7.17.2.G1 Wan ts Financial Literacy Nee ds Valu

7.17.2.G1 Wan ts Financial Literacy Nee ds Valu

7.17.2.G1 Wan ts Financial Literacy Nee ds Valu es VALUES, NEEDS, WANTS, AND GOAL SETTING ESSENTIALS Family Economics & Financial Education September 2010 The Essentials to Take Charge of Your Finances Values, Needs, Wants, and Goal Setting Essentials Slide 1 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona Goal s 7.17.2.G1 Wan ts WHAT IS A VALUE? Nee ds Valu es

Goal s A value is a fundamental belief or practice about what is desirable, worthwhile, and important to an individual What are examples of values? Financial security Good health Family Religious commitment Helping others Honesty Education A successful and/or satisfying career Family Economics & Financial Education September 2010 The Essentials to Take Charge of Your Finances Values, Needs, Wants, and Goal Setting Essentials Slide 2 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona 7.17.2.G1 Wan ts

VALUES Nee ds Life Experiences Are your values the same as the person sitting next to you? Law Valu es Goal s Family Friends What influences a persons values? Media Work/ Career Teachers Religious affiliations

Family Economics & Financial Education September 2010 The Essentials to Take Charge of Your Finances Values, Needs, Wants, and Goal Setting Essentials Slide 3 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona 7.17.2.G1 Wan ts VALUES Nee ds Values guide a persons needs, wants, and goals Values, needs, wants, and goals influence a persons daily decisions Valu es Wa nts Nee ds Val ues Goa ls Decisions affect an individuals financial situation

because we make financial decisions based on what we feel is important (our values), or perceive as a want or a need Family Economics & Financial Education September 2010 The Essentials to Take Charge of Your Finances Values, Needs, Wants, and Goal Setting Essentials Slide 4 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona Goal s 7.17.2.G1 Wan ts IMAGINE Nee ds Valu es What would the world be like if everyone had the same values? Family Economics & Financial Education September 2010 The Essentials to Take Charge of Your Finances Values, Needs, Wants, and Goal Setting Essentials Slide 5 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona Goal s

7.17.2.G1 Wan ts NEEDS vs. WANTS Nee ds A need is something thought to be a necessity or essential items required for life Examples of needs: Food Water Shelter A want is something unnecessary but desired or items which increase the quality of living Examples of wants: Car stereo MP3 player Designer clothes Valu es Family Economics & Financial Education September 2010 The Essentials to Take Charge of Your Finances Values, Needs, Wants, and Goal Setting Essentials Slide 6

Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona Goal s 7.17.2.G1 Wan ts NEED OR WANT? YOU DECIDE! Clothing Going to the movies Going out to eat A place to live Nee ds Valu es A computer Owning an MP3 player Cell phone Owning a vacation home Food Everyone has different interpretations

A car/truck of needs and wants. This is based on their personal values! Family Economics & Financial Education September 2010 The Essentials to Take Charge of Your Finances Values, Needs, Wants, and Goal Setting Essentials Slide 7 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona Goal s 7.17.2.G1 Wan ts WHAT IS A GOAL? Nee ds Valu es A goal is defined as the end result of something a person intends to acquire, achieve, do, reach, or accomplish sometime in the near or distant future Identifying goals makes decision making easier Family Economics & Financial Education September 2010 The Essentials to Take Charge of Your Finances Values, Needs, Wants, and Goal Setting Essentials Slide 8 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University

of Arizona Goal s HOW DO VALUES, NEEDS, WANTS AND GOALS RELATE TO FINANCIAL DECISIONS? Want s Nee ds Valu es Decisions 7.17.2.G1 Wan ts Nee ds Valu es Goal s Financial

Decisions Goal s Family Economics & Financial Education September 2010 The Essentials to Take Charge of Your Finances Values, Needs, Wants, and Goal Setting Essentials Slide 9 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona 7.17.2.G1 Wan ts TYPES OF GOALS Nee ds Financial goals are specific objectives to be accomplished through financial planning Valu es Education goals enable individuals to prepare for future success in the workplace Goal s

Short-term goals can be accomplished in less than one year Long-term goals are specified as taking more than one year to accomplish Family Economics & Financial Education September 2010 The Essentials to Take Charge of Your Finances Values, Needs, Wants, and Goal Setting Essentials Slide 10 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona Goal s 7.17.2.G1 Wan ts SMART GOALS Nee ds Valu es Goal s Financial and education goals should be SMART goals SMART

Goals 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 Family Economics & Financial Education September 2010 The Essentials to Take Charge of Your Finances Values, Needs, Wants, and Goal Setting Essentials Slide 11 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

7.17.2.G1 Wan ts SMART FINANCIAL GOAL Nee ds Valu es Goal I want to buy a new car SMART goal Specific I plan to save for a down payment on a new car Measurable I plan to save $5,000 for a down payment on a new car Attainable I plan to save $5,000 for a down payment on a new car by saving $200 from every paycheck Realistic It is realistic to save $200 from each paycheck for a down payment on a car because I usually waste the money on unnecessary items instead of saving it Time Bound I plan to save $5,000 for a down payment on a new car by saving $200 from each paycheck for two years. Family Economics & Financial Education September 2010 The Essentials to Take Charge of Your Finances Values, Needs, Wants, and Goal Setting Essentials Slide 12 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona Goal s 7.17.2.G1

Wan ts WHAT IS MISSING? Nee ds Valu es Goal s Find the missing SMART goal element (specific, measurable, attainable, realistic, or time bound) for each of the following financial goals Financial Goal #1 I plan to save $5,000 for college living expenses in four years. Attainable How are you going to reach the goal? Family Economics & Financial Education September 2010 The Essentials to Take Charge of Your Finances Values, Needs, Wants, and Goal Setting Essentials Slide 13 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona 7.17.2.G1 Wan ts WHAT IS MISSING? Nee

ds Valu es Goal s Financial Goal #2 I plan to save for a new computer by saving $150 each month for one year. Measurable What is the total you want to save? Family Economics & Financial Education September 2010 The Essentials to Take Charge of Your Finances Values, Needs, Wants, and Goal Setting Essentials Slide 14 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona 7.17.2.G1 Wan ts WHAT IS MISSING? Nee ds Valu es Financial Goal #3 I plan to save $2,500 by saving $105 each month for 2 years.

Specific What are you saving the money for? Family Economics & Financial Education September 2010 The Essentials to Take Charge of Your Finances Values, Needs, Wants, and Goal Setting Essentials Slide 15 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona Goal s 7.17.2.G1 Wan ts WHAT IS MISSING? Nee ds Valu es Financial Goal #4 I plan to save $1,500 to buy a used car by saving $75 from each paycheck. Time Bound When will the goal be reached? Family Economics & Financial Education September 2010 The Essentials to Take Charge of Your Finances Values, Needs, Wants, and Goal Setting Essentials Slide 16 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona Goal s

7.17.2.G1 Wan ts WHAT IS MISSING? Nee ds Valu es Goal s Financial Goal #5 I plan to save $2,000 to pay for a new computer by saving my whole paycheck for the next 6 months. Realistic It is not realistic to save your whole paycheck Family Economics & Financial Education September 2010 The Essentials to Take Charge of Your Finances Values, Needs, Wants, and Goal Setting Essentials Slide 17 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona 7.17.2.G1 WHY IS IMPORTANT TO WRITE SMART GOALS? Wan ts

Nee ds Valu es Practice writing SMART goals! Family Economics & Financial Education September 2010 The Essentials to Take Charge of Your Finances Values, Needs, Wants, and Goal Setting Essentials Slide 18 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona Goal s 7.17.2.G1 Wan ts SUMMARY Nee ds A value is a fundamental belief or practice about what is desirable, worthwhile, and important to an individual A need is something thought to be a necessity or essential item required for life. Examples include food, water, and shelter A want is something unnecessary but desired or items which increase the quality

of living A goal is defined as the end result of something a person intends to acquire, achieve, do, reach, or accomplish Valu es Goal s Wan ts Nee ds Valu es Goal s Family Economics & Financial Education September 2010 The Essentials to Take Charge of Your Finances Values, Needs, Wants, and Goal Setting Essentials Slide 19 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona 7.17.2.G1 Wan ts SUMMARY Nee

ds Valu es Goal s Values guide a persons needs, wants and goals This influences a persons daily decisions, which may affect their financial situation because we spend money on things we value Goals should be written down as SMART goals Specific, measurable, attainable, realistic, and time bound Family Economics & Financial Education September 2010 The Essentials to Take Charge of Your Finances Values, Needs, Wants, and Goal Setting Essentials Slide 20 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

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