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Take Charge of Your Money Class 1: Spending Choices

Learn about financial management, values, goals, budgeting, credit management, and decision-making in this informative class. Understand the importance of choices, resources, and setting financial plans.

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Take Charge of Your Money Class 1: Spending Choices

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  1. Take Charge of Your MoneyClass 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. 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. 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. 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. 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

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