Resource person along with the participants during the workshop on financial literacy held at KGBA in Chümoukedima on April 25. (Photo Courtesy: Livisho P Aye)
Morung Express News
Kiyeto | April 25
A financial literacy workshop organised by the Youth Ministry of Kiyeto Ghami Baptist Akukuhou (KGBA) on April 25 underscored the importance of disciplined money management and informed financial planning for long-term security.
The session, themed “Knowledge Today, Security Tomorrow,” was conducted by Atoholi Chishi, Faculty of Management at North East Christian University (NECU), who highlighted the need for financial awareness among young people.
The workshop covered key areas including introduction to financial literacy, money mindset and income, budgeting and expense tracking, savings and emergency funds, and basics of investment.
Speaking on the need for financial literacy, Chishi said earning money alone is not sufficient and must be complemented with proper planning and disciplined spending. She stressed that many individuals fail financially not due to lack of income but because of poor financial habits and limited knowledge.
She pointed out that a typical middle-class mindset, despite being moderately or highly educated and hardworking, often focuses on securing good grades and jobs, assuming financial stability will follow. However, she noted that such an approach frequently results in individuals remaining financially strained by the end of each month.
Explaining common reasons for financial instability, Chishi cited overspending, negative beliefs about money, lack of prioritisation in managing finances, persistent debt cycles, and inadequate financial knowledge.
To overcome these challenges, she emphasised the need to develop a positive money mindset, recognise that income alone is not enough, and practise financial discipline consistently.
Defining financial literacy, he said it involves the ability to manage, save, grow, and protect money. She outlined its core components as budgeting, saving, investing, debt management, and risk management.
Highlighting the importance of personal finance awareness, Chishi encouraged participants to regularly assess where their money is going, where it should go, and whether their spending aligns with their financial goals.
On budgeting, she described it as the process of planning income and expenses, tracking daily spending, and avoiding overspending. Proper budgeting, she said, helps identify unnecessary costs, enables smarter financial decisions, and keeps individuals on track towards financial independence.
He also introduced the widely used 50-30-20 rule of budgeting, recommending that 50 per cent of income be allocated to needs such as food and bills, 30 per cent to wants including personal expenses, and 20 per cent to savings.
Illustrating with an example of a monthly income of Rs 15,000, he explained that Rs 7,500 should go towards needs, Rs 4,500 towards wants, and Rs 3,000 towards savings.
Emphasising the importance of financial preparedness, Chishi advised creating an emergency fund covering three to six months of expenses. She suggested automating savings through instruments such as recurring deposits (RD), fixed deposits (FD), Employees’ Provident Fund (EPF), and National Pension System (NPS), while starting with small but consistent contributions.
Concluding the session, she stated that budgeting reflects discipline rather than stinginess and encouraged participants to align spending with their income levels. She added that gradual saving and investment can eventually provide greater financial freedom and improved decision-making ability.
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