Many people especially working class are in serious debts today and some have even lost their properties such as houses to debtors due to a simple reason,failing to spend within their means.
To ‘spend within your means’ means that what you spend each month is less than or at least equal to the amount of money you bring in each month.
For many people, it’s a lot easier said than done. Credit cards, loans, savings, and even emergency funds allow you to buy more things than your income would ordinarily allow.
Noting this challenge, Old Mutual Malawi, one of the leading insurance companies in the country recently dated teachers from Catholic Institute (CI) Primary School.
During the meeting, the Company through its Retail Mass Manager David Masasa trained teachers on how to manage their finances by spending within their means.
The teachers were also trained on how to invest the little they earn every month,how to grow their money and how to avoid unnecessary loans with huge interest.
The teachers were also introduced to some of the policies offered by Old Mutual such as SAVE & INVEST, Investment Plans, Private Wealth Management, Tsogolo Savings Plan, Retirement Plans, Unit Trusts, Mpamba Fesa, Old Mutual Money Market Fund and others
Speaking after the training Masasa said: “Our aim is to ensure teachers are well equipped on Financial education before making choices of investments.”
On her part, Zingwangwa Zone Primary Education Adviser Eunice Namale hailed Old Mutual for the training.
“The training has come at the right time in the sense that many of us had no knowledge on how to invest or grow our money. Most of the times we could just spend the money any how without looking at the investment part,” she said.
Namale then urged Old Mutual to extend the gesture to teachers in other schools across the country.
Apart from engaging the teachers on financial literacy, Old Mutual also donated Personal Protective Equipment (PPEs) such as soap, buckets and hand sanitisers to help in the fight against COVID-19.
So far over 230 people including two Cabinet Ministers have succumbed to COVID-19 in the country.
Meanwhile President Dr. Lazarus Chakwera has declared the country a State of Disaster.
