Introduction

Financial Education for Remittance Senders

Lessons

Here is the class outline:

1. Introduction

With this course, you can learn the basics of financial literacy for overseas workers, migrants, and Diaspora who want to learn how to manage their money.

2. Learning Sessions at a Glance

The Learning Sessions This module contains seven learning sessions. Each session takes between 30 minutes to one hour to complete. The “Learning Sessions at a Glance” provides an overview to these seven sessions, listing the title and purpose of each one. You should use your own judgment to decide which learning sessions you would like to give focus on. We suggest that you go through all the lessons and complete all the exercises and assignments to enable you to make the most of this course.

3. Participants Profile

Before we start with the lessons, kindly fill out the Participant's Profile. This will be used by the facilitators to customize assignments to make sure that the course will be useful to everyone.

4. Personal Reflection

The slides below will tell you the story of Belen. Read through the slides. When you see questions, pause for a while and try to answer the question by yourself. Click on the "answer" button to see the correct answer. Compare your answer to better understand the story.

5. SESSION 1: The Three Stages of the Migration Process

The slides below will tell you the story of Belen. Read through the slides. When you see questions, pause for a while and try to answer the question by yourself. Click on the "answer" button to see the correct answer. Compare your answer to better understand the story.

6. Reflection on the Story of Belen

The slides below will tell you the story of Belen. Read through the slides. When you see questions, pause for a while and try to answer the question by yourself. Click on the "answer" button to see the correct answer. Compare your answer to better understand the story.

7. SEDPI TV Guesting on ANC

The lesson shows a video of SEDPI's CEO TV Guesting on ANC's TV Show, "On the Money" aired on December 24, 2014.

8. The Three Stages of the Migration Process Quiz

Throughout Belen’s story, you have identified the different reasons that caused Belen to work abroad and why she send money to his family. Belen’s story is not very different from other migrants. The motivation of a migrant to earn money and send money home usually depends on the stage of the migration process that he/she is going through. There are typically 3 stages of the migration process. This may vary though according to the situation of your family.

9. Identification of Current Stage in Migration process

Throughout Belen’s story, you have identified the different reasons that caused Belen to work abroad and why she send money to his family. Belen’s story is not very different from other migrants. The motivation of a migrant to earn money and send money home usually depends on the stage of the migration process that he/she is going through. There are typically 3 stages of the migration process. This may vary though according to the situation of your family.

10. Activity on Importance of Personal Finance

In this section, you will assess your personal financial standing. Take the quiz to know your self better, financially...

11. SESSION 2: Importance of Personal Finance

This is a review of your personal financial management assessment

12. Effective Personal Financial Management Framework

This section will teach you the elements of an effective personal financial management framework.

13. Crafting Personal Balance sheet

This lesson will give you a preview of a personal balance sheet. The main output of the lesson is to craft your own personal balance sheet.

14. Assignment for Crafting Personal Balance sheet

This lesson will give you a preview of a personal balance sheet. The main output of the lesson is to craft your own personal balance sheet.

15. Analyzing Your Balance sheet

This lesson will teach you how to analyze your personal balance sheet. It will also teach you to identify which assets appreciate and depreciate over time.

16. Personal Balance Sheet: Reflection

This is an assignment that allows you to reflect on your personal financial situation.

17. SESSION 3: Setting Financial Goals

This session will guide you in charting your personal financial goals.

18. Financial Goals Planning Timeline

This lesson will teach you how to make a plan that shows your financial goals. The financial goals are specific, time bound and have monetary value.

19. Financial Goals Planning Workshop

This lesson will teach you how to make a plan that shows your financial goals. The financial goals are specific, time bound and have monetary value.

20. SESSION 4: Managing Expenditure

This lesson will help you differentiate needs from wants

21. Creating a budget

In previous sessions, you have identified where you are financially; where you want to be in the future – your financial dreams; and differentiating needs from wants. In this session, we are going to use another tool that will aid us to work to fulfill our financial plan. This will serve as a road map to maximize your hard-earned income

22. Money In, Money Out Workshop

In previous sessions, you have identified where you are financially; where you want to be in the future – your financial dreams; and differentiating needs from wants. In this session, we are going to use another tool that will aid us to work to fulfill our financial plan. This will serve as a road map to maximize your hard-earned income

23. Spending Money Wisely

The lesson provides examples how people waste money. The information should be used to improve on how to spend money wisely.

24. Managing Expenditure Workshop

25. SESSION 5: Investment Planning

The lesson introduces the importance of investment planning as a tool to achieve financial goals.

26. Understanding Interest Rates

This lesson provides information on the different kinds of interest rates and how these are computed. Interest rates are important to understand to know the rate of return of your investments.

27. Crafting a Savings Plan

The lesson introduces the use of an excel tool that calculates savings using compound interest rates. The tool should be used in conjunction with the financial goals worksheet to determine whether your savings plan is feasible.

28. Creating a Savings Plan Guide Questions

29. SESSION 6: Cost of Dependency

The lesson provides the dangers of depending on remittances too much. It also provides strategies on how to be independent of remittances.

30. Issues on Migrant Finances

This is a news feature of GMA News of SEDPI's research on the state of finances of OFWs.

31. SESSION 7: Financial Products for Remittance Senders and Receivers

This lesson provides information on how both remittance senders and receivers could access financial services and maximize remittances.

32. Review of Lessons Learned

Review what you have learned in Financial Literacy for Remittance Senders by answering the questions in the Final Exam.