NEFE High School Financial Planning Program Unit One

NEFE High School Financial Planning Program Unit One - Your Financial Plan: Where It All Begins Unit 1 - Your Financial Plan: Where It All Begins

NEFE High School Financial Planning Program Unit One - Your Financial Plan: Where It All Begins 3/14/12 BR – Describe the difference between a need and a want 1 -A

NEFE High School Financial Planning Program Unit One - Your Financial Plan: Where It All Begins The Five-Step Financial Planning Process 1 -B

NEFE High School Financial Planning Program Unit One - Your Financial Plan: Where It All Begins Sample Wants and Needs NEEDS • Food for breakfast • Clothes for school • Transportation to school or work • ______________ 1 -C WANTS • An i. POD • DVD Players • Cell Phone • Hot Car • ______________

NEFE High School Financial Planning Program Unit One - Your Financial Plan: Where It All Begins Values • • • Getting a good education Religious faith or beliefs Social causes Handling money responsibly Friendships / The people I hang out with • ____________________________ 1 -D

NEFE High School Financial Planning Program Unit One - Your Financial Plan: Where It All Begins Term Goals • SHORT-TERM GOALS – Within three months • INTERMEDIATE-TERM GOALS – Three months to a year • LONG-TERM GOALS – More than a year 1 -E

NEFE High School Financial Planning Program Unit One - Your Financial Plan: Where It All Begins Delayed Gratification • Saving money over time to make a major purchase. • Waiting to buy a new product until the price goes down. • Waiting to see the latest movie until the crowds get smaller and the lines shorter. • __________________________________ 1 -F

NEFE High School Financial Planning Program Unit One - Your Financial Plan: Where It All Begins S-M-A-R-T GOAL CRITERIA Specific Measurable Attainable Realistic Time-Limited 1 -G

NEFE High School Financial Planning Program Unit One - Your Financial Plan: Where It All Begins SMART Goals for lodging, transportation, meals Specific……. . “Pay for a 5 -day trip to Washington, D. C. ” through fundraising, $50 from Measurable… “$300 birthday money, save $25 a week. ” I stick to my plan, I’ll have the money Attainable…. . “Ifwhen I need it. ” “I still have enough money to live Realistic……. on while I work toward this goal. ” “I need to have all the money by 6 Time-Limited. . months from now. ” 1 -H

NEFE High School Financial Planning Program Unit One - Your Financial Plan: Where It All Begins Spending Record 1 -I $35. 00 $6. 00 $4. 00 $7. 00 $5. 00 $8. 00 $15. 00 $55. 00 $15. 00 $40. 00

Age Factors That Affect Needs Wants Decision Making What about you? Family Time Money Values 1 -J Habits Culture Society Motivation Education Attitudes

NEFE High School Financial Planning Program Unit One - Your Financial Plan: Where It All Begins Decision-Making Process Identify Your Goal Establish Criteria Weigh Pros and Cons Make a Decision Evaluate Results 1 -K

NEFE High School Financial Planning Program Unit One - Your Financial Plan: Where It All begins Decision Making and Financial Planning The Decision. Making Process Identify Your Goal Set Goals Establish Criteria Weigh Pros and Cons Make a Decision Evaluate Results 1 -L The Financial Planning Process Analyze Information Create a Plan Implement the Plan Monitor & Modify the Plan

NEFE High School Financial Planning Program Unit One - Your Financial Plan: Where It All Begins Know What You Want Identify Your Goal Establish Criteria Decide where to eat 1. 2. 3. 1 -M

NEFE High School Financial Planning Program Unit One - Your Financial Plan: Where It All Begins REALITY RESPONSIBILITY RESTRAINT 1 -N

NEFE High School Financial Planning Program Unit One - Your Financial Plan: Where It All Begins SAVING SPENDING SHARING 1 -O

NEFE High School Financial Planning Program Unit One - Your Financial Plan: Where It All Begins Unit 1: Your Financial Plan: Where it All Begins