Taking charge of your money

The thing I love about being self employed is that if there is something you feel is important and you can fit it in around your other commitments you don't have to ask anyone else for permission you can go ahead and do it. Today was one of those days.

A couple of years ago I was highlighted as delivering finance training in a examplar fashion and used as an example of best pratice by the Financial Serives Authority (FSA). Today I was being trained to be competent in delivering a presentation developed by the FSA ( Financial Services Authority ) to encourage people to be more proactive with their finances and take control of them.

Base line research throughout the UK and N. Ireland showed that many in the population are not taking control of their finances and as a result this can have an adverse impact on their short and long term lifestyles. The FSA are rolling out a programme to help people take control one area which I think is great is they are developing a pack that midwifes will give to all mothers of new Born's helping them to figure out all the financial impacts of having a child. Current research showed that each child cost £180,000 to bring up and that's only until age 18. But some of the training was about the small things, comparing savings rates, credit card rates, what is a mortgage and how is it calculated, how do pensions work ? Child Tax credits. It was all very interesting.

They are all things that I wish I had training on before embarking on my own financial Independence. I remember getting a cheque book along with my student grant and not knowing how to write a cheque. Struggling through working out what different kinds of mortgages meant, trying to understand how anyone could ever afford to set up a pension. You will be glad to know the FSA are also working on introducing financial capability at primary and secondary school level.

I recently did some finance training and there were 2 recent graduates in the class, when looking at their personal budgets one of them worked out they were spending £5000 a year on take a ways -namely pizza's. Yet he was complaining he could not afford a car........................mmmmmmmmmmmmm I wonder why? Never mind what he was doing to his health.

So I am now a FSA approved presenter on making the most of your money and will be delivering the presentation on a voluntary basis to employees. Why? because I like to see people taking charge of their lives and their finances is part of the mix, it gives me a warm fuzzy glow to help people out even in a small way. Check out www.moneymadeclear.fsa.gov.uk and don't get overwhelmed.