Module 1: Needs Vs. Wants, and Budgeting.
The first module looks at basic financial skills, which include identifying the difference between needs and wants and understanding that everyone’s circumstances are unique. This then follows on to identifying personal goals and gaining an understanding of why these are important and how they play a role in financial circumstances. We go on to understanding the need for and the formulation of a budget as a tool to help manage needs and wants in support of one’s life dreams and ambitions.
Module 2: Saving, Banking, and Lending.
The second module focuses on the difference between saving, banking, lending and borrowing, as well as the different products available to assist in these areas. It includes the pros and cons of the different ways of saving, banking, lending and what one should look out for in terms of the risks associated with each.
Module 3: Insurance.
The third module discusses the general risks in life that we are exposed to, and how insurance products can assist in managing some of these risks by protecting us from unexpected and expected events. We discuss the different types of insurance products available in the market and the processes one needs to follow when purchasing insurance products, maintaining one’s policy and submitting a claim. The insurance terminology is also discussed as this can be quite confusing, even for people working in the insurance industry.
Module 4: Retirement.
In the fourth module we deliberate aspects of retirement and retirement planning. We all want to retire at some stage in our life. However, most of our parents, uncles, aunts and acquaintances will never be able to do so comfortably. Let us not make the same mistake! We highlight the need to start planning and saving for retirement as soon as possible. We touch on the different products available, but a financial advisor would be best equipped to help with specific circumstances. We conclude the training by linking all four of the modules.
