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Chapter 5. Buying the Necessities. Section 5-1: Shopping for Food. Comparison Shopping Involves making comparisons to help decide what to shop for and where to shop Only comparison shop as necessary by weighing time and transportation costs.

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chapter 5

Chapter 5

Buying the Necessities

section 5 1 shopping for food
Section 5-1: Shopping for Food
  • Comparison Shopping
    • Involves making comparisons to help decide what to shop for and where to shop
    • Only comparison shop as necessary by weighing time and transportation costs.
    • Advertisements and coupons can help save time and money
The Trade-Offs in Food Stores
    • Club warehouse stores generally offer the lowest prices, but their items are only sold in large quantities
    • Convenience stores carry few items, have highest prices, but are open more hours.
    • Brand names are well-known nationally or regionally.
    • Some supermarkets or wholesale stores have their own brand names known as private labels or store-brands.
    • Generic products have no brand names.
section 5 2 clothing choices
Section 5-2: Clothing Choices
  • Comparing Clothing Value
    • Buying current styles, which tend to change each year, can be expensive because new clothes must be bought annually.
    • Buying classic styles, which are more basic and do not change as much, will help your clothes last longer, saving money.
    • Durability I show well something lasts over time.
    • Service flow is the amount of time you get to use the product and the value you place on that use.
    • Factor in the cost of care involved in clothing that must be hand washer or dry cleaned versus machine washable.
Much for Less
    • Clothing costs have decreased significantly over time.
    • Clothing sales generally happen at the end of the season.
    • Bargain fanatics buy items just because they are on sale.
    • If you buy an unnecessary item because it’s on sale, you may not be saving money at all.
section 5 3 to rent or to buy
Section 5-3: To Rent or to Buy
  • How Much Should You Spend?
    • Avoid spending more than you can afford.
    • You will need the cash down payment and closing costs.
    • Be aware of points or fees paid to the lender.
Financing the Purchase of a House
    • Many different types of mortgages and financing packages are available.
    • Mortgages involve down payments and interest.
    • Mortgages are paid in monthly installments.
    • Property tax, homeowners insurance, and mortgage insurance are often included.
Renters Rights and Responsibilities
    • Renters usually sign a lease.
    • Be aware of the clauses in your lease; read it carefully.
    • Tenants have a right to use the property for the purpose stated in the lease, and a right to privacy.
    • Tenants must pay rent on time, take care of property, and notify landlord if major repair is needed.
Renters Rights and Responsibilities cont.
    • Some tenants must place a refundable security deposit in case of damaged property or unpaid rent.
    • Tenants must give written notice if leaving prior to lease’s end, which can result in fees and fines for breaking the lease.
    • Landlords must provide minimum services and obey building and safety laws.
    • Rent-control laws limit the amount a landlord can charge in rent.
section 5 4 buying and operating a vehicle
Section 5-4: Buying and Operating a Vehicle
  • Buying and Operating a Vehicle
    • Registration fees are state fees paid each year.
    • Normal maintenance and repairs
    • Cost of buying an extended warranty that covers problems beyond the time frame in the warranty offered by manufacturer or dealer.
Buying and Operating a Vehicle cont.
    • Depreciation or a decrease in value of car as it ages.
    • Most states require liability insurance that covers both bodily injury and property damage.
    • Cost of insurance varies based on age, sex, and driving history.