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Budgeting USE MONEY WISELY Trainer’s Guide Sections of this book may be reprodu

Budgeting USE MONEY WISELY Trainer’s Guide Sections of this book may be reproduced, translated or adapted to meet local needs, provided they are distributed free or at cost and not for profit and provided that any changes maintain the integrity of the book. Please inform Microfinance Opportunities and/or Freedom from Hunger of plans to translate these materials into another language and provide each one copy of the publication. Please include the following statement on all section reproductions: ©2005 Microfinance Opportunities. All rights reserved Written permission from Microfinance Opportunities is required for any substantial changes. For inquiries regarding rights, please contact: Microfinance Opportunities 1701 K Street NW, Suite 650 Washington DC 20006 USA Tel.: 202-721-0050 Fax: 202-721-0010 E-mail: info@mfopps.org www.MicrofinanceOpportunities.org For other inquiries please contact either Microfinance Opportunities or Freedom from Hunger Freedom from Hunger 1644 DaVinci Court Davis, CA 95616 USA Tel.: 530-758-6200 Fax: 530-758-6241 E-mail: education@freefromhunger.org www.freefromhunger.org www.ffhresource.org BUDGETING Use Money Wisely Trainer’s Guide Financial Education for the Poor Project Washington, D.C. 2006 PREFACE Budgeting Trainer’s Guide Based on guidance from the Financial Education for the Poor Project, the initial budgeting learning sessions were created and tested by the staff of CARD in the Philippines led by Aniceta Alip, Edzel Ramos, Leslie Ramirez, Glenda Madrigal and Aurea Magpantay. Market research assistance was provided by Ellen Vor der Bruegge and Marc Bavois of Freedom from Hunger. The generic learning sessions were pilot tested by Teba Bank in South Africa and subsequently reviewed by Financial Education for the Poor partner organizations. Kathleen Stack drafted the final version of the learning sessions with significant input from Candace Nelson. Danielle Hopkins of Microfinance Opportunities and Nesal Shah from SEWA Bank made technical contributions. Monique Cohen provided input to the final version. The Content Note was written by Jennefer Sebstad and edited by Candace Nelson. Stacey Sechrest of Citi and Leslie Meek of Citi Foundation reviewed the final document. MICROFINANCE OPPORTUNITIES Microfinance Opportunities was established in 2002 as a microenterprise resource center that promotes client-led microfinance. It seeks to help poor people increase their access to well-designed and delivered financial services. Microfinance Opportunities provides action-research, training and technical assistance in three areas focused on the clients of microfinance services: Financial Education, Microinsurance and Client Assessment. FREEDOM FROM HUNGER Founded in 1946, Freedom from Hunger is a nonprofit, international development organization bringing innovative and sustainable self-help solutions to the fight against chronic hunger and poverty. Freedom from Hunger specializes in ensuring that the poor have access to microfinance and health protection services, and life skills training to achieve food security for their families. CITI FOUNDATION The Citi Foundation, which makes grants in more than 85 countries around the world, focuses its funding primarily in three areas: financial education, educating the next generation, and building communities andentrepreneurs. Additional information can be found at www.citigroupfoundation.com. The idea to develop a financial education curriculum for the poor grew out of a dinner-table conversation with Jayshree Vyas, the managing director of SEWA Bank. She argued, quite correctly, that financial literacy is critical for improving money- management skills and promoting asset-building for the poor. When the idea was first proposed to Citi Foundation in 2002, financial education for microfinance clients was new and different. Aside from SEWA Bank, few, if any, institutions in developing countries had ventured into financial education. On the face of it, a major program to promote financial literacy in poor countries looked like a challenging venture, both for Microfinance Opportunities and for Citi Foundation. Freedom from Hunger had worked with SEWA on its financial literacy training program and was invited to become a major partner in 2003. Since then, there has been an outpouring of interest from microfinance practitioners who want to join the program. While many wondered out loud why it had taken the microfinance industry so long to recognize the importance of financial education, they immediately saw it as a “win-win” for both microfinance institutions and their clients. First and foremost we would like to thank Citi Foundation for investing in this program. Chip Raymond, the former President of the Foundation, and Leslie Meek, our Program Officer, took a double risk, embarking on a new area of microfinance and supporting a start-up organization, Microfinance Opportunities. They have been superior partners in their strong support for this work. Subsequently others from Citi have joined us in our work. They include Stacey Sechrest of Citi’s Office of Financial Education and Amy Feldman of Citi Foundation and they have provided valuable inputs as we have moved towards finalizing the curriculum. We want to express our appreciation to the partner organizations and their clients who made the development of this curriculum possible. They are Al Amana (Morocco), CARD Bank (Philippines), Equity Building Society (Kenya), the Microfinance Centre (Poland), Pro Mujer (Bolivia), SEWA Bank (India) and Teba Bank (South Africa). Over the three years of this project, they have worked diligently in conducting market research, as well as developing and testing training modules. We owe a huge debt of thanks to Candace Nelson for her technical and editorial contributions. It is also timely to express our appreciation of members of our staff who have provided us with the support to get the work done. They include Tracy Gerstle, Diana Tasnadi, Danielle Hopkins and Liz McGuinness of Microfinance Opportunities, and Christopher Dunford, Rossana Ramirez, Ellen Vor der Bruegge, Marc Bavois, Joan Dickey, Julie Uejio, Bobbi Gray and Wava Haggard of Freedom from Hunger. Monique Cohen Jennefer Sebstad, Consultant Kathleen Stack Microfinance Opportunities Microfinance Opportunities Freedom from Hunger December 2005 ACKNOWLEDGEMENTS Introduction to Financial Education . . . . . . . . . . . . . . . . .i How to Use This Guide . . . . . . . . . . . . . . . . . . . . . . . . . . .v TRAINER’S GUIDE Learning Sessions at a Glance . . . . . . . . . . . . . . . . . . . . .1 Learning Sessions 1. Set Financial Goals . . . . . . . . . . . . . . . . . . . . . . . . . . .5 2. Examine Your Money Management . . . . . . . . . . . . . . . .9 3. Describe the Importance of a Budget . . . . . . . . . . . . .15 4. Make a Budget . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21 5. Make Spending Decisions . . . . . . . . . . . . . . . . . . . . .33 6. Stay Within Your Budget . . . . . . . . . . . . . . . . . . . . . .39 7. Track Daily Income and Expenses . . . . . . . . . . . . . . . .43 8. Track Monthly Income and Expenses . . . . . . . . . . . . .55 9. Use Cash-Flow Tracking to Make Decisions . . . . . . . . .65 10. Keep Records to Manage Your Money . . . . . . . . . . . .69 CONTENT NOTE Budgeting: Use Money Wisely Content Note . . . . . . . . . . . . . . . . . . . .1 Budgeting: Use Money Wisely TABLE OF CONTENTS WELCOME to Financial Education! With this trainer’s guide and the other four guides in the Financial Education for the Poor series, you can begin to promote basic financial literacy for those who want to learn how to manage their money. Before you start, however, let’s ask and answer two key questions: What is financial education? Why is it important? The answers to these two questions contain good news and bad news about poor people and their money. While the poor share the same goals as all people—economic security for themselves, their families, and future generations—their limited resources and options often lead to a sense of hopelessness and inertia. Careful management of what little money they do have is critical to meet day-to-day needs, cope with unexpected emergencies, and take advantage of opportunities when they come along. The bad news is that the poor too often lack the knowledge and experience they need to be these careful money managers. This is the purpose of financial education. It teaches people concepts of money and how to manage it wisely. It offers the opportunity to learn basic skills related to earning, spending, budgeting, saving, and borrowing. The good news is that when people do become more informed financial decision-makers, they can plan for and realize their goals. Moreover, once people have acquired financial literacy skills, those skills cannot be taken away. A uploads/Finance/ training-guide 3 .pdf