Creating a budget plan for your personal financial management
This activity will assist you in understanding the basics of managing your financials. This information will help you to understand and maintain your finances by creating and planning a monthly expense sheet and a monthly budget plan. This will support you in having accurate, organized, and accessible financial management.
- Participants will expand their knowledge by learning the definition of financial terms such as expenditure, savings, debt, income etc.
- Participants can identify the amount of their income, their savings, and their spending
- Participants can reflect on how to control and balance their financials
- Participants can recognize their monthly budget to manage their finances when filling out the monthly budget sheet
- Participants can follow the monthly budget sheet and keep track of their financials
- Participants can monitor and recognize any overspending to be able to focus on any financial goals planned
- Take the time to reflect on your income, expenditure, and savings
- Reflect on the future required costs, for example, a new car, a new house, retirement, etc to keep that in mind when planning the savings amount
- Don’t forget to plan a rainy day fund!
- If you are interested to read further find these links below;
Link 2
- If you prefer watching a video instead, find the link below;
Hybrid
Young adults (16-30 years)
Adults (31-59 years)
Seniors (60+ years)
Young adults (16-30 years)
Adults (31-59 years)
Seniors (60+ years)
To be able to start the activity, it would be best to read the information inserted in the entry. This will help the participants in being prepared for what the steps are. To start, the participants need to refer to and read the PowerPoint to understand the financial terms such as income, required costs, expenditure, funds, tax, balance, benefits, and more. When having participants in a classroom, this can serve as a discussion. It is recommended that online learners keep the PowerPoint document handy and if possible printed to refer to. For the next step, the participants need to download and edit the sheet online. For the participants attending the activity physically, it would be best to print out the handouts to fill them out manually. These sheets are to be filled in individually since everyone will have distinct budget, planning, and results. Once the sheets are ready, the group can discuss the results and this will help the educators evaluate if the participants understood the terms or not. It is highly recommended that the participants keep a copy of the original sheets, printed or saved on their devices to be able to re-use them monthly.
Age group(s)
Educators
The educator needs to be able to provide the material in an accessible format that can be re-used monthly. The educator must have basic knowledge of financial management to be able to pass it to the participants.
Learners
The learners should be willing to learn, and participate during the activity. The learner should be able to follow the educators guidance and instructions for the activities aim to be reached.
The educator needs to be able to provide the material in an accessible format that can be re-used monthly. The educator must have basic knowledge of financial management to be able to pass it to the participants.
Learners
The learners should be willing to learn, and participate during the activity. The learner should be able to follow the educators guidance and instructions for the activities aim to be reached.
Hybrid Method
Skills & Competences
Learning Outcomes
Description (Methodology)
Useful Tips, Resources & Links
An electronic device such as a laptop, tablet, or mobile phone. Internet connection to be able to download the material of PowerPoint presentation, a monthly expense sheet, and a monthly budget planner sheet . A printer and a pen if the information and sheet are going to be printed and filled in manually.
Tools Needed
Hybrid
2.5
2.5
Number of participants
Autism-friendly
Accessible for hearing impaired persons
Accessible for mobility impaired persons
Accessible for speech impaired persons
Accessible for hearing impaired persons
Accessible for mobility impaired persons
Accessible for speech impaired persons
Recommended target groups
Files uploaded
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