It is very important to note that, very many people at the work place struggle on how to manage their personal finances, which someway eventually affects their morale and ability to work effectively and even. Personal finance areas may include but are not limited to personal budgeting, housing finance, financing skills, policies, banking, savings etc.
Personal financial planning, in the broadest sense, is an effort to manage all aspects of a person’s financial affairs. This begins with planning family spending (financial goals and budgets) and extends through to risk management (insurance), taxes, wealth accumulation, investing and, finally, wealth distribution (retirement and estate planning). This course gives participants a foundational knowledge of these and provides practical tools for managing personal finances.
This course is meant for every member of the institution; to assist them appreciate the importance of managing their finances before managing their institutions finances.
At the end of this course, participants should:
•Be able to make informed decisions towards investment and borrowing
•Demonstrate an understanding of the need for financial planning in everyday life, and give examples of the tools available to assist in the planning and record keeping
•Define personal finances & their importance.
Module I: Understanding financial management.
•Defining personal finances vs financial management
•Costing as an element of managing finances.
•Basic preparation of financial statements.
Module II: Saving and Budgeting
•Reasons for saving
•Explore the purpose and process of writing a budget and the basics of banking
Module III: Credit and Debt
•Explaining financial borrowing
•Identify the costs of using debt as a financial tool
•Examine the importance of avoiding debt
Module IV: Financial Planning and Insurance
•Understand basic investing guidelines
•Describe and compare various types of investments
•Identify elements of employer benefits and retirement plans
•Explore social security benefits, pensions and insurance policies
Module V: Income vs Taxes
•Explore elements of effective goal setting
•Taxes and your obligations towards them.
We employ a series of activities and practical quizzes to allow members interact, participate and share their financial stories without fear of judgment.