Money Matters

Money Matters Teaching financial literacy including: banking, money management, credit and budgeting

Money Matters is a guide to help people achieve financial security and manage money. This page is a space where we can share financial information and skills and allow for an open discussion on related issues. This Financial Literacy guide intends to teach the role of money in life. Learning financial literacy goes beyond being able to create a balanced chequebook or recording expenses. With thi

s guide you will build skills that will increase your understanding of financial management and the effective use of common financial resources. These skills include how to manage your money once you get a job, and how to save for the future and long-term goals, among others. Overall, this chapter provides guidance and skill-building exercises that will inform you about simple finances and improve financial decision-making.

How can you track your financial transactions? One easy way to track your spending is to keep a list of all the purchase...
08/18/2017

How can you track your financial transactions? One easy way to track your spending is to keep a list of all the purchases you make each month. At the end of the month, compare your actual spending with your estimated budget. Is there a difference? Where can you make changes?

*** If the Notebook Method is not a good method for you to track your spending, there are many other paths you can follow. These methods include the receipt method, the calendar method, and the envelope method. People find different strategies helpful, so you should try all of them to see which works best for you, your family, and your lifestyle.

*** The Receipt Method involves saving all receipts and checking them against your bank statement.

*** The Calendar Method involves writing down the important due dates for all your bills, as well as your payday each month. As you pay each bill, cross it off the calendar.

*** The Envelope Method involves setting aside a budgeted amount of money for various expenses, in separate envelopes, to limit overspending.

Continued... *** What are some examples of financial goals? Short-term goals include starting an emergency fund or b...
08/06/2017

Continued...

*** What are some examples of financial goals? Short-term goals include starting an emergency fund or buying new clothes. Medium-term goals include buying a used car or furthering your education. Long-term goals are things like buying a home, starting a business, and educating your children.

*** You deal with many different types of expenses in your daily life. What are the things you pay for? Food, rent, savings, clothes, entertainment, gifts, etc.

*** How can you decrease monthly spending? Ask yourself these questions: What are your largest expenses? Can you decrease these expenses? Why are you purchasing “luxury” items? Are these items really important? Do you need these items? By cutting luxury expenses and decreasing flexible expenses, you can decrease monthly spending.

*** Managing your money is not only about creating a budget; it is also about keeping track of your expenses. What is an easy way to keep track of your expenses? Use the Notebook Method. Get a small notebook and write down the cost of everything that you purchase. This allows you to know exactly how much you have spent and how much you have left to spend. This also creates a record in case of any future accounting mistakes.

More to come!

When creating your financial plan, you need to set financial goals. Generally, there are three types of financial goa...
07/24/2017



When creating your financial plan, you need to set financial goals. Generally, there are three types of financial goals: short-term goals, medium-term goals, and long-term goals.
- Short-term goals are goals you are aiming to accomplish in three months.
- Medium-term goals are goals you are looking to accomplish within a year.
- Long-term goals are related to goals you want to accomplish in a year or more.

Talking about money with your family can be a sensitive topic. Sometimes money can lead to arguments with other pe...
07/13/2017



Talking about money with your family can be a sensitive topic. Sometimes money can lead to arguments with other people, especially when you have unresolved debts. It is important to communicate openly with your family about your finances.

Your family should understand what your goals are so that they can support your efforts.

There are a few terms you need to understand when dealing with budgeting. -Income is the money you earn. -Expenses ...
07/06/2017



There are a few terms you need to understand when dealing with budgeting.

-Income is the money you earn.
-Expenses involve the money you use to pay for goods and services.
-Fixed expenses are payments that are always the same each month.
-Flexible expenses, also known as variable expenses, are payments that may vary from month to month.
Lastly, deductions refer to the money that is taken out of your paycheck to go to other sources (such as taxes or insurance).

Look out for more Money Tips!

Learning how to manage money will enable you to map out your future and achieve goals. The first step to being fiscall...
07/03/2017



Learning how to manage money will enable you to map out your future and achieve goals. The first step to being fiscally responsible is to understand how much money you have coming in (your earnings) and how much you must pay out for debts and other obligations.

Following a budget can help manage the flow of cash and help you stay on track. There are many resources and online tools that can help you set up and manage your budget and increase your financial literacy. Here are some you can look at:
- CNN Money
- Wise Bread
- Learnvest

Good financial planning is the key to achieving financial understanding. Financial security means saving and investing e...
06/26/2017

Good financial planning is the key to achieving financial understanding. Financial security means saving and investing enough money to achieve economic stability in your life.

Prepare for rainy days:No day is guaranteed. In the volatile and occasionally disruptive business environment we operate...
06/26/2017

Prepare for rainy days:
No day is guaranteed. In the volatile and occasionally disruptive business environment we operate it, it is important to make sure that should anything happen, your business, family and home do not collapse because of an insufficient financial cushion in times of uncertainty.

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12/06/2016

Holidays to You!

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Changing Lives - Smart Business in Uganda

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10/18/2016

for Social Impact Workshop - PRE-REGISTER

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