Money Management Strategies: Setting Goals, Budgeting, and Saving Tips
Explore the foundations of money, including setting long-term goals, budgeting regardless of income, and choosing the right financial products. Today's lesson delves into making wise money choices, managing finances effectively, and selecting suitable money tools. Engage in discussions, exercises, and reflections to enhance your financial decision-making skills.
Download Presentation
Please find below an Image/Link to download the presentation.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author. If you encounter any issues during the download, it is possible that the publisher has removed the file from their server.
You are allowed to download the files provided on this website for personal or commercial use, subject to the condition that they are used lawfully. All files are the property of their respective owners.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author.
E N D
Presentation Transcript
Foundations of Money Extra Lessons and Discussion Questions Educator Toolkit
Foundations of Money How do you 1. Set long-term money goals when you also have short-term needs? 2. Budget and save money no matter how much you make? 3. Decide which accounts and products are right for you and what you need?
Todays Lesson Using your money today and tomorrow 1. Money Goals: How to make the best choices with your money (not the right ones). 2. Money Management: How to figure out a budget style that works for your life and your goals. 3. Money Tools: How to shop around for the right account and products based on how you like to use money.
1. Money Goals: Review REVIEW AND DISCUSS FOUNDATIONS OF MONEY SECTION 1: PICK WHAT MATTERS Set SMART Goals: Specific, Measurable, Achievable, Relevant, Time-Bound Know the difference between short-term vs. long-term money goals: Needs and wants today vs. later
1. Money Goals: Discuss Q: What do I want with my money? Brainstorm: What would you do with an extra $1,000? Reflect and Discuss: What s one thing you d like to do with your money in next year? Is it the same or different as what you dreamed of when you were given $1,000? Why? Plan and Write: What would you have to do each month to get to that goal? Each week? Write it down.
1. Money Goals: Exercise Q: Is this choice getting me closer to what I want? Write: Write down your goal at the center of your paper. Draw: Draw a line across your piece of paper; on the left side of your goal draw (-) and on the right draw (+). - + YOUR GOAL
1. Money Goals: Exercise Q: Is this choice getting me closer to what I want? Brainstorm: What financial choices come up in a typical week? Where would they fall on this chart? Do they subtract or add a lot or a little to your goal? Brainstorm and map as many choices as possible. - + YOUR GOAL
1. Money Goals: Exercise Q: Is this choice getting me closer to what I want? Reflect and Discuss: How do small choices in a week affect your bigger goals? How do you balance out some of your choices to keep yourself on track? How do you keep on track with your goal while still living life? - + YOUR GOAL
2. Money Management: Review REVIEW AND DISCUSS FOUNDATIONS OF MONEY SECTION 2: PLAN TO MAKE IT HAPPEN Create a spending plan: Know your income; figure out your fixed expenses; set your savings goals; calculate what you ve got left; track, test, and adjust. Determine how budgeting can help you. Come up with a budget that works for you.
2. Money Management: Discuss Q: Why don t budgets work? Discuss: Why don t we budget, even if it s good for us? Brainstorm: Imagine you have to help your 5-year-old neighbor save his allowance so he can buy a big toy. What would you do? How would you make it fun and exciting? Why should he budget his money, even when he doesn t have that much? Reflect: What are all the creative ways someone could budget? (e.g. cash, envelopes, spreadsheet, software)
2. Money Management: Exercise Q What budgeting method works for me? Plan and Write: Pick one of the budgeting strategies from before. Pretend you re using this for a month. What would you have to do each day or each week to make sure you kept your budget up-to-date? How would you stay motivated and committed to this budget? Write it down. Share: Share your budgeting strategy with the class.
3. Money Tools: Review REVIEW AND DISCUSS FOUNDATIONS OF MONEY SECTION 3: PUT IT INTO ACTION Compare account types: Savings, checking, CD, etc. Compare payment types: Debit, credit, check, etc. Be cautious of costly alternatives: Payday loans, check cashing, prepaid cards, etc.
3. Money Tools: Discuss Q: What kind of accounts and products do I need? Brainstorm: What kinds of bank accounts or financial products do you use? Discuss: Why did you choose those accounts and products? What do you like about them? What don t you like about them? Write down the pros and cons of each type of account or product.
3. Money Tools: Exercise Q: How do I choose what s best for me? Reflect and Write: Imagine a friend was coming to the U.S. for the first time and she d never used a bank account or a financial product before. What would you tell her to do? How would you help her decide which accounts or products to get? Write it down. Share: Share your reflection with the class. Discuss: How would you help yourself make the same good choices? What tools might you change now?
Take Action Write down your goals: Keep this somewhere special to remind yourself(your goal and the cost of the goal). Pick a spending plan strategy: a. Classic Spending Plan b. Envelope System c. Debit Card System d. Getting to Zero e. Open Spending System
Take Action Decide what type of account you want: Checking, Savings, CD, Money Market, Online Accounts, etc. Choose the right payment type for your situation and determine how it will help you and what it will cost you: Cash, debit, credit, online payments, and alternative payments
Wrap-up Using your money today and tomorrow 1. Money Goals: There s no right choice with your money; make the best possible choice with your money based on your goals and needs. 2. Money Management: Pick a budgeting style that works best for you. And even more important is to pick the right motivation! 3. Money Tools: Shop around for what works best for you. You may use different tools in different situations.
