This weekend, Enfants du Mekong Year 1 students who have just arrived in Phnom Penh are attending a 4-hour workshop on money and opening their first bank accounts. The first group attended the workshop this morning. The purpose of this very first workshop is to equip students with the basics of money management by going through the main five topics (income, expenses, saving, budgeting and debt). Students receive some money every week to pay for their food and a monthly allowance for other expenses. The tools seen during the workshop aim at helping them manage their allowance. By combining training and practise, EdM and a+b=3 hope students can maximise their chances of managing their money.
sorting out the steps to get a job: from choosing what to study to signing a job contract (and understanding the importance of an employment contract).
finding job ideas and analysing the different types of income
spending their “income”… analysing needs and wants and learning the benefits of keeping track
calculating available income then their own budget.
Students also learned about the envelope method and the importance of bank accounts to save; they reviewed compound interest.
In the afternoon, year 1 students opened their first bank account ($1 deposit!).