PERSONAL FINANCIAL MANAGEMENT

Premise

The world is constantly changing and as people we are always confronted by change. Most of the time these changes will have an impact on our financial well being. The effect of continuous pressure  of our financial well being is one of the greatest challenges most people face.

Acquiring the skills and knowledge of personal financial management is an important life skill that helps people avoid the pressure of debt, illness or bleak retirement.

The aim of this course is to intimate participants with necessary skills and competencies necessary for personal financial management and planning.

Key Learning Outcome:

At the end of the training, participants will be able to:

• Understand financial literacy
• Plan a budget successfully
• Understand cash flow and planning
• Utilize financial planning tools
• Invest at their financial level
• Understand their present financial situation and its implications

Course Content

Financial Literacy Framework

• Financial Terminologies

The planning process

• Analyzing your existing financial situation
• Set short medium and term goals
• Identifying constraints
• Does your budget balance?

Cash Flow Planning

• Income- Salary, bonus, commission profits, share
• Expenses- Rent, food, clothing, school fees, medical expenses, entertainment etc
• Savings

Personal Budget

• Why have a budget?
• Limitations of a personal budget
• Advantages of a personal budget

Preparing a Budget

• Income
• Liabilities
• Fixed expenditures
• Practical- Drafting your budget

Net-Worth

• Comparing estimated income and expenditure
• Actions and corrective steps when the budget does not balance

Personal Finance Planning Tools

• Utilizing the Time Value of Money
• Investing and its importance

Course Duration:  2 Days