Botswana: The Ministry of Youth, Gender, Sport and Culture (MYSC) held a session to discuss financial literacy for the members of their team. The Ministry acknowledged that having access to financial literacy is a key element which shapes one’s future.
The Ministry invited their employees to participate in the event. They believe that the project will help several people gain the insights they need to make sound financial decisions.
The Director of Arts and Culture Dean Molebatsi highlighted that creating a budget is the foundation of financial management. He said it involves tracking income and expenses to ensure you live within your means.
Molebatsi advised that people should start by categorizing spending-such as essentials, savings, and discretionary expenses. This way one will be able to identify areas for improvement and avoid overspending.
Later, Director Molebatsi explained that establishing savings fund is also a vital part of the financial literacy. He added, “Youth are easily trapped in debts because of the glamorous lifestyle they see on social media. However, as a focused individual, constantly introspect and be curious to know what is the next big thing when one looks into the future.”
He said if financial responsibility is thought about carefully, it will cushion the financial emergencies. It will also provide peace of mind and protect against unexpected financial challenges.
The MYSC also discussed credit management during their session was also discussed as it is critical. Molebatsi warned that the youth must restrict themselves from buying things out of pressure like cars, an asset that loses value quickly.
He advised that good management of credits open doors to better financial opportunities.
Permanent Secretary in the Ministry Bridget Poppy John outlined that, we need to have our own role map as individuals. This planning, he believes will let them take control of our own lives.
She threw in that, managing money will help to create a legacy, it could either be assets that you can look back to and show with fulfillment. John encouraged the staff to have a sense of gratitude as a grateful mind attracts good and positive things.