Money Mentors

Money Mentors are available to help people by phone, email and online meetings. Currently, the Money Mentors program is available in Champaign, Ford, Grundy, Iroquois, Kankakee, Livingston, McLean, Vermilion, Will, and Woodford counties.

What is a Money Mentor?

Sponsored by University of Illinois Extension, the Money Mentors program is a network of trained volunteers who work one-on-one with individuals who request help with personal money management.

Money Mentors are available to meet with participants online or by phone.

Talk with a Money Mentor

Money Mentors are available to assist with personal finance strategies, including organizing finances, managing debt and building savings.

A hand putting money in a piggy bank in a grassy field.

Become a Money Mentor

You will be notified of the next training, if you register. Money Mentors volunteers build financial capacity in our local communities by providing financial education and coaching to individuals, and through community outreach projects.

Participate

Money Mentors assist individuals in our community with personal finance strategies, including:

Budgeting
Establishing Financial Goals
Building Savings
Managing Credit
Organizing Finances

As a participant, you can meet one time (for example, if you have a few questions about money management) or you can commit to meeting via phone or a virtual communication mode at least once a month over a four-month period. After four months of mentoring you can decide if you'd like to continue meeting with your mentor.

The goal for each meeting is to determine the most important steps a mentee can make to move towards her or his financial goals. Money Mentor volunteers are trained in problem-solving and financial coaching strategies to help participants move forward.

There is no cost to meet one-on-one with a Money Mentor. To be paired with a Money Mentor please fill out the Mentee Participant Enrollment Form. (en Español)

FAQs

What do Money Mentors volunteers do?

Money Mentors volunteers build financial capacity in our local communities by providing financial education and coaching to individuals. Mentoring consists of working one-on-one with people who have asked for help with their personal finances and doing community outreach through displays, community talks, and other projects.

What qualifications do I need to become a Money Mentor?

Anyone can become a Money Mentor volunteer--it does not require a degree in financial planning! You do, however, need to:

Be over the age of 18
Have good communication and interpersonal skills
Possess the ability to work with individuals in a respectful and nonjudgmental manner
Maintain participant confidentiality and trust
Have access to email, telephone and transportation
Devote time to attend all training sessions and volunteer commitments
Commit to following University of Illinois Extension's research-based financial education strategies and recommendations

What is required to become a Money Mentor?

Training Commitments

Money Mentors volunteers receive approximately 30 hours of training in money management, financial mentoring, and community resources. Some home study is required. Opportunities are provided during training to apply financial knowledge to case examples and to practice mentoring skills. An application, interview, and background check are required before being accepted as a mentor.

Volunteer Commitments

Following the training, each volunteer agrees to complete 30 volunteer hours annually in financial mentoring and community outreach. During the year, 12 hours of continuing education is also expected. Money Mentors meet monthly for continuing training as well as planning projects.

Is there a cost to become a Money Mentor?

A one-time $40 fee helps cover training and material costs. Partial scholarships are available if needed.

Interested in becoming a Money Mentor volunteer?

Thank you for your interest in the Money Mentors volunteer program. To apply to be a Money Mentor, please complete the Money Mentor Application.

Resources

Financial Tools

Build Your Savings Account: Ideas to jump-start your savings.

Budgeting Excel Form: Plan and evaluate your spending.

Dollars from Dimes: How do small, regular habits add up over time? Check out this worksheet!

Financial Calendar: When do your bills arrive? Mark these dates on the calendar and then you can plan to make your payments in a timely manner.

Finding and Using Community Resources: Where to find a variety of community resources, including food banks, shelters, support for children or seniors, physical and mental health information, and even factual consumer information.

Goal and Action Plan Worksheet : Create goals and decide on steps to take to improve your financial future.

Income Tracking: Use this worksheet to track your different income sources during a year.

Inventory of Accounts: An inventory of financial accounts can be very helpful to family members when you are incapacitated or die. Too often assets go unclaimed because family members aren't aware of financial assets.

Organize Debt: Take the first step towards debt repayment and gather information about each of your debts.

SMART Goals: You can write achievable financial goals.

Weekly Expenses: Track how you spend your money.

Occasional and Seasonal Expenses: Use this chart to help you estimate these expenses and include them in your spending plan.

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