Friday, August 3, 2018

42. Finances for the Newlyweds


Class activities (Family Management, Paper II – Newlyweds)

The following is an account of the day at the Family Management course at NILS. The class starts at 6:30 pm and ends at 8:30 pm.

6:30 pm:
The topic for today is financial management of a new household. Each student is given a blank table with two columns. They are asked to think and jot down different types of expenditures with estimated monthly amounts. Eg. Mobile phone – Rs. 400/-.

7:00 pm:
The teacher distributes handouts with descriptions of a newlywed nuclear family. Details like shopping habits, transportation methods and job profiles are given. The total income of the family is also given. The students are now asked to work in groups and elucidate a financial plan for the family. The plan is supposed to cover regular expenses, sporadic expenses and savings.

7:30 pm:
The results of all different groups are discussed in the class and a final plan is made which included inputs from all groups and the teacher.

8:00 pm:
The students look at the final plan and note down if they would like to adopt a similar approach in their lives. Finally they discuss their notes and explain their reasons for accepting or rejecting the plan.

8:30 pm:
The teacher gives a home assignment where the students are supposed to talk to their parents or people from their parental generations about the types of financial planning they have in place.


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