1. Values, Needs, Wants, and Goal Setting Introduction The Essentials to Take Charge of Your Finances

2. © Family Economics & Financial Education – Revised September 2009 – The Essentials to Take Charge of Your Finances – Values, Needs, Wants, and Goal Setting Introduction Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona 7.17.1.G1 What are Values?  Value - Something that is desirable, worthwhile, and important  Influenced by family, friends, teachers, coaches, television, and movies  Each person has different values which guide his/her daily decisions

3. © Family Economics & Financial Education – Revised September 2009 – The Essentials to Take Charge of Your Finances – Values, Needs, Wants, and Goal Setting Introduction Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona 7.17.1.G1 Needs  Need - something necessary or required for life  Brainstorm examples of needs Food, water, clothing and shelter

4. © Family Economics & Financial Education – Revised September 2009 – The Essentials to Take Charge of Your Finances – Values, Needs, Wants, and Goal Setting Introduction Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona 7.17.1.G1 Wants  Want - something unnecessary but desired  May increase the quality of living or make a person happier  Brainstorm examples of wants If music is valued, a person may want a lot of different musical instruments, songs, and equipment.  How do values influence wants? If being popular or having all of the newest gadgets is valued, a person may have a lot of wants

5. © Family Economics & Financial Education – Revised September 2009 – The Essentials to Take Charge of Your Finances – Values, Needs, Wants, and Goal Setting Introduction Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona 7.17.1.G1 You Decide!  Car  Nike Sneakers  Hot Tub  Computer  Food  iPod  Cell Phone  Clothes

6. © Family Economics & Financial Education – Revised September 2009 – The Essentials to Take Charge of Your Finances – Values, Needs, Wants, and Goal Setting Introduction Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona 7.17.1.G1 Spending Money  How do values influence how people spend money and make financial decisions? If an individual values helping others, he or she may decide to give money to a church or other charitable groups  How do needs and wants influence how people spend money and make financial decisions?

7. © Family Economics & Financial Education – Revised September 2009 – The Essentials to Take Charge of Your Finances – Values, Needs, Wants, and Goal Setting Introduction Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona 7.17.1.G1 What is a Goal?  Goal - something a person intends to accomplish

8. © Family Economics & Financial Education – Revised September 2009 – The Essentials to Take Charge of Your Finances – Values, Needs, Wants, and Goal Setting Introduction Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona 7.17.1.G1 Types of goals  Short-Term – can be accomplished within one year Improving grades at school Making the basketball team Saving money to buy a new MP3 player  Long-Term – can be accomplished in more than one year Attending college Getting a great job Buying a new car  Goal setting helps you to visualize and plan actions of what you want and then to carry it out.

9. © Family Economics & Financial Education – Revised September 2009 – The Essentials to Take Charge of Your Finances – Values, Needs, Wants, and Goal Setting Introduction Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona 7.17.1.G1 Here is a challenge!  Supplies: A pinch of toothpicks and a handful of small marshmallows  Task: Create a free standing tower using your supplies  But….before you build, work as a team and write down a GOAL to serve as your road map

10. © Family Economics & Financial Education – Revised September 2009 – The Essentials to Take Charge of Your Finances – Values, Needs, Wants, and Goal Setting Introduction Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona 7.17.1.G1 SMART goals  In order to set goals effectively, they need to be well written  Edit the goal you wrote for the tower using these guidelines: Specific – State exactly what is to be done Measurable – Include how the goal can be measured Attainable – Determine steps to reach the goal Realistic – Do not set goals for something unrealistic Time Bound – State when the goal will be met

11. © Family Economics & Financial Education – Revised September 2009 – The Essentials to Take Charge of Your Finances – Values, Needs, Wants, and Goal Setting Introduction Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona 7.17.1.G1 Marshmallow Tower  Ready – Set – Build  How did your goal help you to build a better tower?

12. © Family Economics & Financial Education – Revised September 2009 – The Essentials to Take Charge of Your Finances – Values, Needs, Wants, and Goal Setting Introduction Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona 7.17.1.G1 Did You Reach Your Goal?  Was your goal specific?  How did you measure if you reached your goal?  Was your goal attainable or possible?  Was your goal realistic?  How much time did you set aside to achieve your goal?

13. © Family Economics & Financial Education – Revised September 2009 – The Essentials to Take Charge of Your Finances – Values, Needs, Wants, and Goal Setting Introduction Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona 7.17.1.G1 Conclusion  Any Questions? Review the following terms:  Value  Needs  Want Discuss the following concepts  The relationship between values and money  The benefits of goal setting