Creating a Personal Financial Plan (For Grade 7 Learners)
📌 The process involves outlining income, setting financial goals, detailing savings breakdown, and tracking expenses.
🛠️ Tools required include a calculator (optional but recommended for speed), a protractor, and a compass (optional for creating a pie chart).
💡 The session emphasizes an effective budgeting formula: Income - Savings = Expenses, prioritizing savings before calculating what is left for spending.

Financial Goals and Savings Strategy
🎯 Financial goals motivate saving and are categorized into Emergency Fund, Short-Term Goal, and Long-Term Goal.
🆘 The Emergency Fund should ideally be 3 to 6 times the weekly income (e.g., 3x weekly income of Php600 suggests a target of Php1,800).
📅 A Short-Term Goal (e.g., saving Php300 for a Christmas party) requires setting a time frame (e.g., 16 weeks), leading to a specific weekly saving amount (e.g., Php20 per week).
🚀 A Long-Term Goal (e.g., saving Php5,000 for an electric scooter) can take a year or more; saving Php30 per week results in an estimated 167 weeks (or 3.5 years) to achieve.

Expense Tracking and Visualization
⚖️ Expenses are categorized into Needs (essential items like transportation and school supplies) and Wants (non-essential desires like treats or entertainment).
📊 A Pie Chart visually represents the allocation of the total weekly income, which in the example was Php600.
📈 In the example breakdown of Php600 income: Needs accounted for 75% (Php450), Savings for 16.67% (Php100), and Wants for 8.33% (Php50).

Key Points & Insights
➡️ Always use a pencil when drafting the financial plan, as adjustments to income or goals are expected.
➡️ If Expenses + Savings exceed Income, adjust Wants first to cover the deficit or increase savings targets.
➡️ Reflection is crucial: financial plans must be reviewed regularly to ensure ongoing effectiveness and necessary adjustments.

📸 Video summarized with SummaryTube.com on Jan 04, 2026, 10:26 UTC