You are here:Article Detail 26 September 2016

MYMONEY123 gets underway
In September the FPI launched the MYMONEY 123 financial education outreach programme with the first group sessions taking place in Johannesburg.

The first group that we kicked the programme off with was the Johannesburg Child Welfare. We met with their staff at their branches in Soweto, Eldorado Park and we carried out several group sessions at their head office in the centre of Johannesburg.

The attendees of the education programme each received their custom workbooks, monthly budget planner diaries, piggy banks and branded pens when they attended the presentation.

The focus subjects of the programme made an instant connection with the attendees. We first discussed the importance of managing a successful personal budget; what to do at the beginning of the month, during the month and at the end of the month. We demonstrated how, practically, people can begin to take charge of their income and their expenditure by implementing an appropriate, disciplined, measured and accountable monthly budget plan.

We then moved on to debt. The debt levels in South Africa are at crippling levels. Debt holds all of us back. If our debt is not managed or at a manageable level then we quickly spiral into the debt trap and we are then stuck financially and we are not able to pursue our life goals.

We spoke about the basic fundamentals of savings and investments. We introduce certain basic investment concepts such as understanding the impact of time, investment risk, liquidity and how investments are made up. We spoke about setting short, medium and longer term financial life goals and the relevance of saving and investing to achieve these goals.

By managing a monthly budget plan and getting our debt under control we can then consider saving and investing. No monthly plan and intolerable debt levels means no saving and no investment.

We finish the presentation and ask the audience to consider a few further financial planning needs such as how much insurance cover do you need? Do you have a will? Are you teaching your children sound money skills? Where do you find a financial planner?

The key to the financial education programme is financial education for all South Africans.

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