About

AMFA believes that grater financial knowledge can empower people to better manage their money and improve their quality of life. Financial Education trainings are intended to familiarize low-income people with practical aspects of financial education and to persuade the training participants of the necessity of household financial planning and regular saving. The overall goal of this training is to equip participants with necessary skills, knowledge and attitude to manage personal finance and use of financial services wisely and efficiently.

Main messages and learning from the trainings on Financial Education:

  • Each family should diagnose cash flows, including incomes, expenditures and savings, on annual and monthly basis;
  • Seasonality analysis should be done because it helps to determine cash-flow and diagnose the current and possible situations;
  • Conduct analysis of life-cycle is a step to define financial goals;
  • Families should set up their financial goals with specific formulation of the objectives, timing, budget and discussion of priorities;
  • Planning has numerous benefits and it is the person’s willingness that matters most for implementation. Every family should be able to plan wisely;
  • Everybody can save, including people with very low-incomes;
  • Saving includes both cutting on expenses and finding new incomes (money thieves). It is not only economizing;
  • Saving is not just about having money, it is more about discipline and clear goals;
  • Cut expenses on some of the articles for the sake of reaching other (more priority) goals;
  • With small emergencies we can help ourselves on our own; with big emergencies we need other tools (e.g. insurance);
  • Create emergency management fund which will help to reach financial goals, otherwise the emergency expenses “eat” what we save for financial goals;
  • Managing emergencies is a priority;
  • One needs to analyze services and understand them in order to choose the best, which of them are suiting the family financial goals;
  • Financial institutions have services to fit with low-income families’ financial goals;
  • Use of saving tools starts with setting family financial goals. It is the goals that define which saving service can be used;
  • Credit can be useful tool for achieving financial goals, as well as dangerous if is not wise;
  • Analyze your capacities before deciding to borrow;
  • Variety of formal credit services is available on the market, but one should carefully analyze their conditions, as well as potential traps;
  • Plans should be realistic and flexible;
  • Goals can be adapted in terms of timing, budget, and priorities;
  • Plans should be revised periodically;
  • Families should value one goal’s higher priority over another goal’s earlier term.

This section of the webpage has been produced with the financial support of the European Union.
The contents of this section are the sole responsibility of AMFA and can under no circumstances be regarded as reflecting the position of the European Union.