Making Sense Of Your Personal Finances
- Internet access
- computer or smartphone
- basic knowledge of spreadsheets
- a money sensible mindset
This is a short course on basic money management which is conducted by the Institute for Financial Literacy, Singapore. We provide free and unbiased financial education programmes to companies and organisations.
Description of Module:
Learn to set S.M.A.R.T. financial goals and work out how much you need for your goals. Develop a budget by tracking your spending and savings on a regular basis. Learn how to cut down on expenses and reduce debt.
Financial planning includes: Managing your income to meet your current as well as future needs, such as your retirement or your children’s education; Managing exposure to unforeseen events like pre-mature death, illness or disability; Managing savings and investments to meet your financial goals.
Setting up a budget is a good way to start taking control of your financial situation because it helps you to: Live with your financial means, and meet expenses; Track spending, in order to meet both your long-term and short-term goals; Control your money, so that it does not end up controlling you.
The concept of money comes with a lot of associated feelings. Too little money can make you miserable. Too much money can also make you miserable. Managing money means knowing how to: Make and earn money; Hang on to it once you have it; Spend it; Invest it; Enjoy it in our golden years.
In this module, we will cover essential money management skills such as setting financial goals, preparing a budget, Paying Yourself First (Saving a portion of your income the moment you receive it), assessing your expenses, stretching your dollar and debt management. We will also cover important topics such as the Power of Compounding Interest and Consumer Debt. Take this module as a step towards financial wellness.
Browse through the text content in the lectures and download the supplementary materials for additional learning. This course will take your about an hour to complete.
- Working adults
- Basically anyone who handles money
- Introduction to Making Sense Of Your Money01:01
- MoneySENSE Core Financial Capabilities Framework01:34
- The Four Pillars of Financial Education01:41
- Are Your Financial Goals S.M.A.R.T. ?03:18
- Why Set Financial Goals?00:34
- How To Set Financial Goals?00:30
- Is Interest Your Friend Or Your Foe?03:30
- Excel Demo - Interest Rates02:35
- Where Did Your Money Go?02:27
- Tracking Your Spending01:05
- Bob Learns How To Pay Himself First01:26
- Pay Yourself First01:28
- Developing A Good Spending Plan02:21
- Budgeting Made Easy03:19
- Preparing A Family Budget01:08
- Guidelines To Effective Budgeting02:09
- How Do You Stretch Your Dollar?05:34
- Debt Management02:04
- The Real Cost of Instalment Plans02:09
- How To Avoid Debt00:56
- Understanding Consumer Debt02:02
- Case Study 1 - How Credit Card Interest Is Computed05:31
- Consumer Debt01:37
- Prudent Penny00:56
- Hipster vs Hawker05:28
- Summary and Conclusion (The Power Of Habit)01:39
- Budgeting and Saving Habit01:04
- Podcast - Wanting Less Is Not An Option32:50
- Making Sense Of Your Money Quiz6 questions
- Additional Resources01:40
BA (Hons) Business and Finance
Ferris Wee is a qualified Financial Planner, and through his previous workplace, a global financial services company, he has helped more than one hundred clients with his clear process in reviewing their financial needs. Specifically, he has helped clients to identify their goals and ensure that they make the right choices to meet those goals today, tomorrow and in the years to come.
Ferris is passionate about leading people beyond financial breakthroughs, and has conducted financial literacy training in Singapore and Indonesia, as well as sports camp training for youths in India. Ferris is also an experienced financial counselor, helping many people manage their budget to meet their financial responsibilities.
Ferris is a Certified Will Writer, and has provided Professional Will writing, estate planning and custody services. He is also an Associate Estate Planning Practitioner.
Prior to his career in financial planning, Ferris was with the Republic of Singapore Air Force working on budgeting, logistics, maintenance and overseeing safety issues. For his strong leadership qualities, Ferris received the Outstanding Safety Warrior Award.
Ferris has a BA (2nd Class Upper Honours) specializing in Business and Finance. He also holds industry certifications in M5, M8, M8A, M9, M9A, HI, BCP and PGI.
Peggy Chan, Financial Literacy Trainer, Institute for Financial Literacy
Peggy has 8 years of experience in the financial services industry, helping clients understand their financial needs, objectives and risk tolerance as well as reviewing company policies and procedures to ensure compliance. She was also an adjunct lecturer with a Polytechnic, teaching insurance and retirement planning subjects.
Prior to joining the financial services sector, Peggy was working in the information technology sector for 13 years, first in a government agency and subsequently served as a Senior Systems Analyst in an international bank.
She is a Certified Financial Planner, which is a professional certification specific to retirement planning and wealth accumulation in addition to overall financial planning.
Peggy has a Masters of Science, majoring in Network Management. She also holds other industry certification in M5, M8, M8A, M9 and HI.
The MoneySENSE-Singapore Polytechnic Institute for Financial Literacy is a collaboration between MoneySENSE, the national financial education programme in Singapore and Singapore Polytechnic.
MoneySENSE is spearheaded by the public-sector Financial Education Steering Committee which comprises representatives from the Ministry of Health, Ministry of Social and Family Development, Ministry of Education, Ministry of Manpower, Central Provident Fund Board, Monetary Authority of Singapore, National Library Board and People’s Association.
Our financial education courses cover basic money management, financial planning and investment know-how.