Second semester first training: Personal Financial Management

It is often said that “Money cannot buy happiness”; however, without a healthy and balanced spending habit, one’s life can be faced with various troubles and thus a mastery of monetary management skills is of substantial prominence. For such reasons, on Saturday morning, Jan 11, 2020, Luong Van Can Fund organised the training session “Personal financial management – Healthy money mindset, wealthy future life” under the lead of Mr. Nguyen Minh Nhat, a founding member of Piggy Bank Mama, an independent financial advisory group.

At the beginning of the session, the guest speaker made a small survey in terms of financial management habits among the students by a series of individual and collective games. In the same way, they also took the challenge of allocating 100 ml of water for 10-day usage and had a discussion about the qualities making up an excellent financial manager. Then, a conclusion was drawn, including many characteristics such as perseverance, technological competences, discipline especially a strategic vision. The speaker put an emphasis on the savings for future, rather than merely current expenditure.

Along with practical exercises were theories money spending principles, accompanied with passionate explanations. Additionally, the students were introduced to the principle of “Clear spending- Multi-income”, which was about clarifying all expenses and diversifying of income sources. Almost every person wishes to have a major income source, yet they still have to set aside an appropriate amount of money in case of unexpected issues, and also the spending should be recorded and kept under control. Mr. Minh Nhat also emphasized the role of revenue and expenditure as a component personal-finance-related activities, which ranged monetization, spending, savings, investment, and importantly talking about money. Elucidating about the final component, the speaker affirmed that talking about money referred to the willingness to share with family members and relatives or partners about monetary issues and the availability of figures in such expressions.

After the training,  the scholarship recipients could recall many essential skills, namely expenditures recording, saving habits in preparation for problems. Besides, they were inspired to varify income sources and develop themselves economically.