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GOOD $ ENSE: MONEY MANAGEMENT FOR THE INDEPENDENT TEEN

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?.

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GOOD $ ENSE: MONEY MANAGEMENT FOR THE INDEPENDENT TEEN

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  1. GOOD $ENSE: MONEY MANAGEMENT FOR THE INDEPENDENT TEEN

  2. 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

  3. How Do You Decide Your Money Goals? • Needs vs. Wants • Values • Goals

  4. Needs vs. Wants Maslow’s Hierarchy of Needs

  5. Your Values Religion Winning Sharing Convenience Caring Excitement Family Environment Hard work Music Money Sports Education Truth Sex Community Arts Leisure Freedom Play Love Security Friendship Fun Prestige Safety Health Beauty Ownership

  6. 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?

  7. 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!

  8. What is Your Budget? Practice Time:

  9. This is Your Paycheck

  10. Needs vs. Wants

  11. Where are you going to live? Mortgage = $1500/month Room =$225/month Apartment =$750/month With roommate =$425/month

  12. How do you get where you need to be? Payment: $300/month Gas: $200/month Insur: $100/month Payment: $400/month Gas: $150/month Insur: $150/month Paid $500 Gas: $75/month Insur: $50/month Fare = $90/month Free. Though you may have to buy shoes more often.

  13. Food Choices Eating out: Breakfast: $5/day Lunch: $7/day Dinner: $12/day Groceries for one person: $60/week

  14. Bills, Bills, Bills House: $75/month Apartment: $40/month Room: $25/month House: $20/month Apartment: $15/month Room: Free House: $75/month Apartment: $40/month Room: $25/month

  15. Bills continued Unlimited - $100/month 450 min - $55/month 900 min - $75/month $25/month $75/month Triple Play -$150/month Double Play - $100/month $35/month

  16. The Extras

  17. 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.

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