In charge of my money: Wesley Mission’s financial literacy education program
The In charge of my money program will be used by Wesley Mission to assist communities, groups and individuals who are finding it difficult to manage their money and to be better able to make informed decisions about their spending and borrowing.
When Wesley Mission’s own research shows that a third of people in NSW don’t know how to manage their basic daily finances, and that financial stress is on the rise, it underlines the urgent need for an initiative like this.
In charge of my money, which is generously supported by St.George Bank, covers a range of topics, including:
- identifying income and expenses
- differentiating between needs and wants
- setting up a budget
- understanding the costs related to credit card use and other forms of borrowing
- how to save
The program is particularly suited to group presentations and has already been adopted by the Western Sydney Domestic Violence Support Service for roll-out to its members. The program complements Wesley Mission’s existing one-on-one financial counselling service which predominantly helps people who are already experiencing financial difficulties.
In charge of my money is presented in three modules:
Module 1
Know it: Your income and expenses
This section examines the sources of your income and expenses, what you spend your money on and how you pay for things.
Part 1: Know your income and expenses
Part 2: Know where your money goes
Part 3: Know how you pay for things
Module 2
Do it: Managing your money
This section examines how to manage your money by identifying your goals, saving, planning and preparing a budget.
Part 1: Know what you want – goal setting
Part 2: Pay yourself first – savings
Part 3: Planning and budgeting -manage your money
Module 3
Review it: Managing your debt
This section explores how you manage your debt through examining your loans and the cost of borrowing. It provides an opportunity to review expenses and manage debt through budgeting.
Part 1: Getting into and out of debt
Part 2: Know the real cost of borrowing
Part 3: Monitor and manage your debt
Part 4: Where to go for help
Delivery
Each module can be delivered in three hours – each part is approximately one hour.
For more information, please contact the Financial Literacy Coordinator on (02) 9263 5528 or email financialliteracy@wesleymission.org.au
