Financial Capabilities (1)
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ITANB members will learn to apply financial principles such as budgeting, banking and credit to learn about their businesses during the workshop. This two day, one night workshop is delivered in strategic partnership between Unlooweg Foundation and The Indigenous Tourism Association of New Brunswick. The workshop includes one night accommodations at Red Bank Outdoor Adventure Lodge in Metepenagiag First Nation, mileage, and meals for ITANB members.

 

Including nine modules this training will at grow financial capabilities for Indigenous entrepreneurs in the tourism industry:

Introduction

Module 1 Financial Capability and Stress

Information will be shared on the definition of financial capability and why it is an essential skill.  Research will be presented that demonstrates how money can be a source of stress.   Participants will explore their relationship with money and how it fits in their life.

Module 2 Goal Setting and Financial Capability

The four-step goals setting process and SMART process to setting effective goals will be presented.  Participants will establish a vision for their future and set a goal toward the achievement of their vision.

Module 3 Saving

Information will be shared on the definition of savings and the types of savings.  Needs and wants will be introduced.  Participants will explore their reasons for saving and examine which savings options would be best for them.

Module 4 Setting a Savings Goal

Steps to setting a savings goal will be presented.  Participants will establish a savings goal, using the SMART process, and explore how to overcome obstacles to their savings goal.

Module 5 Income and Expenses

Income and expenses will be discussed including the comparison of fixed vs variable and regular vs irregular.  The difference between income and credit and expenses and debt repayments will be reviewed.  Participants will reflect on their personal income, expenses, and taxes.

Module 5 Income and Expenses

Income and expenses will be discussed including the comparison of fixed vs variable and regular vs irregular.  The difference between income and credit and expenses and debt repayments will be reviewed.  Participants will reflect on their personal income, expenses, and taxes.

Module 6:  Introduction to Budgeting

Personal budgeting will be introduced. The steps to preparing a personal budget will be reviewed.  Participants will reflect on needs vs wants and budget tools.

Module 7:  Preparing a Personal Budget

Preparing a personal budget will be demonstrated.  Participants will build a personal budget using their income and expense information.

Module 8:  Banking

The purpose and types of financial institutions will be discussed.   The services of fringe financial institutions and AFIs will be reviewed.  Participants will establish a banking goal.

Module 9:  Credit

Information will be shared regarding credit, the cost of credit and credit options.  The advantages and disadvantages will be reviewed.  Participant will reflect on loans that they have and establish a credit goal.

 

Wrap-up and Evaluation

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Workbooks prepared by Ulnooweeg will be central to the workshop structure. The Financial Capabilities Workshop was developed with Indigenous women in mind, but the content and education on financial best practices is suited to all members.