GOOD $ ENSE: MONEY MANAGEMENT FOR THE INDEPENDENT TEEN.

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Presentation transcript:

GOOD $ ENSE: MONEY MANAGEMENT FOR THE INDEPENDENT TEEN

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

How Do You Decide Your Money Goals?  Needs vs. Wants  Values  Goals

Needs vs. Wants Maslow’s Hierarchy of Needs

ReligionWinningSharing Convenience CaringExcitementFamilyEnvironment Hard workMusicMoneySports EducationTruthSexCommunity ArtsLeisureFreedomPlay LoveSecurityFriendship FunPrestigeSafety HealthBeautyOwnership Your Values

What are Your Goals?  What do you hope to accomplish:  in the next three months?  i n the next year?  in the next 1-5 years or longer?

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! 7

What is Your Budget? Practice Time: 8

This is Your Paycheck

Needs vs. Wants

Where are you going to live? Mortgage = $1500/monthRoom =$225/month Apartment =$750/month With roommate =$425/month

How do you get where you need to be? Paid $500 Gas: $75/month Insur: $50/month Payment: $400/month Gas: $150/month Insur: $150/month Fare = $90/month Free. Though you may have to buy shoes more often. Payment: $300/month Gas: $200/month Insur: $100/month

Food Choices Eating out: Breakfast: $5/day Lunch: $7/day Dinner: $12/day Groceries for one person: $60/week

Bills, Bills, Bills House: $75/month Apartment: $40/month Room: $25/month House: $75/month Apartment: $40/month Room: $25/month House: $20/month Apartment: $15/month Room: Free

Bills continued $25/month Triple Play -$150/month Double Play - $100/month $75/month $35/month Unlimited - $100/month 450 min - $55/month 900 min - $75/month

The Extras

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.