3/12/15 BR – Describe the process you go through (if any) when it comes to making a choice about buying something. For example, if you were going to buy.

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Presentation transcript:

3/12/15 BR – Describe the process you go through (if any) when it comes to making a choice about buying something. For example, if you were going to buy a new phone, how would you decide which phone to buy? (C)2012 National Endowment for Financial Education | Lesson 1-3: Decision Making 1

Decision Making TODAY YOU WILL... PRACTICE STRATEGIES TO HELP YOU BE MINDFUL ABOUT MAJOR SPENDING DECISIONS ©2012 National Endowment for Financial Education | Lesson 1-3: Decision Making 2

There’s an App for That! How many smart phone or iPad apps can you think of that help you shop smarter? What other ways do you save money or check the quality of products when you are shopping? ©2012 National Endowment for Financial Education | Lesson 1-3: Decision Making 3

Preview Today we will answer these questions: What influences my spending decisions? What strategies help me take control of my spending? How does the decision-making process work? Use what you learn today to make a deliberate spending decision for a major purchase. ©2012 National Endowment for Financial Education | Lesson 1-3: Decision Making 4

Marketing to Loyal Customers List examples of customer loyalty programs. Have you ever spent more money than you planned to earn more points or rewards? ©2012 National Endowment for Financial Education | Lesson 1-3: Decision Making 5

DECIDE to Make a Sensible Decision D efine your goal. E stablish criteria for an acceptable outcome. C hoose two or three good options. I dentify pros and cons of the options. D ecide the best option that matches criteria. E valuate the results. ©2012 National Endowment for Financial Education | Lesson 1-3: Decision Making 6

Selena’s Phone Plan Scenario Selena’s parents asked her to research options for a family cellphone plan to cover all four family members. Her older brother attends an in-state college. He has agreed to contribute $30 a month to the cost of the family plan if he can get unlimited talk and text minutes along with a data plan. Use the DECIDE steps to select a family plan for Selena. ©2012 National Endowment for Financial Education | Lesson 1-3: Decision Making 7

New or Used Car? Scenario Use the DECIDE steps to select a car for your family or your own transportation. ©2012 National Endowment for Financial Education | Lesson 1-3: Decision Making 8

Challenge Assignment Apply the DECIDE steps as you decide the best option for a major purchase you are considering sometime in the next six months. ©2012 National Endowment for Financial Education | Lesson 1-3: Decision Making 9