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Real-Life Issues in Buying and Selling

Real-Life Issues in Buying and Selling. Lesson Overview. Shopping issues in daily life Renting an apartment Buying or leasing a car. Quick Write. What are three important factors a smart consumer considers before making a purchase? Write down your ideas and then share them with a friend.

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Real-Life Issues in Buying and Selling

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  1. Real-Life Issues in Buying and Selling

  2. Lesson Overview • Shopping issues in daily life • Renting an apartment • Buying or leasing a car Chapter 3, Lesson 3

  3. Quick Write What are three important factors a smart consumer considers before making a purchase? Write down your ideas and then share them with a friend. Chapter 3, Lesson 3 Photo courtesy of Clipart.com

  4. Shopping Issues in Daily Life • Studies show that the average person uses at least 15 products every morning before he or she even goes out the door! • These products include toothpaste, soap, shampoo, cereal, bread, juice, etc. Chapter 3, Lesson 3 Photo courtesy of Creatas

  5. Basic Grocery-Shopping Tips • Plan your meals and make a shopping list • Have a grocery store budget • Don’t go to the store hungry • Don’t buy on impulse • Buy raw foods instead of processed foods • Clip coupons Chapter 3, Lesson 3 Photo courtesy of Clipart.com

  6. Comparison Shopping • Smart shoppers don’t buy the first thing they see • Instead, they do comparisonshopping—comparing the prices and quality of different items to see which one is a better deal • Look for the unit price and the product expiration date Chapter 3, Lesson 3

  7. Tips for Buying Fruits & Vegetables • Buy produce when it’s in season • Buy certain items in bulk and store them in the refrigerator • Don’t be put off by appearance; for example, brown bananas sell at half-price, but they are still good • Buy oranges by their firm skin, not color Chapter 3, Lesson 3

  8. More Tips for Buying Fruits & Vegetables • Lemons are best when they’re slightly green on the ends • Wash and drain salad greens, then refrigerate in plastic container • Store strawberries in plastic basket they are sold in: the air circulates and keeps them firm Chapter 3, Lesson 3 Graphic courtesy of Clipart.com

  9. Tips for Buying Meat • A prime cut of beef is tender, juicy, and flavorful—it is the most expensive cut of beef • The most popular cuts of pork are ribs, roasts, and chops • The most popular cuts of lamb are leg, chops, rack, and loin • The main types of poultry are chicken and turkey • Fish that has passed NOAA inspection bears a special mark that may read “US Grade A,” “processed under federal inspection (PUFI),” or “lot inspection” Chapter 3, Lesson 3

  10. More Food Buying Tips • Canned and packaged goods have a long shelf life—stock up when these items are on sale • Dairy products include milk, a low-cost source of calcium • Always check the expiration date before buying eggs • Save money by buying cheese in blocks and slicing or grating it yourself • Frozen foods are popular, and many grocers regularly put them on sale Chapter 3, Lesson 3

  11. Tips for Buying Clothing • Don’t overspend: Think about gaps in your wardrobe • Buy pieces you can mix and match • Shop at discount stores • Buy clothing at the end of the season Chapter 3, Lesson 3 Photo courtesy of Clipart.com

  12. Spending on Entertainment • A lot of teenagers spend a good deal of their money on entertainment, such as movies, CDs, and video games • The key issue is budget: Decide how much you can afford to spend each month on entertainment, and then stick to it Chapter 3, Lesson 3 Photo courtesy of Clipart.com

  13. Renting an Apartment • Less expensive than buying over the short term • Good if you move around a lot • Can offer amenities such as tennis courts, pools, clubhouses, and laundry facilities Chapter 3, Lesson 3 Photo courtesy of Clipart.com

  14. What to Consider When Renting an Apartment • Explore the neighborhood • Check out safety, access to public transportation, shopping, libraries, etc. • What size apartment do you need? • Do you have pets? Chapter 3, Lesson 3 Photo courtesy of Clipart.com

  15. Rental Fees • Rental fees can range from a hundred dollars a month to thousands, depending on where you live and how fancy it is • Experts recommend you pay no more than 30% of your gross income, or income before taxes and deductions, on rent, gas, heat, and electricity Chapter 3, Lesson 3 Photo courtesy of Clipart.com

  16. How to Find an Apartment • Look at newspaper ads and check online • Call a real estate agent, who isa professional who helps people buy, sell, or rent homes and apartments • Find out information from tenants: • Does the landlord fix things promptly? • Does the landlord show up unannounced? Chapter 3, Lesson 3

  17. Apartment Leases • When you rent an apartment, you will have to sign a lease, or an agreement to pay rent and fulfill other obligations for a certain length of time • A lease is usually for one year, but can be for more and some do month to month • A lease is a legal document. Read it carefully! Chapter 3, Lesson 3

  18. Items Covered in a Lease • The amount of rent • The security deposit and utilities • The number of people who may live there • Where you can park your car • Responsibilities for maintenance of the apartment • A policy on pets Chapter 3, Lesson 3 Photo courtesy of Clipart.com

  19. Tips for Apartment Shopping • Don’t rush into anything! Make sure you’re happy • Know whether utilities are included in your rental rate: electricity, heat, gas, water • Make sure your monthly rent and utility expense total is no more than 30% of your gross income Chapter 3, Lesson 3

  20. More Apartment-Shopping Tips • Make sure you know what appliances come with the apartment • Most apartments are unfurnished • Calculate the costs of moving • Get a second opinion from a friend • If you’re concerned with safety, rent on the second floor or higher Chapter 3, Lesson 3

  21. What kind do you need? Be realistic How much can you afford? Spend no more than 20% of your net income Should you get a new or used car? If a used car, what condition is it in? What kind of insurance will you need? What kind of resale value will the car have? How much will repairs cost? What is the financing rate? Choosing a Car Chapter 3, Lesson 3

  22. Should You Lease or Buy? • You may not need a down payment if you lease • When you lease, you return the car to the dealer, so there is no need to worry about finding a buyer • But you don’t have equity, or ownership value in the car, and you will be responsible for maintenance costs Chapter 3, Lesson 3

  23. Review • When dealing with shopping issues in daily life, take the time to make lists, cut coupons, and comparison shop • When deciding to rent an apartment, consider location, rental fees, and the lease agreements Chapter 3, Lesson 3 Photo courtesy of Clipart.com

  24. Review • There are several advantages and disadvantages to consider when deciding whether to buy or lease a car • A good rule of thumb is to spend no more than 20% of your net income on your car Chapter 3, Lesson 3 Photo courtesy of Clipart.com

  25. Summary • Shopping issues in daily life • Renting an apartment • Buying or leasing a car Chapter 3, Lesson 3

  26. Next • Today we’ve learned about real-life issues in buying and selling • Next we’ll learn about managing your resources and avoiding the credit trap Chapter 3, Lesson 3 Photo courtesy of Clipart.com

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