Financial Literacy Training at Savdhan Samaj Kendra, Manori

Topics: Third training on Financial Planning - Making the participants understand that they should not spend more than their income and also understand their expenses

Resource Person: Ms Snehal Patil & Ms Suvarna Bandya

Date	Venue	Target Group	Participants
23/10/2015	St James Zone	Bible Mahila Bachat Gat	10
24/10/2015	St John	Fatima Mahila Bachat Gat	8
24/10/2015	St James Zone	St Anthony Mahila Bachat Gat	11

  Objective of session was making the participants understand and  identify essential and non essential expenses.

The expenses are divided in three main categories. 

Needs – are limited to essentials like food, clothing, shelter, education

Wants- are unlimited and reduced e.g.  festival, pilgrimages, spending on luxuries goods

Vices- are risky and we need to avoid it. Eg. Alcohol, gambling, tobacco  Think twice before spending.

   Achieve goals through financial planning & set goal and make them understand how to make a financial plan for future need. 

This was explained through activities with the participants.

Example: Set one goal after 5 years required Rs 50000/-for HSC admission of a child. And made calculations for daily saving

Estimates cost – Rs  50000

When we need (how many days) - after 5 years

How many days- 5 years*365 days in per year =1825 days

Saving required- Rs 50000/1825 days = Rs 27

Daily Save in banks-Rs 27

Save money for life cycle needs and always save in banks is the learning for the participants.

Report noted by- Ms Snehal Patil, Ms Suvarna Bandya & Ms Rasika Bhandari