Financial Foundations for Immigrants

Course Description:

Financial Foundations for Immigrants is a course focused on empowering immigrants with the financial knowledge needed to make smart money decisions in a new country. From understanding banking basics to managing debt and planning for the future, this course equips participants with tools to build a secure financial foundation. Ideal for newcomers looking to navigate the financial landscape with confidence, it covers budgeting, credit, loans, and long-term financial planning.

Learning Objectives:

By the end of this course, participants will be able to:

• Open and manage a bank account and understand different banking options.
• Create a personal budget and develop saving strategies.
• Build and improve credit and understand its impact on financial health.
• Gain knowledge about loans, debt management, and planning for major expenses.
• Understand financial safety and fraud prevention.

Course Outline:

Module 1: Banking Basics and Managing Accounts

• Types of bank accounts and choosing the right one.
• How to open and manage a bank account.
• Tips for online and mobile banking.
• Practical Exercise: Set up a budget based on a sample income.

Module 2: Budgeting and Saving for Essentials

• Creating and maintaining a personal budget.
• Identifying needs vs. wants to manage spending.
• Strategies for building an emergency fund.
• Practical Exercise: Create a monthly budget plan.

Module 3: Building and Understanding Credit

• Basics of credit scores and how to build credit.
• Do’s and don’ts of credit card usage.
• How credit impacts loans and housing opportunities.
• Practical Exercise: Review a sample credit report and identify improvement areas.

Module 4: Loans, Debt Management, and Major Expenses

• Types of loans (personal, auto, mortgage) and their pros and cons.
• Understanding loan terms and interest rates.
• Tips for paying down debt and avoiding high-interest debt.
• Practical Exercise: Develop a debt repayment strategy.

Module 5: Financial Safety and Fraud Prevention

• Recognizing and avoiding common financial scams.
• Tips for online safety and protecting personal information.
• Resources for reporting fraud and resolving financial issues.
• Practical Exercise: Identify scam warning signs in a sample scenario.

Course Features:

• • Certificate of Completion: Awarded upon completion, demonstrating financial literacy.
  • Guest Speakers: Financial advisors share practical advice and answer questions.
  • Resource Library: Downloadable tools and templates for budgeting, credit building, and debt management.