1. Take Charge of Your Money Class 1: Spending Choices
Heather Greenwood
Virginia Cooperative Extension
Fauquier County Office

2. Take Charge of Your Money Class Outline
Class 1 - Spending Choices
Introduction, values, and goals
Class 2 - Spending Plans / Making Food Dollars Stretch
Budgeting tools and skills
Class 3 - Credit and Debt Management
Shopping for and maintaining bank accounts
Class 1: Spending Choices

3. Class 1: Spending Choices
Key Points
Financial plans are based on choices you make using your values, goals, and available resources
Most of us must work with other people, (usually family members) in setting up a budget
Money is a limited resource
Even the best plans can be changed by an emergency or crisis
Class 1: Spending Choices

4. Class 1: Spending Choices
Financial Management
Must be learned
Must be practiced
Includes everyone in the household
Is not easy
Helps you gain control of your money
Class 1: Spending Choices

5. Aspects of a Financial Plan
Values
Goals
Spending plan (budget)
Savings plan
Debt management plan
Insurance
Retirement
Class 1: Spending Choices

6. Sorting Economic Values
Each participant will receive 1 Economic Values envelope
Envelope includes 30 statements on 5 different colors of paper
Make 2 stacks - AGREE and DISAGREE
What color is most prevalent in the AGREE pile?
Why start with this activity in a money management class?
Handout 1-5 (All My Money)
Class 1: Spending Choices

7. What Are Your Values?
How do your values affect the way you make financial decisions?
How do differing values of family members affect a household?
Are the 5 values from “Sorting Economic Values” inclusive?
If not, what are some other values?
What is important to you?
Handout 1-1 (All My Money)
Class 1: Spending Choices

8. What Influences Your Values?
Life style
Personality
Emotions
Childhood
Parental behaviors
Culture
Media
Religious background
Education
Societal expectations
Other life experiences
Class 1: Spending Choices

9. Class 1: Spending Choices
Need VS Want
NEED?
WANT?
Handout 1-2 (All My Money)
Class 1: Spending Choices

10. Picture Your Future
What would you like your future to look like in 1 year? 5 years? 10 years?
How is this picture consistent with your values?
How does it relate to your needs and wants?
What will it take to achieve this future?
Handout 1-3 (All My Money)
Class 1: Spending Choices

11. Goal Development What are your available resources?
When do you want to accomplish this goal?
Characteristics of successful goals:
Handout 1-4 (All My Money)
Personal
Positive
Specific
Measurable
Ambitious
Realistic
Time element
Written
Class 1: Spending Choices

12. Decision Making Process
Identify problem or goal
List alternatives
Analyze the consequences of each alternative
Choose the best alternative
Put the choice into action
Evaluate the outcome
Begin again if needed
Class 1: Spending Choices

13. Class 1: Spending Choices
Homework
Track expenses
Talk with members of your household about values and goals
Finish goal worksheet
Bring list of bills, due dates, and pay dates
Class 1: Spending Choices