How can I make sure the transition to adulthood goes smoothly: Financial Well-Being Action Plan

Action Plans > How can I make sure the transition to adulthood goes smoothly: Financial Well-Being Action Plan

Financial Well-Being Action Plan

Teaching individuals skills that further their economic self-sufficiency and ability to control personal finances is vital to their success as adults. Learning with practice needs to start as early as possible. Families play an important role in financial planning for the future.

How To Get Started: To create a custom action plan for yourself or for someone you support:

Select items that you want added to your action plan.
Ignore any items that have already been done, or that are not relevant to you or the person you’re supporting.
After clicking “Submit,” you will see a summary of your selected items, which is your customized action plan.
This form will not be saved, however you will be able to print the summary, and if you provided an optional email address, the results will be emailed to you immediately.

Acronym Key: PASS = Plan for Achieving Self Support | ABLE = Achieving a Better Life Experience

Managing Money

Learn about money: Why is it important?, How does it work?, What do typical items cost?, How do you get money?, How do you pay for items?

Approximate Age: As early as possible & ongoing | Who can help: Individual, Family/Guardian, School/IEP Team

Resources: Financial wellness tools Money management resources

Consider strategies for practicing earning and using money, for example: an allowance for doing chores or a simple neighborhood “job” such as walking a neighbor’s dog or helping to clean in a neighbor’s yard.

Approximate Age: As early as possible & ongoing | Who can help: Individual, Family/Guardian

Resources: Teaching money management

Learn about budgeting and “needs versus wants” as this fits for different ages. Learn how goals work with budgeting.

Approximate Age: As early as possible & ongoing | Who can help: Individual, Family/Guardian, School/IEP Team

Resources: Money management lessons Financial toolkit

Explore options with your bank (e.g., joint bank account) to learn about money and money management.

Approximate Age: As early as possible & ongoing | Who can help: Individual, Family/Guardian

Resources: Your money, your goals Lesson materials on money management

Learn about money safety, how to spot scams, and how to say “no” to requests for money (when needed).

Approximate Age: As early as possible & ongoing | Who can help: Individual, Family/Guardian

Resources: Avoiding identity theft Beware of scams

Consider estate planning, living trusts, and special needs trusts. Seek out a lawyer who specializes in special needs trusts.

Approximate Age: As early as possible & ongoing | Who can help: Family/Guardian, Lawyer

Resources: Special needs trust Fideicomiso para necesidades especiales Living trust Fideicomiso en vida

Write a letter of intent for your special needs trust.

Approximate Age: As early as possible | Who can help: Family/Guardian, Lawyer

Resources: Letter of intent planning guide Special needs letter of intent

Revisit your will.

Approximate Age: Every 8 years | Who can help: Family/Guardian, Lawyer

Learn about Financial Wellness. What does this mean?, What does it look like for individuals with disabilities?

Approximate Age: Middle school & ongoing | Who can help: Individual, Family/Guardian, School/IEP Team

Resources: Financial wellness video series Videos en Español

Consider obtaining a debit card and/or credit card, with safeguarding strategies and monitoring as needed (i.e., prepaid cards, spending limits).

Approximate Age: Middle to high school | Who can help: Individual, Family/Guardian

Resources: Green light debit card Comparison Chart of Types of Cards to use for Purchases

Learn about paying taxes.

Approximate Age: High school | Who can help: Individual, Family/Guardian

Resources: Taxes and tax preparation assistance

Ask about including financial well-being goals in transition plan portion of IEP.

Approximate Age: High school | Who can help: Individual, Family/Guardian, School/IEP Team

Resources: STAR goal setting worksheet

Explore online money management tools.

Approximate Age: High school | Who can help: Individual, Family/Guardian

Resources: Online money management tools 10 questions to ask when selecting an online money management tool

Accessing Financial Support

Seek out benefits counseling services.

Approximate Age: As early as possible | Who can help: Individual, Family/Guardian, Benefits Counseling Services

Resources: NC DHHS work incentives and benefits counseling ServiceSource benefits counseling Disability benefits counseling services

Learn about financial rights for individuals with disabilities.

Approximate Age: Middle school | Who can help: Benefits Counseling Services, Attorneys, Local Banks

Resources: Financial inclusion 101 Financial wellness training webinar

Figure out the areas in which support is needed by taking a financial well-being assessment.

Approximate Age: 16 | Who can help: Individual, Family/Guardian

Resources: Financial well being assessment

Determine the need for government-based financial support (Supplemental Security Income, Social Security Disability Insurance, Medicaid, Medicare). See Adult Services action plan for more details.

Approximate Age: 16 | Who can help: Individual, Family/Guardian

Resources: Adult services action plan

Consider establishing a Representative Payee for Social Security Benefits/Medicaid/Medicare, if appropriate.

Approximate Age: 18 | Who can help: Individual, Social Security Administration (SSA) Representative, Benefits Counselor, Attorney

Resources: FAQ for representative payees Social security benefits rep payee program

Consider other sources of Income and Savings: Savings Accounts, PASS Accounts, Individual Development Accounts.

Approximate Age: High school | Who can help: Individual, Family/Guardian, Social Security Administration (SSA) Representative, Benefits Counselor

Resources: Comparison chart of checking, savings, and ABLE account Examples of types of accounts to keep your money safe Plan to Achieve Self Support

Contact NC financial assistance programs such as First in Families, Temporary Assistance for Needy Families, community colleges, and religious organizations.

Approximate Age: When needed | Who can help: Individual, Family/Guardian

Resources: Assistance programs in NC First in families NC

Additional Items

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Disclaimer: These action plans are for informational purposes only. It is not intended to be comprehensive, and should not be taken as legal advice. Services and programs mentioned may vary by county. Please consult with professionals with expertise in this topic area for guidance specific to you, your family or student/client’s situation. The “approximate age” listed with each item is a general recommendation for when to get started on an action item; however, everyone has a different timeline and for many of the items, it’s never too late to take action! Have a suggested correction or addition to this checklist? Email worktogethernc@med.unc.edu.