The financial literacy workshop Avocado Vision

THALENTE DLAMINI

Avocado Vision in association with ABSA hosted a financial literacy workshop at Rosebank College braamfontein campus on the 20th of October. The event was fun packed as well as educational, it was hosted to provide exclusive Financial Skills Training for all students. The program is designed to empower students with the essential skills to manage their finances effectively.

Mrs komotsho who was the speaker for the day touched on the importance budgeting and setting financial goals for oneself . She further elaborated the way in which students can be in control of their money by always checking what you buy and where you buy it. Mrs komotsho highlights how much of help it will be to your own benefit to compare interest rates when thinking of buying using credit or contracts. She engaged with her audience, giving them scenarios and asking what they would do in such situations, the students were very much interested in this part of the event.

The speaker furthermore elaborated on the short term goals and long-term goals for the students .*Short-Term Goals (College Years)*she said to create a budget: Track income and expenses to manage finances effectively.Prioritize needs over wants: Distinguish between essential expenses (tuition, textbooks, food) and discretionary spending (entertainment, travel). Explore financial aid: Research scholarships, grants, and federal student loans.Build credit wisely: Consider a secured credit card or student credit card with responsible usage.Save for emergencies: Allocate 10-20% of income for unexpected expenses. For the *Long-Term Goals (Post-Graduation)*you simply have to develop a savings plan: Set aside 20-50% of income for future goals (e.g., graduate school, career development). Invest in retirement accounts: Utilize Roth IRA or employer-matched 401(k) plans.Pay off high-interest debt: Focus on eliminating high-interest loans and credit card balances. Build an emergency fund: Aim for 3-6 months’ worth of living expenses. Network and build skills: Invest in personal development to enhance career prospects.

“I learned to be a financial advisor “ joked Sbusiso Nxabi who was present at the even and said to very much appreciate the information offloaded to him. This event granted students with the opportunity to self evaluate their financial choices going forward. “ the business talks were my favorite “ said Percy Cele highlighting on the very important topic of small business money management the speaker spoke in depth of . The speaker encouraged those who have or still yet to start up their businesses to consult with a financial advisor to ensure a healthy financial business. The speaker also touched on the topics of investment and the benefits of it, how to check on the interest rates and if there are any good for you.