Page 7 - English Book.cdr
P. 7
KEY MESSAGES / TIPS
Making my Life Plan
Making and following a Life Plan helps you to succeed in life
Following values are important for your personal success
Values of being honest, on me and responsible/ respec ul with your ac ons and words are
important for success.
When nego a ng, try always to find a win - win situa on.
Se ng Financial Goals & Budge ng
Write down your future income and expense plan and commit to follow it.
Stay away from unnecessary and unplanned spending every day.
Budge ng your income and expenses will help you to grow your savings.
Making a Saving Plan
Write down your savings goals & congratulate yourself when you meet a goal.
Save a li le every day. Even one coin saved with discipline can make a difference over me!
Reduce just one part of an unnecessary expense each week and put that money away – it is
another way to build your savings!
Before you spend, ask yourself: Is this a need or a want? That is, is it necessary for me to live? Is
it a priority I set and wrote down with my family? If not - think again!
Consump on creates debt and reduce your money. Investment creates or increase your
money!
Credit/ Borrowing
A loan is an obliga on to be repaid that comes with fees and interest.
Never take a loan you cannot afford to repay.
If you face a debt problem, inform your financial ins tu on as soon as possible.
If you use more than 30% (30 out of each 100 you make) of your income for repaying loans you
could face debt problems.
Good debt or Business debt put money into your pocket. Bad debt or Consump on debt take
money out from your pocket .Avoid taking a loan that doesn´t help your money to grow.
Inves ng
Invest wisely in ac vi es that grow your money.
Protect your savings against rising prices by inves ng your money in profitable business.
Before inves ng your money invest me and analyze well the pros (opportuni es) & cons
(risks), incomes, costs and expected earnings of the business.
2 www.cyflp.com.pk Child & Youth Financial Literacy Program
