2/5/14 – Describe the difference between a need and a want TODAY YOU WILL... EXPLORE HOW SPENDING,...
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Transcript of 2/5/14 – Describe the difference between a need and a want TODAY YOU WILL... EXPLORE HOW SPENDING,...
![Page 1: 2/5/14 – Describe the difference between a need and a want TODAY YOU WILL... EXPLORE HOW SPENDING, SAVING, AND VALUES IMPACT YOUR FINANCES. ©2012 NEFE.](https://reader036.fdocuments.in/reader036/viewer/2022062803/56649f2f5503460f94c49f9a/html5/thumbnails/1.jpg)
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©2012 NEFE High School Financial Planning Program® | Lesson 1-1: Money Habits
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2/5/14 – Describe the difference between a need and a want
TODAY YOU WILL . . .
EXPLORE HOW SPENDING, SAVING,
AND VALUES IMPACT YOUR FINANCES.
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©2012 NEFE High School Financial Planning Program® | Lesson 1-1: Money Habits
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www.Spendster.org• What is the spending habit?
• Is this a sensible or unwise habit? Why?
• How much does the habit cost?
• What else could the money be used for?
• When have you ‘wasted’ money?
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©2012 NEFE High School Financial Planning Program® | Lesson 1-1: Money Habits
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Preview
Today we will answer these questions:• What are your good (and bad) spending habits?
• What influences how you spend your money?
• How are your spending habits working for you?
Use what you learn today to
write a personal money motto
to guide your spending habits.
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©2012 NEFE High School Financial Planning Program® | Lesson 1-1: Money Habits
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Meet Michael and Selena
Michael – senior• Lives at home• Part-time job• Responsible for own
expenses• Saving for college
Selena – freshman• Lives at home• Occasional jobs• Gets money from parents
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©2012 NEFE High School Financial Planning Program® | Lesson 1-1: Money Habits
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Money Habits page 5
Is the habit sensible or unwise?
• Stopping for fast food on the way home from school every day.
• Putting spare change in a jar every night.
What are your money habits?
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(c)2012 NEFE High School Financial Planning Program® | Lesson 1-1: Money Habits
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Latte Factor
If Selena spends $3 on iced coffee after school every day, how much does she spend …
… in a week? $______
… in a school year? $______
If Selena spends $3 on iced coffee after school every day, she will spend …
… $15 in a week ($3 x 5 days)
… about $540 in a school year ($3 x 180 days)
What else could she have done with that money?
![Page 8: 2/5/14 – Describe the difference between a need and a want TODAY YOU WILL... EXPLORE HOW SPENDING, SAVING, AND VALUES IMPACT YOUR FINANCES. ©2012 NEFE.](https://reader036.fdocuments.in/reader036/viewer/2022062803/56649f2f5503460f94c49f9a/html5/thumbnails/8.jpg)
(c)2012 NEFE High School Financial Planning Program® | Lesson 1-1: Money Habits
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Consequences
How might your current spending
habits
impact your future spending options?
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©2012 NEFE High School Financial Planning Program® | Lesson 1-1: Money Habits
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Is it a Want or a Need?
Needs
Things that are essential to your health and security.
• Water• Basic meals• Place to live• Transportation to school
or work
What else?
Wants
Things that make life more interesting and fun but you can get by without.
• Music• Snowboard• Ice cream cone• Air conditioning
What else?
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©2012 NEFE High School Financial Planning Program® | Lesson 1-1: Money Habits
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Stop Drop and Think
Do I need this or do I want it?
If I don’t need it, why do I want it?
Exactly when will I use (or wear) it?
Can I find it for less somewhere else?
What will I have to give up or put off by buying this now?
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©2012 NEFE High School Financial Planning Program® | Lesson 1-1: Money Habits
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Found $$$
If all of your bills were paid,
and you found an extra $100,
what would you spend it on?
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©2012 NEFE High School Financial Planning Program® | Lesson 1-1: Money Habits
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Valuing Your Values
Experiences
Familyand
FriendsBeliefs
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©2012 NEFE High School Financial Planning Program® | Lesson 1-1: Money Habits
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Assignment
In 30 words or less, write a
catchy personal money motto—
a rule to live by that inspires you
to stick to sensible spending
habits that match your values.
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