Ginette (standing) explaining the importance of having a savings goal.
KUCHING: The younger generation should save their income before spending, instead of just saving what’s left of it.
This was the main message at the 7th Empowerment Series (ES) session on Financial Management held at Sarawak Tourism Complex (Old Courthouse) yesterday.
“They would usually take their income, deduct the fixed expenses and spend, then save what’s left. We want the younger generation to practise saving their income first, so they have stable savings each month to reach their savings goal,” said session speaker Ginette Collin.
She said this is a common mistake that resulted in them not achieving their savings goal.
Organised by The Champions, Yayasan Perpaduan Sarawak (YPS) and Sarawak Development Institute (SDI), the session was attended by young adults aged 18-30 years old.
It focused on cash flow/managing money, tracking expenses and deciding on a savings goal.
Ginette, who is also Purple Lily founder said having a savings goal will ensure they work towards achieving it, instead of having savings as an after-thought.
She asked participants about their saving goals, and among the answers received were for a vacation, planning for a wedding, shopping and a RM600 monthly saving target.
The session was interactive and the participants were divided into groups of five to discuss among themselves. Their answers were shared with other groups.
The session was a special project as Purple Lily normally caters only to women.
Purple Lily is a local organisation committed to ‘inspiring and empowering women to thrive and shine’ through various training programmes.
Yesterday’s session was the first of five planned for this year.
The next, to be held in May, will be on waste management and lack of recycling – what happens to garbage after they are thrown into bins.
The aim of the Empowerment Series is to create a platform for sharing knowledge and provide information on current issues and interests through interactive discussions with experts/specialists in fields such as financial management, unity and social harmony, waste culture, morals and integrity, community bonding through individual passions and others.
Further information about YPS, SDI and The Champions are available on www.yps.org.my, www.sdi.com.my and www.facebook.com/thechampionskch.