Values, Needs, Wants, and Goal

Setting Introduction

The Essentials to Take Charge of Your Finances

© Family Economics & Financial Education – Revised September 2009 – The Essentials to Take Charge of Your Finances – Values, Needs, Wants, and Goal Setting IntroductionFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

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What are Values?

Value - Something that is desirable, worthwhile, and important

Influenced by family, friends, teachers, coaches, television, and movies

Each person has different values which guide his/her daily decisions

© Family Economics & Financial Education – Revised September 2009 – The Essentials to Take Charge of Your Finances – Values, Needs, Wants, and Goal Setting IntroductionFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

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Needs

Need - something necessary or required for life

Brainstorm examples of needs Food, water, clothing and shelter

© Family Economics & Financial Education – Revised September 2009 – The Essentials to Take Charge of Your Finances – Values, Needs, Wants, and Goal Setting IntroductionFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

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Wants

Want - something unnecessary but desired

May increase the quality of living or make a person happier

Brainstorm examples of wants If music is valued, a person may want a lot of

different musical instruments, songs, and equipment.

How do values influence wants? If being popular or having all of the newest

gadgets is valued, a person may have a lot of wants

© Family Economics & Financial Education – Revised September 2009 – The Essentials to Take Charge of Your Finances – Values, Needs, Wants, and Goal Setting IntroductionFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

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You Decide!

Car

Nike Sneakers

Hot Tub

Computer

Food

iPod

Cell Phone

Clothes

© Family Economics & Financial Education – Revised September 2009 – The Essentials to Take Charge of Your Finances – Values, Needs, Wants, and Goal Setting IntroductionFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

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Spending Money

How do values influence how people spend money and make financial decisions? If an individual values helping others, he

or she may decide to give money to a church or other charitable groups

How do needs and wants influence how people spend money and make financial decisions?

© Family Economics & Financial Education – Revised September 2009 – The Essentials to Take Charge of Your Finances – Values, Needs, Wants, and Goal Setting IntroductionFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

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What is a Goal?

Goal - something a person intends to accomplish

© Family Economics & Financial Education – Revised September 2009 – The Essentials to Take Charge of Your Finances – Values, Needs, Wants, and Goal Setting IntroductionFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

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Types of goals

Short-Term – can be accomplished within one year Improving grades at school Making the basketball team Saving money to buy a new MP3 player

Long-Term – can be accomplished in more than one year Attending college Getting a great job Buying a new car

Goal setting helps you to visualize and plan actions of what you want and then to carry it out.

© Family Economics & Financial Education – Revised September 2009 – The Essentials to Take Charge of Your Finances – Values, Needs, Wants, and Goal Setting IntroductionFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

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Here is a challenge!

Supplies: A pinch of toothpicks and a handful of small marshmallows

Task: Create a free standing tower using your supplies

But….before you build, work as a team and write down a GOAL to serve as your road map

© Family Economics & Financial Education – Revised September 2009 – The Essentials to Take Charge of Your Finances – Values, Needs, Wants, and Goal Setting IntroductionFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

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SMART goals

In order to set goals effectively, they need to be well written

Edit the goal you wrote for the tower using these guidelines: Specific – State exactly what is to be done Measurable – Include how the goal can be

measured Attainable – Determine steps to reach the goal Realistic – Do not set goals for something

unrealistic Time Bound – State when the goal will be met

© Family Economics & Financial Education – Revised September 2009 – The Essentials to Take Charge of Your Finances – Values, Needs, Wants, and Goal Setting IntroductionFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

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Marshmallow Tower

Ready – Set – Build

How did your goal help you to build a better tower?

© Family Economics & Financial Education – Revised September 2009 – The Essentials to Take Charge of Your Finances – Values, Needs, Wants, and Goal Setting IntroductionFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

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Did You Reach Your Goal?

Was your goal specific? How did you measure if you

reached your goal? Was your goal attainable or

possible? Was your goal realistic? How much time did you set aside to

achieve your goal?

© Family Economics & Financial Education – Revised September 2009 – The Essentials to Take Charge of Your Finances – Values, Needs, Wants, and Goal Setting IntroductionFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

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Conclusion

Any Questions? Review the following terms:

Value Needs Want

Discuss the following concepts The relationship between values and

money The benefits of goal setting