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FACS Unit 7 Home Management and Consumer Education.

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Presentation on theme: "FACS Unit 7 Home Management and Consumer Education."— Presentation transcript:

1 FACS Unit 7 Home Management and Consumer Education

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

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

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

5 Techniques for Managing Resources Make a list of things that need to be done Make a list of things that need to be done plan plan deal with items that have the highest priority deal with items that have the highest priority be prepared for each task be prepared for each task look ways to improve look ways to improve dont overload yourself dont overload yourself limit your commitments by learning how to say NO limit your commitments by learning how to say NO 7.5

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

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

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

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

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

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

12 Check-Writing Write clearly in ink Write clearly in ink Date the check the day it is written 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. 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 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 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 (cont) 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 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 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 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 Discount Store Specialty Stores Specialty Stores Department Stores Department Stores On-line On-line Catalog Catalog Outlet mall Outlet mall Resale shops Resale shops Yard sales Yard sales Thrift stores Thrift stores 7.13

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

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

19 Consumer Rights and Responsibilities RESPONSIBILITIES: To learn and use products safely according to the manufacturers directions. To learn and use products safely according to the manufacturers directions. To make wise choices. To make wise choices. To seek redress when a product fails to meet standards. 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. 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 FTC--Federal Trade Commission Better Business Bureau Better Business Bureau Arkansas Attorney General Arkansas Attorney General Consumer Product Safety Commission Consumer Product Safety Commission Certain Laws Certain Laws Truth In Lending Law Truth In Lending Law Lemon Laws Lemon Laws 7.17

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

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

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

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

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

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


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