Have you ever thought that personal financial management is only for the rich or those who are married? If you're still thinking this way, change it right away. In developed countries, primary school students have learned how to effectively manage personal finances. Therefore, why not try to learn what function personal financial management performs in life as new-age students?
Class K22401 arranged a special meeting with the goal of motivating students to increase their financial self-responsibility when they are away from their families and must handle their own money. The seminar "Effective Personal Financial Management" was held in Room A.410 on December 16. The seminar was conducted by Dr. Nguyen Thi Dong and MA. Tran Thi Loc.
The seminar is designed into parts: forming groups, earning money by solving crossword puzzles, choosing big goals and implementing decision-making behaviors.
Through the game “Catch the Word”, groups can make their own money by solving puzzles. The terminology of the game centers on the subject of personal finances. Teams excel at finding the solution that will generate a sizable profit for the group. Teams will set goals based on their financial capabilities using the money they earn. The objectives of this game are to purchase low-rank, midrange and luxury computers.
Personal financial lessons are applied to circumstances from everyday life. For each situation, the team members will decide on a course of action, such as exercising decision-making behavior. According to each choice, the group will receive one of the following outcomes: a monetary gain, a monetary loss, and a crying or happy face.
When the situations end, it is also time for the teams to calculate temporarily the amount of money earned and compare it with the original goal. If a group has enough money to achieve the goal, that group will receive a number of smiley faces corresponding to the selected goal. Out of 5 teams, only 1 team achieved the set goal. Maybe this is the first time students have to make specific plans for their goals, so most of the groups set goals that are quite high compared to the group's initial ability.
After the game concludes, the teams sum up the number of smileys and crying faces. In this game, these smileys and crying faces symbolize positive or negative emotions, serving as a measure of the group's life quality following each purchase decision. A smiley face indicates happiness, joy, or excitement, indicating that the benefits outweigh the expenses incurred. On the other hand, a crying face is the symbol of sadness, disappointment, or regret associated with spending money on a particular activity. Finally, each smiley and crying face is assigned a monetary value to determine the victorious team.
Personal financial management is not a new activity, but it seems still unfamiliar to students. For each student, the images of running out of money for food or accommodation at the end of each month are very familiar to many. It is the consequence of uncontrolled spending and lacking financial management skills. The seminar brought situations close to reality, helping students understand the value of effective financial management. The atmosphere of the seminar was exciting and enthusiastic. The excitement and enthusiasm of the students from K22401 contributed greatly to the success of the seminar.
Some images of the seminar
