A financial literacy awareness programme was conducted by Rangaswamy from Hasirudala for the benefit of residents of the waste picker colony at Avenue Road. Around 20 families lead their lives in the open space above the shops in this area. They don’t have electricity supply, they cook their food under a sheet where they spend most of their day time, and come down to sleep in front of the shops after they have closed.
The average per-day income here is Rs. 250 and Rangaswamy spoke about how to save some of this money away and open a bank account. He also touched on getting health services with the amount earned and how to manage expenses charged at hospitals. He emphasised building savings over borrowing money at high interest rates – the interest on Rs. 1000 can be 2%, and the risk of being cheated is high.
Financial discipline involves maintaining a book and penning down all spending so as to help cut down on unnecessary expenses. Rangaswamy informed the workers about life saving plans and how they will benefit them. Everyone present agreed to open an SHG group and start saving.
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