Life Skills Development/Unit Four/Financial Life Skills
One needs to understand that the ability to manage finances is extremely critical to your own self in order to live comfortably. Therefore this Unit assist you to examine your needs and wants and try to avoid being extravagant, avoid the purchasing of material items that will not be essential in the long term. In this you will learn about the value of your money and that poor management of it can have negative results e.g. on your personal budget. Once these are achieved, you will be able to reap the rewards of earning to treat yourself or others with gifts.
You will also recognise the need for budgeting and saving and the long-term impact it will have on your financial lives. Moreover, the need to recognise that in addition to saving, investing is also a useful tool in approaching some level of financial security will be emphasised.
Whether you work for yourself or someone else you are still in business for yourself. The qualities of entrepreneurship include taking the initiative and calculated risks to meet your goals serves everyone well. You will also benefit from knowing the basics of preparing to write a business plan, obtaining information about lending institutions and criteria for lending.
To develop basic personal money management skills, to develop an awareness on how money should and should not be spent whilst developing the concepts and practice of smart saving and wise investing thus learning the necessity of planning ahead for the future. Moreover, you will gain an understanding and identify the entrepreneurial potential to build and develop a successful business.