1. FCAC FECs Presentation Budget
Presenter: Jose Jaime Guerrero MA, RCC, CPA

2. Key Client Challenges
The belief that is useless to budget when there is not enough money
Fear of facing a discouraging financial reality
Believing that budgeting is complex and time consuming
Feeling “controlled” by the budget vs. seeing it as a tool to control money
Emergencies and no contingency plans to afford them
Difficulty to differentiate needs and wants
Eroded sense of worth and as a result:
Needing to “fit in” and falling into the trap of consumerism

3. Approaches that Work
Provide Participants with an Experiential Opportunity to:
Foresee the possibility to save, despite living in low income
Empower themselves to consider this possibility
Motivate Participants to Engage in a Budgeting Process that Empowers them to:
Decide where their money goes
Gain awareness about their tendencies to mange money
Make the budget a motivational tool for asset building
Share financial goals with their family members to attain them
Build financial discipline habits
Spending less than the income earned... Save!
Save for their wants instead of using credit to buy them

4. Ideas to Build Financial Empowerment
At Frontline and Institutional Levels :
Use a model that allows clients to explore their styles of managing money, and see new possibilities
Utilize a mentoring approach that empowers participants to build or reconnect with their sense of worth
Policy and Regulatory Propositions:
Include money management as a mandatory subject in the educational curriculum (Elementary and High school)
Regulate the financial industry to prevent the increasing financial inequality global trends