Unit 1: Budgeting

This is the first unit of the Be Money Wise module, where we will look at some of the most popular principles that one needs to be aware of when it comes to drafting up a budget. We will begin by highlighting what a budget is, and this will then be followed by a discussion of the principles that need to be known to formulate a realistic budget. For this unit, it is crucial that you introspect and reflect on your finances and the role a budget has played in your current financial life. Get ready for practical applications and acquire the skill to draft a budget and keep to it where it can positively impact your financial situation for the years to come.

Unit 2: Wealth Creation

The purpose of this unit is to help you understand the basic strategies of wealth creation. It will provide a discussion on the difference between savings and investments, providing you with an understanding of when each will be suitable for your life. It will also illustrate the importance of retirement planning and how crucial it is to start at a young age. As much as you need to learn how to build wealth, you will also be introduced to concepts that discuss how you can protect the wealth that is built. A manner to protect your wealth is to take up insurance applicable to you.

Unit 3: Basic Economics

In this unit we will discover how economic factors have an impact on our personal financial planning. This will be done by discussing the basic principles of economics. The unit will first explain the difference between macroeconomics and microeconomics, which will then be followed by an explanation of the principles uncovered in the two areas of economics.

Unit 4: Money Management

This unit is about money management strategies. The purpose of this unit is to help you understand how to deal with debt. The unit will assist you with strategies for reducing debt and also equip you with information about good and bad debt. The importance of using a professional financial advisor will be highlighted by distinguishing the difference between a professional financial advisor and a money management mentor. In this unit, we will start with debt and credit management. The unit will first give the definitions of both and then highlight ways that can be used to pay off debt quickly. Then, the next section will state the importance of using a professional financial advisor by explaining the difference between a money management mentor and a financial advisor.