Chapter 7 Bargain Shopping Unit 3 Financial Planning

Chapter 7: Bargain Shopping Unit 3: Financial Planning and Insurance

Explore Examine the charts, graphics, and reading excerpts in Chapter 7: Bargain Shopping. o Make a list of questions you would like to have answered as we go through the chapter.

Introduction WB: Before You Begin, pgs. 144 -145 o Review the Learning Outcome objectives and Key Terms o Complete the “Before” column on the “Measure Your Progress” chart Journal: 1. Explain the best deal you’ve ever negotiated.

Bargain Shopping: Part of a Healthy Financial Section 1 Plan

It’s Okay to Want a Better Deal Video 1. 1 (7 minutes): It’s okay to want a better deal Journal: 1. Why do you think it’s so uncommon for people in our culture to negotiate? Read: The benefits of being a wise consumer (p. 147)

Discussion Questions How can shopping for bargains help you win with money? o Spending less on purchases allows you to save more money and should be a part of your healthy financial plan. How do you show integrity in negotiating a deal? o In no way misrepresent the truth o Do not set out to harm the other party o Work to create a win-win deal. What is the first key to getting a huge bargain? o Learn to negotiate!

The Seven Basic Rules of Negotiating Section 2

Negotiate With Integrity Video 2. 1 (12 minutes): Negotiate With Integrity Journal: 1. Explain why it is not necessary to purchase product replacement warranties.

Activity Activity: o Food for Thought (30 minutes)

Know How to Score a Good Deal Video 2. 2 (15 minutes): Know how to score a good deal Journal: 1. Explain how you can get a better deal on something using cash rather than credit.

Discussion Questions Explain how using cash can increase your power of negotiation. o Cash is emotional, visual and has immediacy which can contribute to negotiating a better deal. How can you use “walk-away” power in your negotiation? o If you keep from getting emotionally attached to a purchase, you can always walk away if you are not able to get the deal you’re looking for.

Know How to Score a Good Deal Video 2. 3 (10 minutes): Know how to score a good deal Journal: 1. Explain why silence is powerful when negotiating a deal.

Discussion Questions Why is it important to know when to stop talking when negotiating a good deal? o As the buyer, it’s not your job to come up with the price. You should let the seller work for your business. o Silence is a powerful negotiating tool as it puts the seller on the spot to win your business with a great offer.

Seal the Deal Video 2. 4 (7 minutes): Seal the Deal Journal: 1. Why is bargain shopping an important part of a healthy financial plan?

Discussion Questions What are three keys for getting bargains? o Negotiation, patience, and knowing where to find good deals. Where have you had the most success at finding great deals? Explain how the “If I” take-away technique works. o You and the seller agree to a price, but then throw something else into the deal.

Activity Activity: o The Seven Basics of Negotiating (10 minutes)

Places to Find Great Deals Section 3

Where to Find Great Deals Video 3. 1 (11 minutes): Where to find great deals Read: o How to Help Stretch Your Hard Earned Money (p. 155) Journal: 1. Have you ever used social media to get a great deal on something?

Name the Price Mrs. Mc. Clellan needed a new entertainment center. So she went to find a deal! Spot the problems. Estimate the cost for a solid pine cabinet with shelves. Was it worth the price?

Discussion Questions What are some ways that you can make your money go farther? o Negotiate, know where to find good deals, buy off-brands, comparison shop, buy slightly outdated technology, shop at the end of the season, etc. What are some alternatives to shopping at a typical store? o Garage sales, pawn shops, online auctions, etc. What is, typically, the motive of private sellers? o Unlike commercial sellers, they aren’t trying to make a profit. o Instead, they are trying to get some money out of stuff they no longer need.

Activity Activity: o Double Discounts (20 minutes) o Computing Discounts (20 minutes) o Bargain Shopping (20 minutes)

Chapter Summary Budget Builder – foundations. U. com/7 Take Action Challenge, pg. 157 Study Guide: Money in Review, pgs. 158 -159 Complete the “After” column on the “Measure Your Progress” chart, pg. 145.