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Understanding Financial Values: Family, Work, and Self-Reliance

Values strongly influence spending habits. Family, friends, work, honesty, self-reliance, and religion shape our financial decisions. Learn the importance of distinguishing between needs and wants in managing finances effectively.

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Understanding Financial Values: Family, Work, and Self-Reliance

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  1. Values, Wants and Needs

  2. Values strongly influence our spending habits. We don’t usually spend our money on things we do not feel are important. Typically, the more important something is, the more we are willing to spend on it.

  3. Values Family Friends Work Honesty Self Reliance Independence Religion The beliefs and practices in your life that are very important to you. ** Financial Values Inventory

  4. Scarcity “Scarcity is an economic principle stating that because of limited resources, an economic system cannot possibly produce all the goods and services that people want; therefore, choices must be made about how the limited resources will be used.” -Consumer Economics & Education, Glencoe, 2003

  5. NEEDS vs WANTS NEEDS Essentials…the basics of life Food Clothing Shelter

  6. NEEDS vs WANTS WANTS Simply increase the quality of living

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