The Financial Literacy training aim to teach participants key phrases and words related to financial responsibility, as well as to provided them with the tools and confidence to practice this responsibility in their daily lives. The training is held over the course of three days, during which time participants engage in discussions of strategies, case studies, and theories, and learn how to apply this knowledge to real life.
The first day is composed of five sessions, the first of which prompts participants to analyze the reasons for saving money and connect them to examples from their lives, including their personal goals. During the second and third sessions, participants set short- and long-term goals, as well as review their weekly and monthly expenses in order to differentiate between needs and desires and learn how to set priorities related to spending money.
After that, participants discuss the benefits of making a savings plan, how to set milestones to reach larger goals, and what kind of surprises might come up while they are working towards achieving their goals. They wrap up the first day by comparing the options for methods of saving their money. For example, will they save their money in a box in their house or will they open a savings account at a bank? Will they set rules regarding how much will going into their savings account at a given time or when they can access it?
The second day of this training focuses heavily on loans. During the first session, participants review the material from the previous day and compare loans with savings. This includes a discussion about when it is appropriate to take out a loan and when it is appropriate to dip into savings. The second and third sessions teach participants to calculate the cost of a loan while considering both direct and indirect costs. The day ends with a lesson about assessing if a loan will be more helpful or more harmful and guidelines for taking out a loan responsibly.
On the final day, participants begin by defining what a budget is and how to create an appropriate one. After that, they carry out a budget-making drill. The third sessions focuses on combating obstacles that may arise from daily life and family complications, as well as how to assess the effectiveness of a budget. The training is concluded with a review of the main strategies for responsible money management.