Everybody learns to manage money but not everybody manages it well. Some live hand to mouth focused only on making ends meet on a day-to-day basis. Others look ahead trying to prepare for unforeseen events or irregular demands such as school fees by setting some income aside as savings. Entrepreneurs have to ensure they can purchase inputs and meet other business expenses from their incomes in addition to meeting family demands. So learning to manage money well is an important skill and that was the ultimate goal of a workshop which was held today at the LICU conference room. The topic was finance Management and according to Micro-Finance Field Officer for the LICU, Giovanni Argalles, they are not re-inventing the wheel rather they are giving support to those micro-entrepreneurs, small business owners and workers that participated.
Giovanni Argalles – Micro-finance field officer, LICU
“Our dreams which translates into our goals, but a lot of times we don’t assume our dreams and our goals to be fully financial but when you really think about them they really are if you want to spent time with your family you need money to buy your foods, your snacks whatever it is, you have your kids and you want them to grow strong and healthy you need medication if they get sick and you need the right foods in order for them to grow strong and healthy as well so it is an intricate part of our everyday lives for us to be able to manage our monies so that we can get more of the little bit that we have. Our goal in delivering this type of training is not necessarily to go and reinvent the wheel it is basically for us to give that support a lot of times we know what to do and how to do it we might not have the concepts formalized in our heads right so we just go ahead and reinforce those concepts and those tools that may help someone to make the best out of the little money that they have.”
Margarito Leiva, a participant, says the workshop was beneficial since it involves changing behaviour, shifting from reactive to proactive decision-making and learning ways to plan, analyse and control household and business finances.
Margarito Leiva - Participant
“It is instrumental very instrumental especially for people who are probably wanting to make a loan they are giving them the appropriate tools to be able to evaluate whether you are a recipient of a loan.”
Maria Novelo – Reporter
“Are you seeing challenges or keys that you need to improving on when it comes to financial management?”
Margarito Leiva - Participant
“Of course, for instance a person needs to understand their wants and needs once you be able to do that you can actually rationalize your money, your intake and also be capable of making your loan, it is very new these practices and I guess a lot people need to get into.”
The workshop was carried out with the collaboration of LICU, the Cooperatives Department and Human Development.
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