Financial Education

Your Smart Money Resource Guides – FREE Download

Every year, Bank On Greater Milwaukee updates and publishes this Resource Guide for Milwaukee-area residents and service providers, and distributes it throughout the community. It is available in English and Spanish and can be downloaded below as the full guide or by topic.

If you would like to request hard copies of this guide, contact Bank On Greater Milwaukee Program Director Constance Alberts at 414-562-9904 or constance@uedawi.org.

Your Smart Money Guide


A comprehensive resource for anyone looking for help with their personal finances. In this guide you’ll find information on a wide range of topics, plus trusted resources that can help. And be sure to scroll down to access specific topic pages.

Download full guide here

Topic Section

Community Resources for Managing Ups & Downs

How to Find a Safe & Affordable Account

Breaking the Paycheck-to-Paycheck Cycle

What You Need to Know About Credit

Taxes Done Right | Teaching Your Kids About Money

Career Education

Building Blocks for a Secure Financial Future

Be a Savvy Consumer: Scams & Identity Theft

Risks of Payday Loans and Avoiding Scams

Housing & Home

Choosing An Account & Collecting Important Documents

Glossary of Financial Terms

Spending & Savings Plan form (fillable PDF)

Closing Out Financial Literacy Month 2023

As this month comes to a close, it’s important to remember that financial education is a year-round process. In fact, learning about personal finance is essential to ensure long-term financial health and success! To help with this endeavor, Bank On Greater Milwaukee is committed to providing resources and tools that help the community understand the importance of saving, budgeting, and investing.

One recent initiative we’ve been involved in is “Our Two Cents” by Teens. This program, sponsored by Bank On Greater Milwaukee member Summit Credit Union and partner Milwaukee Public Schools, provides a platform for high school students to share their personal experiences and insights on money management. These students created a newsletter to share valuable advice with their peers, such as the importance of creating a budget, establishing good credit, and building an emergency fund. They’ve also touched on important topics like the cost of higher education and how to avoid falling into debt.

One of the most important takeaways from “Our Two Cents” is the need for financial education to start early. By learning basic financial principles at a young age, students are better equipped to make smart financial decisions in the future. This is why we’ve made it a priority to partner with local schools and community organizations to provide financial literacy resources to students of all ages. View this inaugural newsletter here!

This month is also an important opportunity for each of us to reflect on our own financial situations and learn new strategies and tools to manage our finances more effectively. Financial literacy plays a critical role in overall financial health and stability, as it provides individuals with the knowledge and skills to make informed decisions, set and achieve financial goals, avoid debt and financial pitfalls, and build long-term wealth.

Other recent posts that you may find helpful are our “10 Tips” blog, FDIC Play Money Smart game, and 2021 Financial Literacy Month Book Read list.

By promoting financial literacy, we can help individuals and families build stronger financial foundations and create more stable and prosperous futures. Here are a few websites and organizations that offer resources and tools to help individuals continue their financial literacy education:

  • MyMoney.gov: This website created by the US government provides a wealth of resources on personal finance topics, including budgeting, credit, investing, and retirement planning.
  • Money As You Grow: This website from the Consumer Financial Protection Bureau (CFPB) provides resources, tips, and activities that can help parents and educators work with children to develop money skills, habits and attitudes.
  • The Financial Literacy and Education Commission (FLEC): A government organization that coordinates financial education efforts across multiple agencies. Its website offers a variety of resources on topics such as managing credit, buying a home, and planning for retirement.
  • The National Financial Educators Council (NFEC): A financial education organization that offers a variety of resources and tools to help individuals improve their financial literacy, including online courses, workshops, and certifications.
  • “Financial Football”: This free interactive game created by Visa and the NFL teaches players about personal finance topics such as budgeting, saving, and credit management in a fun and engaging way. Players can choose their favorite NFL team and compete against the computer or against friends to answer financial literacy questions and move the ball down the field. By playing Financial Football, individuals can learn valuable financial skills while also having fun.

These are just a few examples of the many websites and organizations available to help individuals and families continue to build their financial knowledge and improve their overall financial health.  Although Financial Literacy Month may be ending, the need for financial education never stops!

#MSWIWeek: About Certified Accounts

Certified accounts are financial products that are designed to help consumers access safe and affordable banking products and services. They meet certain standards for safety, affordability, and transparency and can be particularly helpful to people with a limited or poor credit history. Certified accounts may include features such as low or no monthly fees, low minimum balance requirements, and no overdraft fees.

Bank On Greater Milwaukee works with local financial institutions to offer certified accounts that meet national standards set by the Cities for Financial Empowerment Fund (CFE Fund). The CFE Fund is a national organization that works to improve the financial stability of households by promoting safe and affordable banking products and services. To qualify as a Bank On certified account, financial institutions must meet the following standards:

1. Fees: Certified accounts must have no or low monthly maintenance fees, and no overdraft fees.

2. Minimum balance requirements: Certified accounts must have no minimum balance requirement or a low balance requirement of $25 or less.

3. Online bill pay: Certified accounts must offer free or low-cost online bill pay services.

4. ATM access: Certified accounts must offer free or low-cost ATM access at in-network ATMs.

5. Deposit insurance: Certified accounts must be FDIC-insured or NCUA-insured.

5 Reasons to Open a Certified Account

  1. Security: By opening a certified bank account, your money is insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000. This means that even if the bank were to fail, your money would still be safe.
  2. Convenience: A certified bank account allows you to easily deposit and withdraw money, write checks, and pay bills online. You can also set up automatic payments for bills, making it easier to manage your finances.
  3. Credit: Having a certified bank account can help you establish credit, which is important if you plan to take out a loan or apply for a credit card in the future. Banks report your account activity to credit bureaus, which can help you build a positive credit history.
  4. Savings: Many certified bank accounts offer savings accounts with competitive interest rates. By opening a savings account, you can earn interest on your money and grow your savings over time.
  5. Access to Financial Services: Banks offer a wide range of financial services, including loans, credit cards, and investment accounts. By opening a certified bank account, you can gain access to these services and work towards your financial goals.

By working with local financial institutions to offer certified accounts, Bank On Milwaukee is helping to improve access to safe and affordable banking products and services for everyone in the community. These accounts can help people build their credit history, save money, and achieve greater financial stability.

During the week of April 15-21, 2023, Bank On Greater Milwaukee joins the Governor’s Council on Financial Literacy and Capability and the WI Department of Financial Institutions (DFI) in celebrating Money Smart Week, a financial literacy awareness and education campaign (learn more here). We’re featuring posts with tips and resources on teaching kids about money, certified accounts, debt relief, employer retirement plans, and 529 savings plan.

#MSWIWeek: 529 Savings Plans: What They Are & What to Teach Kids

Saving for higher education and career training can be a daunting task, but a 529 savings plan can help make it easier. This education savings account that allows you to save for higher education expenses on a tax-advantaged basis. Wisconsin’s 529 plan is known as EdVest. In this article, we’ll explore five things to know about 529 savings plans and what you can teach your kids about them.

Tax Benefits: Contributions to a 529 savings plan grow tax-free, and withdrawals are also tax-free when used for qualified higher education expenses. This can lead to significant tax savings over time.

Flexible Use of Funds: Funds in a 529 savings plan can be used for a variety of qualified higher education expenses, including tuition, room and board, textbooks, and computers. In addition, some K-12 expenses may also be covered by a 529 savings plan.

No Income Restrictions: Anyone can contribute to a 529 savings plan, regardless of income. This makes it a great option for families of all income levels.

Low Minimum Contribution Requirements: 529 savings plans have low minimum contribution requirements, making it easy to start saving for your child’s education.

Investment Options: 529 savings plans offer a variety of investment options, including age-based portfolios and individual fund portfolios. This allows you to choose an investment strategy that aligns with your financial goals and risk tolerance.

To learn more, check out these popular resources from EdVest>>

What to Teach Your Kids

It’s never too early to start teaching your kids about the importance of saving for higher education or career training. Here are some things you can teach your kids about 529 savings plans such as EdVest:

1) The Importance of Education: Explain to your kids why higher education is important and how it can help them achieve their future goals.

2) The Power of Saving: Teach your kids the importance of saving and how even small contributions can add up over time.

3) Encourage Them to Save: Encourage your kids to save their own money for higher education expenses and match their contributions to a 529 savings plan.

4) Teach Them About Investing: As your kids get older, teach them about investing and how to choose an investment strategy that aligns with their financial goals and risk tolerance.

5) Make it Fun: Saving for college doesn’t have to be boring. Make it fun by setting goals, tracking progress, and celebrating milestones along the way. Edvest has a tool to help families get a quick estimate of approximately how much you’ll need to save using the Edvest Estimate Savings Calculator Tool.

In conclusion, 529 savings plans are a great option for families looking to save for higher education expenses on a tax-advantaged basis. By understanding the benefits of 529 savings plans and teaching your kids about the importance of higher education and saving, you can set them up for a successful future.

Learn more about Wisconsin’s 529 plan, Edvest.

During the week of April 15-21, 2023, Bank On Greater Milwaukee joins the Governor’s Council on Financial Literacy and Capability and the WI Department of Financial Institutions (DFI) in celebrating Money Smart Week, a financial literacy awareness and education campaign (learn more here). We’re featuring posts with tips and resources on teaching kids about money, certified accounts, debt relief, employer retirement plans, and 529 savings plan.

10 Tips to Celebrate Financial Literacy Month and #MSWIWeek

April is Financial Literacy Month, a time to focus on the importance of financial education and the role it plays in creating a more financially secure future for individuals and families. During this month, organizations like Bank On Greater Milwaukee strive to promote financial literacy and encourage individuals to make financial decisions that help them meet their financial goals.

Families can take advantage of Financial Literacy Month to learn about creating a spending plan, the importance of starting a savings account, and discussing the value of money with children; and how to  develop healthy financial habits that will benefit them in the future.

Two resources to help you get started are the Bank On Greater Milwaukee Resource Guide or this Financial Wellness Checklist from the Wisconsin Department of Financial Institutions.

It provides a great opportunity for families to learn more about personal finance and develop healthy financial habits. Here are some ways families can learn during Financial Literacy Month:

1)  Open a Bank Account:  One way to ensure financial security is by opening a safe, affordable bank account. Bank On Greater Milwaukee works with lenders who have Bank On certified accounts, which offer benefits such as no overdraft fees, free or low-cost check cashing, and no minimum balance requirements. By opening a certified account, individuals can take a step towards building financial stability.

2)  Play financial games like Monopoly: During the game, explain what interest is on any “loans”.

3)  Learn at the grocery store: Use cash for your next grocery trip, create a budget beforehand, and have your kids help you stick to it by making sure you don’t overspend.

4)  Do a family vision board: Create a financial vision board as a family, and include pictures and goals that represent your family’s financial aspirations.

5)  Track spending for a month: Show your kids how the money spent on everyday things adds up.

6)  Do money challenges for the month: For example, no spending on non-essentials, empty your pockets every day and put the change in a jar. Explain how much you will be saving just by putting your change into the jar.

7)  Open a Wisconsin 529 savings account: Open a savings account for your child and explain what it is. Wisconsin’s 529 plan (known as EdVest) allows families to save for their child’s college education with tax advantages. Learn more here.

8)  Use a retirement calculator: Explain the importance of saving for retirement. Share how saving a small amount of money like $50 can grow in 50 years. Also, consider tools to learn more such as a retirement calculator.

9)  Teach about interest: This small activity can help – give them a jar of coins and offer them the option of either keeping the jar as it is or investing the coins for interest. If they choose to invest, you can agree on a reasonable interest rate and time frame for the investment. At the end of the agreed-upon period, you can give them their original investment plus the interest earned. This activity helps kids understand how interest works and the benefits of saving for the long term.

10) Explain how taxes work: Start by explaining that taxes are fees that everyone pays to the government to help pay for things we all use like schools, roads, trash and recycling collection, and other public services. You can also use practical examples, like pointing out the taxes on a restaurant bill or showing them how taxes are deducted from a paycheck.

For more resources and learning, check out the Consumer Financial Protection Bureau’s Money As You Grow site, which includes links to games, books, and activities for any age.

Financial Literacy Month is a great opportunity to increase your financial knowledge and encourage individuals to make financial decisions that lead to better savings, improved credit scores, long-term goals like a home purchase, affordable credit terms to buy cars, or start a business. By taking steps towards financial security, individuals can achieve their financial goals and create a more stable future for themselves and their families.

Spending Money can be fun… 
Let’s make plans to have more fun not just today but tomorrow!

During the week of April 15-21, 2023, Bank On Greater Milwaukee joins the Governor’s Council on Financial Literacy and Capability and the WI Department of Financial Institutions (DFI) in celebrating Money Smart Week, a financial literacy awareness and education campaign (learn more here). We’re featuring posts with tips and resources on teaching kids about money, certified accounts, debt relief, employer retirement plans, and 529 savings plan.

FDIC’s new Money Smart games: A resource for Banks & Educators

The FDIC recently debuted the Play Money Smart site, an online depository of 14 games about everyday financial topics. It is based on the FDIC’s award-winning Money Smart program. Game categories include EARN, SPEND, SAVE, BORROW and PROTECT.

The summer heat may be here, but back to school is just around the corner. Bank On Greater Milwaukee wants to highlight a new financial literacy resource for banks, parents, educators, and youth.

The FDIC recently debuted the Play Money Smart site, an online depository of 14 games about everyday financial topics. It is based on the FDIC’s award-winning Money Smart program. Game categories include EARN, SPEND, SAVE, BORROW and PROTECT. Topics in the games cover asset-building, borrowing, credit cards, credit scores, disasters, home-buying, and more! Each game includes parts to evaluate or test knowledge, and is designed to be fun – you can earn virtual coins! “How Money Smart Are You” games can be found at www.playmoneysmart.fdic.gov/games and includes resources for both youth and adults.

The FDIC recently debuted the Play Money Smart site, an online depository of 14 games about everyday financial topics. It is based on the FDIC’s award-winning Money Smart program. Game categories include EARN, SPEND, SAVE, BORROW and PROTECT.

SPECIAL RESOURCES FOR BANKS, EDUCATORS & COMMUNITY PARTNER

Banks, educators, and other organizations can reward those who are on Play Money Smart by setting up organizational accounts and create automatic rewards and prizes for those that complete game sections. Participants including youth, educators, and parents, can create an account through a customized portal tied to their banking institution. Banks are encouraged to promote the Play Money Smart site to help spread the word about this resource and connect with their customers.

Since being released last September, over 14,500 accounts have been created. Each participants receives a certificate of competition that can be shared with banks, schools, community associations, businesses and more! Some examples of prizes awarded by organizations include coupons for free pizza, pencils, water bottles, t-shirts, books, and other personalized prizes for those who completed modules through their account.

Free Money Smart promotional materials are available including infographics and flyers. Check out the How Money Smart Are You Promotional Guide. Community-based organizations and financial institutions can help spread the news about the expansion of Play Money Smart by adding a link to their website and creating an organizational account. All Money Smart materials are available in both English and Spanish.

“Financial education programs such as Money Smart can more effectively meet the financial needs of the unbanked and their communities.” -Researchers at University of Illinois at Urbana-Champaign

OTHER MONEY SMART RESOURCES

Parents and educators can view the Money Smart Podcast Network, a portable audio (MP3) version of Money Smart.

Banks and other organizations can also join the FDIC Money Smart Alliance to partake in the program and provide feedback. Members agree to use or promote the curriculum by teaching Money Smart or training others to teach it. They also provide feedback to the FDIC to help improve the Money Smart program. Learn more about the FDIC Money Smart Alliance.

There are also free training opportunities to become a Money Smart trainer, at the Money Smart training webpage.  And check out the Money Smart Success Stories page for testimonials on these great resources.

What other products does Money Smart include?

  • Money Smart for Young People – This set of four grade-specific curriculums includes lesson plans and Parent/Caregiver Guides to help educators deliver basic financial concepts to students in kindergarten through 12th grade. We developed these materials with the Consumer Financial Protection Bureau (CFPB).
  • Money Smart for Young Adults (catalog.fdic.gov) – Each of the eight modules includes a fully scripted instructor guide that bankers and others without teaching experience can easily use to help young people ages 12-20 learn the basics of personal finance. Money Smart for Young Adults is currently being revised and is scheduled to be released in 2022.
  • Money Smart for Adults – Completely updated in 2018, this 14-module curriculum can be used to provide training for adults in many different life stages and financial situations. That includes adults new to this country, adults with disabilities, adults starting or changing careers, and adults going through significant life events such as expanding their families or purchasing or renting their first homes.
  • Money Smart for Older Adults – This curriculum focuses on preventing elder financial exploitation. We also developed these materials in collaboration with the CFPB.
  • Money Smart for Small Business – This curriculum provides information related to starting and managing a business. We developed these materials with the U.S. Small Business Administration.

Financial Literacy Month Book Read

Every April organizations across the county celebrate National Financial Literacy Month by hosting events and offering opportunities that help individuals and families establish and maintain healthy financial habits.

Every April organizations across the county celebrate National Financial Literacy Month by hosting events and offering opportunities that help individuals and families establish and maintain healthy financial habits. Bank On Greater Milwaukee is excited to be partnering with Milwaukee Public Library to celebrate Financial Literacy Month with our Financial Literacy Month Book Read For All Ages!

Together, we have curated a list of books related to money and finances that are suitable for kids, teens, and adults. Topics addressed in each book will help you and your family grow your foundational understanding of money, explore our relationship finances, and establish and strengthen healthy financial habits.

All books are available at Milwaukee Public Library branches.
We encourage you to use the CountyCat portal to find the books you are looking through the public library system. Library branches are open but operating with limited services and hours. View the most current branch hours here.

Share your reading journey with us on social media!
We invite you to snap photos of the books you read and share them with us and the community on social media. Use the hashtag #BOGMBookRead and tag @BankOnMKE and @Milwaukee.Public.Library.

BOOKS FOR KIDS

Earn It! (Cinders McLeod)
In this introduction to the concept of earning money, an exuberant bunny learns that fame and
fortune must be earned.

Bunny Money (Rosemary Wells)
When Max and Ruby head into town to get presents for Grandma’s birthday, they run into nothing
but trouble! Ruby has a beautiful present all picked out, but of course Max has his own ideas.

Spend It! (Cinders McLeod)
A bunny learns he can’t buy everything he wants with his allowance! Sonny gets three whole carrots
a week for his allowance and wants to buy everything with it!

Barbie: Learning to Save (Mary Man-Kong)
Barbie and her sisters help Chelsea learn about saving money.

Money, Money, Honey Bunny (Marilyn Sadler)
Honey Bunny Funny bunny has lots and lots and lots of money. Some she saves, some she spends
on herself, and some she spends on her friends.

Start Saving, Henry! (Nancy L. Carlson)
Henry’s finally old enough to get an allowance, and he can’t wait to spend it every week on giant
jawbreakers, a huge pencil, and other silly things. But when Henry finds something he really wants,
he discovers that saving money can be more difficult? and more rewarding’ than he ever imagined.

Charlie Joe Jackson’s Guide to Making Money (Tom Greenwald)
Charlie Joe’s weekly allowance just isn’t cutting it and he desperately needs money to buy a Botman, the
latest gadget to sweep his middle school. Only catch is, he wants to earn the money by doing the least
amount of work possible.

Everything Money (Kathy Furgang)
Kids will also learn about money around the world from a National Geographic expert.

Money Madness (David A. Adler)
The purpose, and not just the value, of money. From bartering, early forms of currency, credit cards, and digital payment, here is a clear and thorough introduction to money.

Escape the Rat Race: Learn How Money Works and Become a Rich Kid (Robert T. Kiyosaki)
This full-color graphic novel poses the question: “Go to school, get good grades, get a good job and invest in a 401(k)?” Not today! That’s an outdated formula for success that hasn’t adapted to the Information Age. Escape the Rat Race is the story of Tim, Tina, and Red and their entrepreneurial pursuits as they learn about money. Key messages include: How to create assets and how to make your money work for you—so you won’t need to work hard for money all your life.

BOOKS FOR YOUTH & TEENS

Understanding Credit (Carla Mooney)
These texts break down the most essential components of financial literacy for young readers, illustrating how to handle money carefully and make smart choices. ‘Decision Time’ charts put children in the driver’s seat and ask them to make decisions, such as whether to pay with cash or credit. The visual graphics break down these complex ideas clearly and comprehensibly.

The History of Money: From Bartering to Banking (Martin Jenkins)
What can take the form of a stone with a hole in the middle, a string of shells, a piece of paper, or a plastic card? The answer is money, of course. But when did we start using it? And why?

Rich Dad Poor Dad for Teens (Robert T. Kiyosaki)
The secrets about money that you don’t learn in school. An age-appropriate guide encourages the development of confident and responsible money skills, providing case examples, sidebars, and attitude recommendations that demonstrate how to achieve security in today’s challenging job market.

Clever Girl Finance (Bola Sokunbi)
Written in an accessible and entertaining tone, Clever Girl Finance teaches women how to budget, save, invest, and pay off loans. Bola tells her own story, as a self-taught investor who managed to save $100,000 in 3 years on a modest salary, and tells the stories of a few women from the Clever Girl Finance community who have also achieved financial independence.

I Will Teach You to Be Rich (Ramit Sethi)
A a great book for older teenagers who want to begin adulthood on the right financial foot. Sethi’s writing style and straight-talking stance on financial responsibility will resonate with young readers. Additionally, Sethi’s advice on navigating student loans, using credit responsibly, and building a life free of both excess debt and a constant desire for more, are highly applicable for teens on the precipice of independence.

The Early Investor (Michael Zisa)
For any motivated young person who has an interest in investing and wealth building. Zisa offers comprehensive answers to questions like “What is investing?” and “Why should I invest in stocks?” as well as guidance on frugal investing, alternative investments, mutual funds, ETFs, and the basic concepts of investing and financial planning.

BOOKS FOR ADULTS

Beyond Piggy Banks and Lemonade Stands: How to Teach Young Kids About Finance (Liz Frazier)
You are never too young to learn the fundamentals of how money works. Elementary children should understand so they can make smart decisions as they grow.

The Infographic Guide to Personal Finance (Michele Cagan, CPA & Elisabeth Lariviere)
Want to better manage your money? This book will show you how by delivering information on a tough topic in graphically appealing, digestible bites.

Debt 101: A Crash Course in Debt Management (Michele Cagan)
The key to borrowing, managing, and paying off debt is understanding what it is, how it works and how it can affect your finances and your life. Debt 101 is the easy-to-follow guide to discovering how to pay off the debt you have plus learning how to use debt to your advantage. Debt 101 allows you to take control of your money with strategies best suited for your personal financial situation-whether you are buying a home or paying off student loans.

Financial Freedom (Grant Sabatier)
Money is unlimited. Time is not. Financial Freedom is a step-by-step path to make more money in less time, so you have more time for the things you love. It challenges the accepted narrative of spending decades working a traditional 9 to 5 job, pinching pennies, and finally earning the right to retirement at age 65, and instead offers readers an alternative: forget everything you’ve ever learned about money so that you can actually live the life you want. About a lot more than money, it’s about living a richer life.

The 30-Day Money Cleanse: Take Control of Your Finances (Ashley Gerstley)
Create lasting happiness with your financial situation — not by building a blistering budget but by living the life you love! In 20 days you will create a healthier, happier relationship with your money by eliminating money stressors, finally knowing where your money is going, breaking those panic-inducing bad money habits, learning the basics of how and where to invest, and making a plan that you can not only live with but enjoy.

Personal Finance for Dummies (Eric Tyson)
The bestselling Personal Finance For Dummies has helped countless readers budget their funds successfully, rein in debt, and build a strong foundation for the future. Inside, you’ll find techniques for tracking expenditures, reducing spending, and getting out from under the burden of high-interest debt.

The Total Money Makeover (Dave Ramsey)
The Total Money Makeover teaches individuals how to get out of debt as well as how to budget. The book teaches the seven baby steps to follow in order to achieve financial stability, planning ahead for upcoming financial events, like retirement, and shares stories of individuals and couples that have done so successfully.

Credit Repair Kit for Dummies (Steve Bucci)
Don’t let your credit suffer needlessly from errors or outdated information With tools and tips for fixing a bad credit report A bad credit report can hurt your chances at qualifying for loans and credit cards, and it can even get in the way when you want to rent an apartment or land a job.

The Ultimate Retirement Guide for 50+ (Suze Orman)
Suze Orman, America’s most recognized expert on personal finance, answers all the questions that keep you up at night-starting with the biggest one: it is never too late to start planning for a next act that’s fulfilling and secure. With her signature blend of compassion, insight, and expertise, Suze guides you toward a plan that will put you in control of your financial future and help you to create the retirement you deserve.