Worksheet: Money Habits Exercise

Context

The private organization was a FinTech startup that was targeting its BaaS services and products to the Latino, immigrant community in Middle Tennessee, an untapped market for this industry. Due to the community's limited financial and tech literacy, the organization deemed it necessary to invest in its customer education as one of its business priorities. 

Challenges

When the organization began to offer mortgages to its customer base, it noticed that many of its clients who were in the home purchasing process would drop out of the process due to financial challenges. When digging deeper into this challenge, it was uncovered that those clients lacked the necessary financial education and habits to successfully purchase a home. 

Solutions

The worksheet was developed to accompany a series of financial literacy workshops provided to prospective and current customers. Many of the customers hadn't realized that the ways they spend their money was preventing them from successfully saving for a home mortgage down payment. As a result, this worksheet helped customers realize their money habits that weren't serving them and that they needed to be more intentional with their spending so they can achieve their financial goals, including the goal of purchasing a home. 

Results

100% of the customers indicated that they found the worksheet valuable in helping them deepen their self-awareness of their spending habits and identify ways they could save more to achieve their down payment goal.