Our Work

    Financial Education    

The Financial Education that Siyakhula Sonke offers was developed by SaveAct and covers seven (7) modules (Financial Education Curriculum, 2014).  While it is mandatory that Module 1 be offered during the first 3 days of the training of each Savings and Credit Group, the rest of the modules can be offered at any stage of the first 18 months of a Savings and Credit Group, based on the specific needs and circumstances of the members of each group.

Module 1 - Introduction
Module 2 - Budgeting
Module 3 - Lifetime planning
Module 4 - Managing Debt
Module 5 - Daily and monthly cash flow
Module 6 - Keep your money safe
Module 7 - Exploring ways to increase your income

 

Module 1 - Introduction

This is an introductory module and covers the following:

  • Financial needs or constraints
  • Different options that are available to people to meet their financial needs such as saving, borrowing or starting an income generating activity
  • The implications of each of the above options
  • Joining or starting a Savings and Credit Group
  • Ways to ensure that one has enough money to invest in a Savings and Credit Group such as increasing one’s income, reducing one’s expenses and being disciplined
  • Safe keeping of money
  • Keeping money in a bank account

 

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Module 2 - Budgeting

This module aims to enable members of Savings and Credit Groups to:

  • Set goals and make a money plan
  • Know the difference between needs and wants
  • List money that they receive and the money that they use
  • Know what a budget is
  • Know what a budget is important

 

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Module 3 - Lifetime planning

This module aims to enable members of Savings and Credit Groups to:

  • Set long-term plans<
  • Identify solutions to achieving long-term goals
  • Identify unexpected events that can divert them from their lifelong goals
  • Identify options to mitigate unforeseen events and consequences.

 

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Module 4 - Managing Debt

This module aims to enable members of Savings and Credit Groups to:

  • Identify why they borrow money
  • Identity the difference between good and bad debt
  • Identify how to manage debt
  • Identify if they can afford to borrow money.

 

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Module 5 - Daily and monthly cash flow

This module aims to enable members of Savings and Credit Groups to:<

  • Identify the principal reasons for managing their cash flow
  • Identify what they have to manage in their cash flow and keep track of
  • Practise how to manage their cash flow

 

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Module 6 - Keep your money safe

This module aims to enable members of Savings and Credit Groups to:

  • Display trust in banks and understand their role
  • Understand the advantages of group bank accounts
  • Understand and assess the risks involved in opening a bank account
  • Explain how a group bank account works and highlight the different aspects that are important
  • Identify the most adequate and affordable group account option for their own groups.

 

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Module 7 - Exploring ways to increase your income

This module aims to enable members of Savings and Credit Groups to:

  • Be inspired to start new income generating activities
  • Know that starting an income generating activity is a way of sustainably increasing their income<
  • Understand some of the challenges and solutions to overcome these challenges when running an income generating activity
  • Identify some good behaviours when running an income generating activity
  • Reflect on the implications of starting an income generating activity with respect to the community, family, etc

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