On 28th September 2024, the Urban Community Development Centre organized a financial literacy session aimed at equipping individuals with essential skills for managing their finances effectively. The event, attended by 53 participants, began on a reflective note with a prayer led by Fr. Cosmos, setting the tone for a day of learning and introspection.
The session was facilitated by Fr. Donald D’Souza SVD, an experienced resource person known for his engaging and practical approach to financial education. After a warm introduction by Fr. Cosmos, Fr. Donald took the floor, using a blend of interactive games and group activities to communicate key financial principles.
The Power of Teamwork and Decision-Making
To kick off the session, Fr. Donald introduced a simple icebreaker game, which carried a powerful message about the importance of teamwork and sound decision-making.
Group Activities: Learning by Doing
The core of the session was built around two interactive group activities that helped participants not only understand but apply financial literacy concepts in real-life scenarios.
1. Distinguishing Between Needs and Wishes
Participants were divided into five groups and given a list of items to categorize as either needs or wishes. This exercise demonstrated the critical importance of understanding the difference between essential expenses and discretionary spending. By prioritizing needs over wants, participants were able to see how better financial choices can improve their ability to save and manage money.
2. Financial Planning with Limited Resources
In the second exercise, each group was given a hypothetical sum of Ten Thousand and asked to create a financial plan for one month. This activity allowed participants to experience first-hand the challenges of budgeting and allocating resources across various expenses, including housing, food, transportation, entertainment, and, importantly, savings.
The Key Lesson: Save First, Not Last
One of the most impactful parts of the session was Fr. Donald’s message about the value of saving. He emphasized a crucial shift in thinking about saving money: saving is not about putting aside what’s left at the end of the month; rather, it’s about setting aside a portion of your income on the very day you receive it. By framing savings as a non-negotiable part of financial planning, the facilitator encouraged participants to view it as a key to long-term financial security and independence.
Encouraging Financial Discipline: A Practical Action Plan
As the session drew to a close, Fr. Donald urged participants to implement the concepts they had learned by creating their own income and expenditure charts. This tool would help them track their spending habits and identify areas where they could save more effectively. Additionally, he advised everyone to commit to saving a percentage of their income each month, reinforcing the idea that consistent, disciplined saving leads to financial stability.
Engagement Through Q&A
The session concluded with a dynamic question-and-answer segment, where participants had the opportunity to clarify doubts and gain further insights into effective money management.
Conclusion: A Step Towards Financial Empowerment
The financial literacy session, facilitated by Fr. Donald, was not just an educational event but a transformative experience for the participants. By engaging in interactive activities and discussions, attendees walked away with practical tools and a clearer understanding of how to manage their finances wisely.
The Urban Community Development Centre’s initiative to organize this session reflects its commitment to fostering financial independence within the community, equipping individuals with the skills needed to make informed financial decisions in today’s challenging economic environment. At the end of the session on behalf of participants Ms. Jagrani thanked Fr. Donald the resource person of the day.
