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Home Management and Consumer Education

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1 Home Management and Consumer Education
FACS Unit 7 Home Management and Consumer Education

2 The Meaning of Management
The process of using available resources to meet goals. Enables person to organize and control certain aspects of their life Sign of maturity and enables one to achieve more 7.2

3 The Management Process
Define the problem focus on what needs to be done Gather information get reliable and accurate information Consider alternatives explore choices Evaluate consequences consider the possible results of each alternatives Make the decision make the best choice and act on it Evaluate the decision consider whether the choice was good or bad and why 7.3

4 Human and Material Resources
Human resources resources that come from people knowledge, skills, talents, creativity, health, education, time Material resources tangible items which help an person meet goals money, property, housing, possessions, schools, library, computers 7.4

5 Techniques for Managing Resources
Make a list of things that need to be done plan deal with items that have the highest priority be prepared for each task look ways to improve don’t overload yourself limit your commitments by learning how to say “NO” 7.5

6 Using a Computer to Manage
Financial management Education Accessing the Internet and on-line services Communication--faxes and Information research and management--word processing, spreadsheets, database Telecommuting--work at home using computers to communicate with employer Entertainment--games, hobbies 7.6

7 7.6.1 Plan ways to manage resources using a computer
Online banking Computerized checkbook Calendar

8 Needs vs. Wants Wants Needs
something a person would like, but does not need to survive new clothes, compact disc player Needs essential for survival food, air, water, shelter, security love, companionship 7.7

9 Dividends/Investments Inheritance/Gifts Retirement Social Security
Sources of Income Allowances Salary Interest Dividends/Investments Inheritance/Gifts Retirement Social Security 7.8

10 Developing a Financial Plan
Determine financial goals needs and wants need to be considered goals are established for the spending plan Estimate total income from all sources Estimate total expenses fixed and flexible expenses Compare total estimated income to total estimated expenses Revise plan if necessary Follow plan Evaluate plan 7.9

11 Basic Banking Services
Savings Checking On-line banking ATM--Automatic Teller Machine Loans Certificate of Deposit Notary Money Market Credit Card 7.10

12 Check-Writing Write clearly in ink
Date the check the day it is written After the words “Pay to the order of,” write the name of the person or company to whom you are paying the money. Write the amount of the payment in numerals, close to the dollar sign. Write the amount of the payment in words, following the amount of dollars write the word “and” for cents, ex. 50/100 or no/100 7.11

13 Check Writing (con’t) Draw in a line through the remaining space
Fill in the line marked “for” Sign your name exactly as you signed your signature card If a payment, write account number on check If an error is made, VOID the check and make a note of this Keep an accurate record by completing your check register at the time you write the check. 7.11

14 Reconciling Your Bank Statement
Compare all recorded expenditures and/or receipts to your bank statement Some may not have been returned or processed by the bank and these are known as “outstanding” checks Mark off the checks and deposits that have cleared the bank 7.12

15 Reconciling Your Bank Statement
1. Write the closing balance shown on the bank statement 2. List the deposits you have made that you have made that are not shown on your statement. 3. Add the amounts from steps 1 and 2, and write the total on line 3. 4. List by number and amount all outstanding checks. Add the amounts to find out the total and write on line 4. 5. Subtract line 4 from line 3. 6. The difference should match the balance shown in your checkbook. 7. Remember to check for charges for services by the bank. 7.12

16 Shopping Alternatives
Discount Store Specialty Stores Department Stores On-line Catalog Outlet mall Resale shops Yard sales Thrift stores 7.13

17 How Advertising Influences Choices
Bandwagon everyone is doing it Testimonial celebrities tell you they use it and you want to be just like them Propaganda flooding you with information to convince you that this is the right choice 7.14

18 Consumer Rights and Responsibilities
The right to safety. The right to be informed. The right to be heard. The right to choose. The right to redress. (to have a wrong corrected quickly and fairly) The right to consumer education. 7.15

19 Consumer Rights and Responsibilities
To learn and use products safely according to the manufacturer’s directions. To make wise choices. To seek redress when a product fails to meet standards. To save receipts, instructions, and guarantees to provide to manufacturers if needed when there is a problem. 7.15

20 Sources of Consumer Protection
FTC--Federal Trade Commission Better Business Bureau Arkansas Attorney General Consumer Product Safety Commission Certain Laws Truth In Lending Law Lemon Laws 7.17

21 Effective Shopping Skills
Consider wants, needs, and resources Gather information Do comparison shopping Be flexible Decide where to buy Evaluate sales and bargains Choose best time to buy Choose the best quality you can afford Consider how to pay Resist impulse buying 7.16

22 Advantages and Disadvantages of Credit
Pros freedom to buy when you want to helps build credit rating ability to purchase an item in times of crisis Cons have to repay in the future lowers future income (because of payments made for past purchases) can affect borrowing power in the future because of debt to income ratio 7.18

23 Income protection insurance
Types of Insurance Automobile Home Life TERM WHOLE Liability Health Income protection insurance 7.18

24 Reasons for Having Insurance
Protect your family from financial loss in case of death, fire, illness, or accident. To replace items damaged or lost 7.20

25 Occupations in Home Management and Consumer Education
Banking Credit Union Credit Counselor Tech writer for manufacturers Marketing Consumer Advocate 7.21

26 Personality traits needed to work in Management / Consumer Ed
Good math skills Good communicator Attention to detail Like to work with others Patience 7.22

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