Marriage and Family Life Unit 6: Making Everyday Living Decisions.
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Transcript of Marriage and Family Life Unit 6: Making Everyday Living Decisions.
![Page 1: Marriage and Family Life Unit 6: Making Everyday Living Decisions.](https://reader036.fdocuments.net/reader036/viewer/2022062421/56649dc55503460f94ab8b45/html5/thumbnails/1.jpg)
Marriage and Family Life
Unit 6: Making Everyday Living Decisions
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Objective 1: Differentiate in the benefits of owning vs. renting a home.
Benefits of owning a home• Potential income tax deductions• Equity builds in home• Value of home may increase• Ability to make decisions about home without
outside approval • Fixed payment
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Objective 1: Differentiate in the benefits of owning vs. renting a home.
Benefits of renting a home• Not responsible for major home repairs, improvements
or property taxes• Less financial risk• No long-term mortgage commitment• Allows flexibility for future moves• Easier to end a rental lease agreement• Monthly payment may include some utilities• Smaller initial cost to move in
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Objective 2: Determine criteria to use when selecting a place to live.
• Cost• Availability to public transportation and/or
major expressways• Suitability to your lifestyle• Proximity to work/shopping/leisure activities• Crime rate• School district where home is located
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Objective 3: Differentiate in the advantages and disadvantages of using credit.
Advantages• Allows you to buy products and services when cash is
not available• You may be able to take advantage of special sales and
bargains • Allows use of good or service while making payments
on the item• Provides a way of obtaining emergency funds or
making emergency purchases
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Objective 3: Differentiate in the advantages and disadvantages of using credit.
Advantages• Helps make purchases that are a part of a
short-term financial plan• Establishes and helps maintain a good credit
rating• Provides a method for returning merchandise • Eliminates the need to carry cash
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Objective 3: Differentiate in the advantages and disadvantages of using credit.
Disadvantages• Encourages you to spend more than you can afford• May encourage impulse spending• Requires future income to be used for past
expenses• Credit contracts may be confusing and you may not
realize what financial commitments you have made• Interest on debt increases the cost of purchase
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Objective 3: Differentiate in the advantages and disadvantages of using credit.
Disadvantages• Encourages a need for instant gratification• Items bought on credit can be repossessed if you
are unable to make payments• Encourages you to only buy where credit cards can
be used• Can increase personal stress• Failure to pay on time will hurt your credit rating
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Objective 4: Classify cards that are used to make purchases.
• Credit card• Secured credit card• Debit card• Pre-paid card
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Objective 5: Match investment options to the correct description.
Savings• Certificate of deposit (CD) • Savings account• Money market account
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Objective 5: Match investment options to the correct description.Investing• Annuity • Bond • Stocks • Individual Retirement Account (IRA) • Roth IRA • Mutual fund • 401(k) • 403 (b) • 529 college savings plan
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Objective 6: Create a financial plan for retirement.
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Objective 7: Match health insurance options to the correct description.
• Health Maintenance Organization (HMO) • Healthcare Savings Account (HSA) • Indemnity health insurance• Preferred Provider Organization (PPO)
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Objective 8: Determine criteria to use when selecting a car.• Condition of vehicle • Consumer rating• Cost of repairs • Cost of vehicle • Cost of vehicle
insurance • Depreciation • Desired features
• Financing available• Fuel efficiency• Reliability• Safety• Planned length of
ownership• Planned use• Warranty
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Objective 9: Plan a family vacation.
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Objective 10: Determine factors to consider when planning meals.
• Time available for meal preparation • Nutritional value of food• Money available for food • Special dietary requirements • Likes and dislikes of family members• Equipment and facilities available • Seasonal food available • Daily food requirements
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Objective 11: Plan a family’s meals for one week.