MIDNIMO ACADEMYLearning objectives
- Distinguish income, expenses, assets and liabilities
- Build a realistic monthly budget
- Compare saving goals with risky investments
- Recognise high-cost debt and common scams
Course outline
Six introductory modules. Detailed lessons, recordings and assessments will be added by the Academy team.
- Money basics: income and expenses
- Build a personal budget
- Saving and emergency funds
- Debt, interest and borrowing
- Understanding financial risk
- Practice: create a monthly money plan
Lesson 1: Build a budget that works
Learning goal: Understand where your money goes and create a realistic monthly plan.
1. Separate income from spending
Write down money you can reliably expect to receive each month. Then list essential costs such as housing, food, transport and bills. Keep irregular expenses, such as school supplies or repairs, on a separate line so they do not surprise you.
2. Know the difference between needs and wants
A need is something essential for health, safety or everyday living. A want may improve your lifestyle but can often be delayed. The distinction depends on your circumstances: internet access, for example, may be essential for work or study.
3. Make a simple plan
Example: monthly income of £1,000 minus £650 essential costs, £150 other spending and £100 planned savings leaves £100 unallocated. You could reserve that amount for unexpected costs or adjust your categories. This is an illustration, not a target that fits everyone.
4. Review and improve
Compare your plan with actual spending once a week. If one category is consistently too low, update the plan rather than ignoring the difference. Prioritise urgent bills and high-cost debts when appropriate.
Try it yourself
Make a three-column table: income, essential expenses and optional expenses. Add a line for savings or emergency reserves. What is one realistic change you could make this month?
Af-Soomaali: Miisaaniyaddu waa qorshe kuu sheegaya lacagta kuu soo gasha iyo halka ay ku baxdo. Kala saar baahiyaha muhiimka ah iyo waxyaabaha aad rabto, kadibna si joogto ah dib u eeg qorshahaaga.