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Money Impacts Every Part of Life: Managing Finances and Setting Goals

Learn about the impact of money on various aspects of life and how to manage your finances effectively. Discover the difference between wants and needs, avoid impulse shopping, and set financial goals. Understand the importance of budgeting, savings, and retirement plans. Get tips on living within your means, paying bills on time, and avoiding debt. Access useful budgeting tools and resources. Start building your financial skills today!

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Money Impacts Every Part of Life: Managing Finances and Setting Goals

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  1. Money Impacts Every Part of Life • Influences decisions • Where you live • What kind of car you drive • How you spend your free time • The job or career you have

  2. Wants & Needs What’s the difference?

  3. What is Impulse Shopping? What are examples of impulse shopping?

  4. Examples of Impulse Shopping? • End cap or checkout lane items • Sale items • Novelty items

  5. What makes us impulsive?

  6. Root of Impulse Shopping • Marketing • Novelty or Emotional Response • Hunger • On Sale/BOGO

  7. Financial Goals Can Be Large or Small • Going to dinner tomorrow night • Buying a new iPhone next month • Purchasing a used car in a year • Owning a home after college

  8. Set Financial Goals • Identify and write down specific goals • Set a deadline • Create a plan of action • Take action • Don’t give up

  9. What Are Your Goals?

  10. What is a Budget?

  11. What is a Budget? A budget helps you control your money so your money doesn’t control you.

  12. Budget • A tool for controlling your finances • A budget can help you • Stay out of financial trouble • Know if you’re spending too much • Avoid impulse spending • Achieve financial and savings goals • Prepare for emergency situations • Manage your student loan obligations

  13. What Goes into a Budget?

  14. Budget • Income • Paychecks • Reimbursements/Cash GIfts • Expenses • Monthly bills/Expected Spending • Goals • General Savings • Specific Goal Savings

  15. Monthly In-School Budget Activity • Leslie is a full-time student in her first year at college. • She lives in a residence hall on campus • Meal plan covers 10 meals per week. • Her financial aid helps pay for her education and some living expenses. • Leslie has tracked her income and expenses for the last month. Complete the budget worksheet to find out if Leslie is making smart spending decisions.

  16. Budget Work Sheet • Use the financial cards to complete Leslie’s budget sheet • If an item doesn’t apply, leave it blank

  17. Budget Work Sheet

  18. Budget Work Sheet

  19. Understand Savings • Before you pay everyone else, make sure you pay yourself! • Savings Plans • Savings account • Investments • Retirement

  20. Savings

  21. Savings/Retirement Plans • Personal Savings/Emergency Fund • IRA (Individual Retirement Accounts) • 401(k) Plans • SEP (Simplified Employee Pension Plan) • IPERS (Iowa Public Employees’ Retirement System) • Pension Plans

  22. It Pays to Start Early • Emily - $200 per month with 6% return at 25 • Dave - $200 per month with 6% return at 35 • Both add $200 per month until 65 • Emily has contributed $96,000 • Dave has contributed $72,000 • Emily Account Total - $402,492 • Dave Account Total - $203,118

  23. Avoid Budget Killers • Cut back on small expenses to save big over time

  24. Monthly In-School Budget Activity • Setup personal budget • Consider • Income • Expenses • Goals • Live Within Your Means

  25. Learn to use a budget • Determine if an expense is a want or a need • Live within your means • Make saving money a habit • Use a checking account to track spending

  26. Pay your bills on time • Don’t miss a payment • Keep debt to a minimum • Avoid opening multiple credit cards • Protect your identity

  27. Wants & Needs What’s the difference?

  28. Pros & Cons of Budgeting?

  29. Budgeting Tools • Excel • Online checking/savings • www.Mint.com • www.Everydollar.com

  30. Tip of the Week Video • Senior Year Alerts • Career & College Corner Blog • Social Media

  31. Set financial goals • Learn to use a budget • Keep student loan borrowing to a minimum • Understand how a credit card works • Be careful with your credit • Protect your money Know the Skills! (877) 272-4692 www.ICANsucceed.org

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