GOOD $ ENSE: MONEY MANAGEMENT FOR THE INDEPENDENT TEEN
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Transcript of GOOD $ ENSE: MONEY MANAGEMENT FOR THE INDEPENDENT TEEN
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GOOD $ENSE: MONEY MANAGEMENT FOR THE
INDEPENDENT TEEN
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Learning Objectives:
Understand the importance of managing your money
Understand the importance of discerning the difference between wants and needs
Understand how to create monthly budget
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How Do You Decide Your Money Goals?
Needs vs. WantsValuesGoals
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Needs vs. Wants
Maslow’s Hierarchy of
Needs
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Religion Winning Sharing Convenience
CaringExcitement FamilyEnvironment
Hard work Music Money Sports
Education Truth Sex Community
Arts Leisure Freedom Play
Love Security Friendship
Fun Prestige Safety
Health Beauty Ownership
Your Values
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What are Your Goals?
What do you hope to accomplish: in the next three months? in the next year? in the next 1-5 years or longer?
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Goals continued
You will meet your basic needs
You will be able to meet your wants
You will be able to achieve your future dreams
LEARNING HOW TO PROPERLY HANDLE YOUR MONEY IS A HABIT DEVELOPED OVER TIME,
AND CAN LAST A LIFETIME!
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What is Your Budget?
Practice Time: 8
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This is Your Paycheck
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Needs vs. Wants
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Where are you going to live?
Mortgage = $1500/month
Room =$225/month
Apartment =$750/monthWith roommate =$425/month
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How do you get where you need to be?
Paid $500Gas: $75/monthInsur: $50/month
Payment: $400/monthGas: $150/month Insur: $150/month
Fare = $90/month
Free. Though you may have to buy shoes more often.
Payment: $300/monthGas: $200/monthInsur: $100/month
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Food Choices
Eating out:Breakfast: $5/dayLunch: $7/dayDinner: $12/day
Groceries for one person:$60/week
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Bills, Bills, Bills
House: $75/monthApartment: $40/monthRoom: $25/month House:
$75/monthApartment: $40/monthRoom: $25/month
House: $20/monthApartment: $15/monthRoom: Free
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Bills continued
$25/month
Triple Play -$150/monthDouble Play - $100/month
$75/month
$35/month
Unlimited - $100/month450 min - $55/month900 min - $75/month
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The Extras
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What’s Left?
Based on your expenses vs. income will you be able to save to accomplish your goals?
Where can you make cuts/sacrifices in order to be sure you have enough?
If an emergency arose (car breaks down, medical emergency, etc.) will you have money saved to cover it.