WORKSHOP ON PERSONAL FINANCIAL MANAGEMENT

Luong Van Can Fund, along with Heo Dat – Make Cents Make Sense project (Heo Dat), successfully organized a workshop on personal financial management for its students on March 13th and 20th.   

Know yourself, know your money  

Mr. Nguyen Minh Nhat – founder cum coach of Heo Dat started the session with some simple money games from which students built on foundations for personal finance. Commonly, speaking of personal finance, people pay more attention to “financial” perspectives such as budget, income, spending… than “personal” factors, which play a vital role in managing their money well.

Knowing yourself is when you figure out where you are today and where you want to get to. Finance is a prospective story with a set of goals. It helps you get a clearer picture of your financial status to select appropriate methods, start planning, and search for various resources. Integrating “financial” with “personal” would financially secure your future and mitigate risks.   

 On top of that, understanding of “personal” aspect links to the way people talk with their family about money. It not only provides a better financial literacy to utilize the resources from one’s family but also avoids conflicts or unexpected problems.   

Create a financial management plan  

After the first session, the students learned some toolkits of managing their finance. The number one rule is knowing your expenses: spending for what, for who, when, and how much. It helps capture one’s desires and the needed amount of income. Next is the multiple income streams rule: generating from different sources, types (once or periodic), times. Working on these two principles, one can have better financial wellness, negotiate welfares, purchase insurance, secure debt, prepare for retirement plans, …  

An impressive activity was that students had a chance to go outside and interview different groups about their financial plans. They collected a variety of interesting answers which results from a clear perception of why a financial plan is essential. The plan, however, only works if one has a long-term commitment to it.   

2021 marks a three-year partnership between Heo Dat and Luong Van Fund to bring non-profit training programs to over 90 students and 15 staff of the community development organizations. The Fund truly hopes that our cooperation would tighten up since Heo Dat’s activities have completely shifted its operation to non-profit purpose in March 2021. It is the belief that the transformation will support many young people to improve their personal financial literacy. 

Articles and photos: Media team – Luong Van Can Student Club.