PCU - MONEY: LETS TALK ABOUT MONEY

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Is there more to life than

GimmeDat?

MORE MONEY THAN SENSE?

Wisdom, not wealth, gets you through this life successfully. If you are a

wise person, you can manage your finances wisely as well.

‘’HOW MUCH BETTER TO GET WISDOM THAN GOLD;

TO CHOOSE INSIGHT RATHER THAN SILVER’’

PROVERBS 16:16

BECOME MONEYWISE WITH

PCU-MONEY Why do we need to be wise about money

today?

What does it mean to be wise about money today?

WHY MONEYWISE? •  Money is deeply emotional

–  Net worth vs. self worth

•  The world of financial products and services is complex –  There is always someone who will gladly relieve you

of your money •  Beware ‘False Economies’

–  Buy one get the second half price!!!? –  Understand the concept of ‘Value for Money’

Be smart!! Be Moneywise!!

What is Moneywise Add to your faith goodness; and to goodness,

knowledge; and to knowledge, self-control;

and to self-control, perseverance; and to perseverance, godliness;

and to godliness, mutual affection; and to mutual affection, love.

2 Peter 1:5-7

WHAT IS MONEYWISE? •  Being aware of your relationship with money and

your spending impulses. Building positive self worth;

•  Managing yourself and your impulses. Knowing the difference between what you need and what you want. Having a financial plan that you stick to. Delaying gratification;

•  Knowing that there is more to life than money. Putting health, family, relationships and emotional wellbeing above the pursuit of money;

WHAT IS MONEYWISE? •  Caring about your environment, the community

you live in and the people you share the planet with;

•  Giving and sharing your wealth and your time; •  Being ethical, trustworthy and acting with

integrity; •  Being accountable and taking responsibility; •  Building positive relationships and working with

others to build a better community.

WHAT IS MONEYWISE? The Moneywise person is: •  Independent •  Self confident •  In control •  Caring

• SPENDING • SAVING

• SHARING

SPENDING •  Where does your money come

from?

•  Where does it go?

•  Why does it go there?

•  What do you need?

•  What do you want?

•  What’s the difference?

THE SPENDING PLAN •  What is a budget?

•  Should you have a budget?

•  What is the key point about managing a budget?

SETTING A BUDGET Income Income Income

________________________________________ Spend Spend Spend ________________________________________

Excess No Excess Deficit

Good Habits

•  Make your savings part of your budget

•  Make your giving part of your budget

Think before you buy •  Ask yourself ‘The 5 Y’s’

•  Do your research

•  Take responsibility

‘’The wise man saves for the future, but the foolish man spends whatever he gets’’

Proverbs 21:20

THE VALUE OF SAVING

•  What is saving?

•  Why should you save?

•  Is it difficult to save?

The Three Modes of Saving

•  Short term: birthdays; Christmas; holidays; clothes

•  Long term: college/uni; car; deposit on a house/flat

•  Always and Forever: pension; retirement plans; family

•  How much should you save?

•  Where should you save?

•  What is interest?

UNDERSTANDING INTEREST •  What is interest?

•  When is interest a good thing?

•  When is it not such a good thing?

INTEREST IS: •  The percentage sum derived from the

principle sum that is added to your borrowing or/and your savings •  It is the cost of borrowing

•  It is the incentive for saving •  Frequently expressed as APR: or Annual

Percentage Rate

Calculating Interest

Demonstration

You borrow £155 at an interest rate of 8.2% APR. How much can you expect to pay for the cost of borrowing £155

over a year?

The Savings Plan:

key to financial freedom •  What do you want?

•  When do you want it?

•  What will it cost?

•  What is the plan for timely saving ?

SHARING

•  What is sharing?

•  Why should you share?

•  How can you share?

SHARING IS: • Giving

• Philanthropy • Paying Taxes

•  Tithing • Volunteering • Gifts ‘in kind’

•  Deuteronomy 16:17 Every man shall give as he is able, according to the blessing of the LORD your God which he has given you.

•  Acts 20:35 I have showed you all things, how

that so laboring you ought to support the weak, and to remember the words of the Lord Jesus, how he said, It is more blessed to give than to receive.

•  John 3:16 For God so loved the world, that he

gave his only begotten Son, that whoever believes in him should not perish, but have everlasting life.

INCOME:

•  The money you get, from work or gifts or benefits

SAVINGS:

•  The money you set aside to reach a goal

SAVINGS ACCOUNT: •  Money you keep in a financial institution

INTEREST/DIVIDEND:

•  The amount the financial institution pays you for the use of your money so that they can make loans. Also the amount the financial

institution charges you for borrowing

PREPARE FOR YOUR FUTURE

Pay what you owe on time – Reputation

– Responsibility

Beware Financial Exclusion!!??????

Role Play

Prepare for your future

•  What is your credit report ?

•  Why is it important?

Prepare for your future •  Take care of your credit report

– Your payment history – The amount of credit you have – Affordability: can you afford the borrowing? – Who you have borrowed from in the past – Status and stability

But you are more than your credit report!!!

Be Moneywise

Money is a means to achieving a goal, but is not

the end goal itself

PCU - MONEY: LETS TALK ABOUT MONEY

Self Improvement

Transcript of PCU - MONEY: LETS TALK ABOUT MONEY