities can adapt it as needed to meet their needs. WHAT THE MAYORS NATIONAL DOLLAR WI$E CAMPAIGN PROVIDES Information and updates on Dollar Wi$e Week, including background on the annual theme and how our national partners can help. Technical support, such as ideas and suggestions on ways you can celebrate Dollar Wi$e Week in your community. A sample mayoral proclamation, a sample press release, and a list of suggested activities to help you organize your efforts. Promotional materials related to each years Dollar Wi$e Week theme that you can use in your activities.

Dollar Wi$e Week is an opportunity to highlight your ongoing, year-round nancial education efforts and to focus the communitys attention on your local program.
more O N L I N E
For more information about Dollar Wi$e Week, including ideas and suggestions for how you can mark Dollar Wi$e Week in your city and updates as the date approaches, visit www.dollarwiseonline.org and click on the links for Dollar Wi$e Week 2007.

info&ideas

DOLLAR WI$E WEEK

AN INTRODUCTION
Dollar Wi$e Week is celebrated the last week of September every year. It is designed to provide Dollar Wi$e communities an opportunity to focus on the importance of personal and family nancial literacy and to highlight their ongoing, year-round nancial education programs. Last year, cities across the country marked Dollar Wi$e Week with mayoral proclamations, press conferences, and community events. This year, Dollar Wi$e Week will be September 24-29 and center around the theme Savings for Kids and Families. The Conference
S E P T E M B E R 2 4 - 2 9 ,

of Mayors and the Mayors National Dollar Wi$e Campaign encourage their mayors to use Dollar
2 0 0 7

Wi$e Week as a time to emphasize the importance of personal savings and to begin teaching their WHEREAS, in the year 2007, the Mayors National Dollar Wi$e Campaign has declared September 24-29 Dollar
Wi$e Week, with the theme Savings for Kids and Families; and illiteracy is a national problem that needs to be addressed, and has established the Mayors National Dollar Wi$e

youngest citizens the benets of saving money WHEREAS, The United States Conference of Mayors Council from an early age. In particular, we encourage youfor the New American City recognizes that nancial
tolocal educate on personal and household nances; and to teamCampaign up with citizens nancial institutions to invite WHEREAS, the United States Congress has established the Financial Literacy and Education Commission to families to help their children open savings and/or improve Americans nancial literacy through the development of a national strategy for nancial education; and
S E P T E M B E R 2 4 - 2 9 , 2 0 0 7

investment accounts. WHEREAS, education provides the skills necessary to succeed and empowers citizens to take charge of their The goal is to to sign upown as wellbeing many kids asof their families; and nancial futures secure their and that possible for savings and/or WHEREAS, Americans savingsinvestment rates dipped intoaccounts the negative in 2005, the rst time since the Great Depression of
the 1930s and the lowest rate of any major industrialized nation; yet savings give families nancial stability, and through Dollar Wi$e Week events. teaching children how to save at a young age can help them become nancially-responsible adults; and

The Dollar Wi$e Campaign isnt limited to just Dollar Wi$e Week. Dollar Wi$e Week SAMPLE is designed to enhance mayoral proclamation an ongoing, year-round nancial education SAMPLE program. press release
September 24-29, 2007
NEWS RELEASE

Dollar Wi$e Week 2007 is cosponsored by

WHEREAS, over 2 million families and individuals led for bankruptcy in 2005, a jump of over 700 percent since FOR IMMEDIATE CONTACT: Name (xxx) xxx-xxxx 1980, while bankruptcy rates in various states have risen at 2-3 times the rate of RELEASE the national increase; and [Month, Date, Year] Name (xxx) xxx-xxxx WHEREAS, credit card debt has more than tripled since 1990, growing from $240 billion to $857 billion in 2007, Mayor [NAME] the of Mayors National rapidly approaching $1 trillion; 60 percent of American households carry overPromotes some portion their credit cardDollar Wi$e Campaign in [CITY, STATE] Mayors across the The Mayors National Dollar Wi$e Campaign is a campaign to improve the nancial For more information about the country will Dollar Wi$e Week, September 24-29, 2007, to promote the Mayors National Dollar Wi$e debt every month, with the average balance being more than $4,000; and ascelebrate long as credit is readily available and Mayors National Dollar Wi$e Campaign: Financial Education for America. The theme of this years Dollar Wi$e Week is Savings for Kids and literacy of our nations citizens. Through the development of a national campaign credit education is scarce, the problem will continue to compound; and Campaign, please contact us as Families . Mayor [NAME] emphasized the importance of this theme: Savings building block of S E P T E M are B E R an 2 4 important - 2 9 , 2 0 0 7 strategy and partnerships with the members of the U.S. Conference of Mayors Council the foundation forcities the American Dream. described below. WHEREAS, alongside business investors, the most important investors in American are families and individuals for the New American City, cities are invited to join this ongoing campaign who to promote During Dollar Week, Mayor [NAME] choose to buy a home or start their own business within the city; and in orderWi$e to position themselves as and [CITY]s local community coalition will work with local banks to encourage residents must be nancially literate and maintain good credit histories. local families to help their children open savings accounts and learn from an early age the nancial education. The campaign emphasizes basic money management investors, and planning importance of saving money and making wise nancial choices. Unbanked parents (those without bank accounts) CO N TAC T U S skills around the core components of education, savings, credit management, and will also to begin saving money an account. As Mayor [NAME] stated,Savings are essential to making NOW, THEREFORE, I, ____________________, Mayor of the City be ofinvited ____________________, do in hereby many peoplesfor hopes dreams possibleowning proclaim the week of September 24-29, 2007, Dollar Wi$e WeekSavings Kidsand and Families in the City of a home, educating our children, and having stable families. 202.861.6759 homeownership. Mayors are urged to form a community coalition to develop and promote [Expand on your local plans Dollar Wi$e COLLABORATE with advocacy and professional groups on nancial ____________________, and urge all citizens in our community and throughout the country tofor participate in Week.] their local campaigns. Additionally, mayors are free to build on existing nancial literacy The United States Conference of Mayors Council for the New American City established the National dollarwise@usmayors.org Dollar Wi$e Week. education, its impact on the lives of your citizens, and its effect on your city. Dollar Wi$e Campaign. Mayor [NAME] and [his/her] fellow mayors recognize that nancial illiteracy is a national programs in their communities. The campaign is designed to be adaptable to the needs of These groups can include: www.dollarwiseonline.org problem that to be addressed and are working IN WITNESS WHEREOF, I have hereunto set my hand and caused the Seal ofneeds the Of ce of Mayor to be af xed this together through Dollar Wi$e to educate citizens on personal Banks, credit unions, and Schools, universities, and Chambers of commerce each community. ____________________ day of ____________________, 2007. and household nances. other nancial and lending community colleges Local business leaders Mayor [NAME] and the local [CITY] community coalition are committed to providing a variety of personal institutions Parent/teacher associations Real estate companies nance seminars and events during Dollar Wi$e Week and throughout the year, with the goal of providing Government agencies Senior citizens associations Faith-based organizations education aimed primarily at [homebuyers/homeowners, the unbanked community, students, the elderly, retirees, and/or immigrants]. [Expand on the specics of your local campaign.] _______________________________________ THE MAYORS NATIONAL DOLLAR WI$E CAMPAIGN In 2005, Americans savings rates sank into the negative for the rst time since the Great Depression. The DEVELOP ongoing activities with your community coalition. Mayor 0.5-percent savings rate means that Americans spent all their disposable income and dipped into past savings Identify existing nancial education programs in Communicate with the U.S. Conference of Mayors Financial Education for America or DOLLAR increased their borrowing. RecentBELOW studies reveal that for every $100.00 Americans bring home, they spend PLEASE MAIL AN ORIGINAL OF YOUR PROCLAMATION TO THE MAYORS NATIONAL WI$E CAMPAIGN AT THE ADDRESS your community about your project and activities $100.20. In fact, the United States has the lowest personal savings rate any major industrialized nation. of Determine the target groups for your campaign Submit best practices to USCM for presentation at Mayors National Wi$e Campaign THE UNITED STATES CONFERENCE OF MAYORS | COUNCIL FORDollar THE NEW AMERICAN CITY Other personal nancial statistics are just as grave. Also in over 2 million families and individuals 2005, Work with Dollar Wi$e partners to get materials the winter and annual (summer) meetings The United States Conference of Mayors led for bankruptcy, a jump of over 700 percent from just 25 years earlier. Credit card debt has more than tripled 1620 Eye Street NW, 3rd Floor sine 1990, growing from $240 billion to $857 billion in 2007. Sixty percent of American households carry over some Washington, DC 20006 portion of their credit card debt every month, with the average balance being more than $4,000. CELEBRATE Dollar Wi$e Week in your city. The most important investors in American cities are families and individuals. There is no better time Hold a press conference announcing the citys Distribute educational materials at than now for [CITY] citizens to take advantage of programs and activities geared toward nancial management City hall Faith-based involvement in the Dollar Wi$e Campaign.

WHAT IS THE MAYORS NATIONAL DOLLAR WI$E CAMPAIGN?

suggested activities

building strong foundations

DOLLAR WI$E WEEK

WHEREAS, in the year 2007, the Mayors National Dollar Wi$e Campaign has declared September 24-29 Dollar Wi$e Week, with the theme Savings for Kids and Families; and WHEREAS, The United States Conference of Mayors Council for the New American City recognizes that nancial illiteracy is a national problem that needs to be addressed, and has established the Mayors National Dollar Wi$e Campaign to educate citizens on personal and household nances; and WHEREAS, the United States Congress has established the Financial Literacy and Education Commission to improve Americans nancial literacy through the development of a national strategy for nancial education; and WHEREAS, education provides the skills necessary to succeed and empowers citizens to take charge of their nancial futures to secure their own wellbeing and that of their families; and WHEREAS, Americans savings rates dipped into the negative in 2005, the rst time since the Great Depression of the 1930s and the lowest rate of any major industrialized nation; yet savings give families nancial stability, and teaching children how to save at a young age can help them become nancially-responsible adults; and WHEREAS, over 2 million families and individuals led for bankruptcy in 2005, a jump of over 700 percent since 1980, while bankruptcy rates in various states have risen at 2-3 times the rate of the national increase; and WHEREAS, credit card debt has more than tripled since 1990, growing from $240 billion to $857 billion in 2007, rapidly approaching $1 trillion; 60 percent of American households carry over some portion of their credit card debt every month, with the average balance being more than $4,000; and as long as credit is readily available and credit education is scarce, the problem will continue to compound; and WHEREAS, alongside business investors, the most important investors in American cities are families and individuals who choose to buy a home or start their own business within the city; and in order to position themselves as investors, residents must be nancially literate and maintain good credit histories. NOW, THEREFORE, I, __________, Mayor of the City of __________, do hereby proclaim the week of September 24-29,2007,DollarWi$eWeekSavings for Kids and Families in the City of __________, and urge all citizens in our community and throughout the country to participate in Dollar Wi$e Week. IN WITNESS WHEREOF, I have hereunto set my hand and caused the Seal of the Ofce of Mayor to be afxed this __________ day of __________, 2007.

One of the simplest ways to recognize Dollar Wi$e Week in your city is to issue a mayoral proclamation. You are free to use this sample text at left, or write your own.
more O N L I N E
You can download a version of this proclamation in PDF and Word format at our Web site, www.dollarwiseonline.org.

SEND US AN ORIGINAL
Please send an original of your proclamation to the Mayors National Dollar Wi$e Campaign.
Our address is: Dollar Wi$e Campaign U.S. Conference of Mayors 1620 Eye Street NW, 3rd Floor Washington, D.C. 20006

____________________ Mayor

2007_08 the guide

STEPS OF THE CAMPAIGN

How do I set up a nancial literacy campaign in my city? Setting up a local nancial literacy campaign may sound overwhelming, but its easier than you might think. Sure, it will take some work and a little bit of effort, but by following a few simple steps youll be up and running in no time.
Registration can easily be completed online at www.dollarwiseonline.org. If you would like more information about the Campaign before you register, or if you have any questions, please feel free to contact us. (Our contact information is on page 2 of this booklet.) Also, Dollar Wi$e is a continuing effort, and mayors can register their cities at any time. When you register, you will be asked to provide the name of a contact person on city staff. Dollar Wi$e can work with this person on setting up your campaign. Different cities scope out their nancial literacy needs in different ways. Some bring together groups of city and community leaders and residents to discuss their needs; others take a statistical approach based on sources such as Census and IRS data; yet others use some combination of the two. In the end, chances are youll be able to identify many different groups to help. But that can be overwhelming. Focus your efforts on one segment of your community, and then expand from there as your capacity grows. Most likely, one or more organizations are working on nancial literacy in your city. Theres no need to reinvent the wheel, as the saying goes. Learn what those groups are, how and where they do their work, and the segments of your community they work with. Groups that are probably addressing nancial literacy may include faith-based groups, nancial institutions, public and private schools, nonprots, the local housing authority and/or housing assistance programs, local employers, and other community-based groups. Establish partnerships with those organizations that are working to improve nancial literacy. Help them to reinforce and enhance their work and to build a coordinated, citywide effort. You can work with them on organizing classes, workshops, and community programs.These groups can participate in events during Dollar Wi$e Week and throughout the year. Your work with them will build your application for a Capacity Grant and create a foundation for even greater expansion of your local nancial literacy efforts in the future. Apply for Capacity Grants. Participate in Dollar Wi$e Week. Work with your local partners to organize nancial education classes and events. Work with our national partners and learn from other Dollar Wi$e cities. Make a commitment to an ongoing, year-round nancial literacy effort. After a while, take a step back and evaluate your local campaign. Identify areas in which you can improve.

STEP 1
Register for the Dollar Wi$e Campaign

STEP 2
Analyze your citys nancial education needs

STEP 3
Find out whos already addressing those needs

STEP 4
Develop partnerships with those groups

STEP 5
Take advantage of all Dollar Wi$e has to offer

Register YOUR CITY TODAY

www.dollarwiseonline.org


Registration is: Under the direction of the mayor or an authorized representative. Open to any city in the United States and its possessions. Free.
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