Following the law of smart money

Participants of the Women’s Club of AlES JSC have learnt, as they say today, the law of money – the base of financial knowledge, which provides the basis for material well-being, peace of mind, and creates opportunities for the implementation of the most daring and ambitious plans.

There is no alternative to money, so it is important to be able to earn it, to manage it properly without being a hoarder, to plan wisely, to spend it for business and pleasure, to save for the unforeseen and planned events. Therefore, the dialogue of the participants became both informative and emotional, and extremely useful.

Asel Amantayevna Arginbayeva, Managing Director for Economics and Finance, a well-known financier of the company, set the tone of the meeting, which gathered 66 women. The very first introduction of the speaker’s theses on financial literacy made everyone get involved in the topic: “literacy is NOT EQUAL to wealth”.

“Having debts is NOT the same as being ≠ financially illiterate”; Financial literacy is: “NOT about “making money”, it is about NOT knowing of the options and futures, and NOT being able to analyze changes in stock exchange reports and stock indices”.

Because financial literacy means that you’re able to manage your money. And it is not a matter of minutes, but, if I may say so, a lifelong program, adjusted along the way. Therefore, it is important to set the right attitudes as early as possible, right from the time of your childhood.

“Financial literacy involves not only knowing the theory of money, but also its depreciation. Any individual or organization simply needs financial planning and accounting for their finances. So why is it so important? It’s about the psychology of the money”, says Elena Naumova, an accountant at Kapshagai HPP, after listening to her colleague. “If you don’t keep a record of the money you have spent, if you don’t plan for the future, you will always spend as much as you earn”.

This topic is interesting and at the same time obligatory for every person who wants to learn how to handle money and understand what laws they live by. We face them every day and yet we know absolutely nothing about them. At the women’s club Asel Amantayevna explained everything in a very accessible way, and I have already started to apply her recommendations in practice. It was very informative and interesting, but it is important not just to know, but to implement!

There were many practical recommendations, tests and tasks. The speaker showed using examples how to properly assess one’s financial situation, taking into account assets, liabilities, income and expenses.

“We discussed financial literacy in everyday life. It is important for all of us”, said Bakytzhan Toibagarova, an engineer at the Chemical Shop of CHPP-3. – It is especially important to understand how, thanks to the ability to manage one’s own money wisely, one can reach financial heights even on a low income.

Asel Arginbayeva also presented the formula for calculating the financial freedom coefficient and explained what values are critical and what values indicate stability. The issue of different types of loans, their advantages and disadvantages was also considered. The speaker emphasized that it is important to pay attention to the interest rate, not only to the size of the monthly payment. She also spoke about hidden commissions and tricks of microfinance organizations that one should pay attention to when applying for loans.

“The meeting format was professionally organized in the mode of informative conversation with very interesting life examples, which is very accessible to the audience”, – Galina Zabolotskaya, economist of Kapshagai HPP named after Sh.Chokin shares her impression – All the information we received is very relevant to our everyday life today. We need to have more such lectures on financial literacy for ALL employees of the enterprise”.

All participants were able to practice – so far in theory – right in the club. Asel Amantayevna proposed several methods of budgeting, including the method of “four envelopes”, using banking applications to analyze expenses, keeping a financial diary and making Excel tables. And the topic of forming a financial cushion and savings fascinated everyone. Especially since the speaker gave examples of calculating the amount needed for a financial cushion and explained how best to distribute savings so that they generate profit.

“I found the advice about creating a financial safety cushion particularly useful. I realized how important it is to have a reserve for unforeseen circumstances, which gives a sense of confidence and stability”, admits Aigul Tabynbayeva, Human Resources and Training Engineer at the Western Heating Complex. – After the meeting, I have revised my approach to finances and will be more conscious of every expense. This event was a real step towards a better financial future. I am sure that thanks to this club, many participants will be able to significantly improve their financial literacy.

Another aspect that Asel Amantayevna presented to her colleagues was conscious shopping and financial discipline. The participants learnt how to distinguish impulsive purchases from really necessary expenses, what techniques help to avoid unnecessary spending and how to manage their financial habits.

“The speaker has managed to explain us important aspects of personal finance management in a very lucid and accessible way. I especially valued the lifehacks she shared based on her experience”, emphasizes Dilnaz Dyusembayeva, training engineer at Energoremont. – We discussed how to manage money wisely, how to choose loans with favorable terms and what to look for while choosing a bank. In addition, Asel Amantayevna recommended two useful tools for monitoring one’s finances: the 1Money application, which helps to keep track of expenses and income, and the “Purchase Analytics” function of the Kaspi application. They allow me to track my savings and make more conscious purchases.

Sabina Imayeva, chief specialist of the capital construction department of A.Zhakutov CHPP-2, was also impressed by the topic of the meeting.

“The lecture on financial literacy was very instructive for me”, she confirms. – I made certain notes for myself for future use. I decided to keep notes on my expenses in the application and analyze them. We have obtained a lot of useful information on deposits, interest rates. To be honest, I didn’t even know a lot of things.

Of course, such an informative session was not left without numerous questions, exchange of personal experience and discussions. Some participants shared their own strategies of budgeting, told about the difficulties they face when saving money and received expert recommendations.

“I think that financial literacy can help people achieve their goals”, says Aray Tenbayeva, a technician at the repair and construction shop of the Zhakutov CHPP-2, elaborating on the usefulness of such informative lectures. – Having a better understanding of how to budget and save money, people can create plans that set expectations, hold them accountable to their finances and set them on a course to achieve unattainable goals. If someone can’t afford to achieve their dreams today, they can always make a plan to increase their chances of achieving them tomorrow. We hope to have more meetings like this!”