Chapter 7 Buying Decisions Lesson 7-1 Designing a Buying Plan LEARNING OBJECTIVES: - DISCUSS THE RESULTS OF BEING FINANCIALLY RESPONSIBLE AND FINANCIALLY.

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Presentation transcript:

Chapter 7 Buying Decisions Lesson 7-1 Designing a Buying Plan LEARNING OBJECTIVES: - DISCUSS THE RESULTS OF BEING FINANCIALLY RESPONSIBLE AND FINANCIALLY IRRESPONSIBLE. - DESIGN A BUYING PLAN AND DISCUSS HOW IT IS EVALUATED, FINANCED, AND IMPLEMENTED.

Being a Responsible Shopper  Responsible shopping requires systematic decision making, which is the process of making choices that reflect your goals by considering all the pros and cons along with the costs. This makes you financially responsible.

Financial Responsibility vs. Irresponsibility  Financial Responsibility is being able to meet your financial goals through planned earning, spending, and saving.  People who are financially responsible are able to:  Live a comfortable lifestyle  Provide for their own wants and needs  Enjoy vacations and leisure time  Save money for known and unknown future events  Pursue interests, hobbies, and cultural events.  Financial Irresponsibility is failing to live up to your financial obligations to meet your goals and needs.  Financial irresponsibility symptoms include the following:  Bills are not paid in a timely manner.  There is inadequate food, clothing, and shelter to live a comfortable lifestyle.  Money is spent on luxury items while basic needs are not being met.  A month’s paychecks do not last the entire month.  Borrowed money is not repaid in a timely manner or at all.

A Buying Plan  A buying plan is an organized method for making good buying decisions.  Creating a Buying Plan  Step 1 – Define Your Spending Goals. Items you buy should be selected to meet your needs and wants. What other item must you forego buying in order to buy this item.  Step 2 – Choose the Item to Buy.  Step 3 – Define criteria. Criteria are standards or rules by which something can be judged. For an item you want to purchase, the criteria would be the desired features, functions, and quality of the item.  Step 4 – Set a timeline. Decide how soon you want to make the purchase.  Step 5 – Set a spending limit. A spending limit is the maximum amount you are willing to pay for an item.

Implementing a Buying Plan  Comparison Shopping – You can make a better choice when you know all of the options available.  Might be rebates available. A rebate is a refund of part of the purchase price of an item.  Is an extended warranty available? An extended warranty is additional coverage that you can buy to pay for repairs or replacements needed beyond the original warranty.  Payment Methods  Check or cash  Debit or Credit Card  Financing Options – Ways you can pay for an item other than with cash.  Make the Purchase –  Check the item to make sure it is in good condition.  Ask about warranties and return policies.  Evaluating the Purchase  Are you satisfied? Did you follow a buying plan? Did you get a good value for the money you spent?

Assignment  Pg. 226 – Answer questions 1-9, 12-19