Type of Activity:
❑ Peer Mentoring
Relevant pillar: Financial and money management skills
Relevant competence(s): Transversal Elements, Social & Civic, Learning to Learn, Sense of Initiative & Entrepreneurship
Duration: minimum 8 hours (it is recommended to do it, at least, in four different moments in time)
Materials and Resources: laptop with internet access, printer, A4 paper, notebook, markers, pens.
Each mentoring path is singular, and this is part of its richness. Therefore, no structured mandatory activities will be suggested for the 9 sessions of mentoring. Instead we propose to give suggestions for LCP and mentee to consider and to implement, with the flexibility and adaptation that are needed.
For this meeting, the suggestion is for the LCP to focus on discussing:
- Review of the previous sessions’ experiences – major positive elements, what needs change/improvement, emotional state of mind during and after the sessions,
- Help develop a doable action plan and support its implementation (regarding the topics addressed so far): give support on identification of objectives, signalization of initiatives/actions, definition of major steps to accomplish objectives, definition of monitoring strategies.
- Provide constructive feedback
- Identify strengths and achievements and explore options
- Coach on specific areas of difficulty/needs if need
- Create opportunities for mentees to gain experience
- Financial/money management
a. Support to
i. develop intrapersonal reinforcement strategies
ii. identify major goals, challenges and opportunities related to the financial/money management skills the mentee wishes to develop
iii. build a plan and to implement the strategy chosen (e.g., open a bank account, implement a micro saving system, save to buy a cell phone or other technological device)
iv. build and implement a Monitoring strategy to ensure a “healthy” money management strategy
- Brainstorm on potential risks, difficulties/barriers to accomplish the plan
- Identification of potential solutions to overcome difficulties identified
A. Promote autonomy
a. Define, together, an automatization path
i. Identify key areas
ii. Identify key skills/knowledge to be developed
iii. Ensure support for error, frustration and/or resistance to change
b. Allow for individual exploration
i. If appropriate, encourage “out of the box” solutions
ii. Give support when needed but do not substitute the mentee
iii. Do not present a “know it all” attitude
1. Implementing a positive interaction and communication style
a. The right not to tell
2. Ensure you use adequate negotiation strategies
c. Help build intrapersonal reinforcement strategies
B. Financial/money management
1. “My financial management style is…”
Justification: It is essential that mentee knows his/her financial management predominant style and understands the impact of it on his/her finances, to be able to define and implement measures to improve assertiveness and positive strategies on how to handle and save money.
To do so, we suggest the LCP and mentee chooses 3 situations described by the mentee in previous sessions in which managing money was an important component of the difficulties faced and, for each one, the management actually implemented will be analysed.
Be aware that this analysis must be focused on constructive and positive components and not to judge and/or comment on the negative/less efficient things done – this is valid for both (LCP and mentee)! The idea is to identify main needs/elements to improve and to define a strategy to help the mentee act on his/her difficulties/needs. Other possibilities to manage the situation must be analysed also!
2. “What do I want to do with my money?”: Simulation of different situations where money spending is required/or where the mentee wishes to spend money.
Justification: Knowing how to save and/or how to make smart decisions regarding money is not enough to ensure that, in a given situation, the mentee is prepared to act as he/she planned to do (i.e., to make the smart decision and not the rush/emotional decision). Therefore, it is important to simulate situations of high desire to buy something, low desire but need to, and other (the decision of the situations must be made together).
3. “Intrapersonal reinforcement strategies”: Simulation of difficult, emotionally challenging and positive situations regarding money management.
Intrapersonal rewarding from the mentee to him/herself could be: “Very well! I am amazing”! or “I nailed it! I will reward myself with a movie with friends!”
Justification: This session is particularly challenging for the majority of the mentees. It is essential that the mentee develops strong intrapersonal reinforcement strategies to cope with all this challenge in an assertive way. To train these skills we propose that LCP and mentee practice, using simulation techniques, different situations, reactions and outcomes – the main goal is to reinforce acceptance, positive coping styles and the mentee strengths.