good $ ense: money management for the independent teen
TRANSCRIPT
GOOD $ENSE: MONEY MANAGEMENT FOR THE
INDEPENDENT TEEN
Learning Objectives:
Understand the importance of managing your money
Understand the importance of discerning the difference between wants and needs
Understand how to create monthly budget
How Do You Decide Your Money Goals?
Needs vs. WantsValuesGoals
Needs vs. Wants
Maslow’s Hierarchy of
Needs
Religion Winning Sharing Convenience
Caring Excitement FamilyEnvironment
Hard work Music Money Sports
Education Truth Sex Community
Arts Leisure Freedom Play
Love Security Friendship
Fun Prestige Safety
Health Beauty Ownership
Your Values
What are Your Goals?
What do you hope to accomplish: in the next three months? in the next year? in the next 1-5 years or longer?
Goals continued
You will meet your basic needs
You will be able to meet your wants
You will be able to achieve your future dreams
LEARNING HOW TO PROPERLY HANDLE YOUR MONEY IS A HABIT DEVELOPED
OVER TIME, AND CAN LAST A LIFETIME!
7
What is Your Budget?
Practice Time: 8
This is Your Paycheck
Needs vs. Wants
Where are you going to live?
Mortgage = $1500/month
Room =$225/month
Apartment =$750/monthWith roommate =$425/month
How do you get where you need to be?
Paid $500Gas: $75/monthInsur: $50/month
Payment: $400/monthGas: $150/month Insur: $150/month
Fare = $90/month
Free. Though you may have to buy shoes more often.
Payment: $300/monthGas: $200/monthInsur: $100/month
Food Choices
Eating out:Breakfast: $5/dayLunch: $7/dayDinner: $12/day
Groceries for one person:$60/week
Bills, Bills, Bills
House: $75/monthApartment: $40/monthRoom: $25/month
House: $75/monthApartment: $40/monthRoom: $25/month
House: $20/monthApartment: $15/monthRoom: Free
Bills continued
$25/month
Triple Play -$150/monthDouble Play - $100/month
$75/month
$35/month
Unlimited - $100/month450 min - $55/month900 min - $75/month
The Extras
What’s Left?
Based on your expenses vs. income will you be able to save to accomplish your goals?
Where can you make cuts/sacrifices in order to be sure you have enough?
If an emergency arose (car breaks down, medical emergency, etc.) will you have money saved to cover it.