1. NOTE: To change the image on this slide, select the picture and delete it. Then click the Pictures icon in the placeholder to insert your own image. FINANCIAL OBLIGATIONS THROUGHOUT THE FAMILY LIFE CYCLE Interpersonal Studies

2. Copyright Copyright © Texas Education Agency, 2013. These Materials are copyrighted © and trademarked ™ as the property of the Texas Education Agency (TEA) and may not be reproduced without the express written permission of TEA, except under the following conditions: 1) Texas public school districts, charter schools, and Education Service Centers may reproduce and use copies of the Materials and Related Materials for the districts’ and schools’ educational use without obtaining permission from TEA. 2) Residents of the state of Texas may reproduce and use copies of the Materials and Related Materials for individual personal use only, without obtaining written permission of TEA. 3) Any portion reproduced must be reproduced in its entirety and remain unedited, unaltered and unchanged in any way. 4) No monetary charge can be made for the reproduced materials or any document containing them; however, a reasonable charge to cover only the cost of reproduction and distribution may be charged. Private entities or persons located in Texas that are not Texas public school districts, Texas Education Service Centers, or Texas charter schools or any entity, whether public or private, educational or non-educational, located outside the state of Texas MUST obtain written approval from TEA and will be required to enter into a license agreement that may involve the payment of a licensing fee or a royalty. For information contact: Office of Copyrights, Trademarks, License Agreements, and Royalties, Texas Education Agency, 1701 N. Congress Ave., Austin, TX 78701-1494; phone 512-463-7004; email: copyrights@tea.state.tx.us.copyrights@tea.state.tx.us Copyright © Texas Education Agency, 2013. All rights reserved. 2

3. What are the Family Life Cycle Stages? Copyright © Texas Education Agency, 2013. All rights reserved. 3

4. Family Life-Cycle Stages Adjusting to married life Starting a home Making career decisions Completing education Beginning Planning arrival of baby Birth of children Parenting roles and responsibilities Adjustments to lifestyles Childbearing Adjustments to lifestyles and schedules Addition of more children Family life revolves around children Family health and safety Parenting Copyright © Texas Education Agency, 2013. All rights reserved. 4

5. Family Life-Cycle Stages Preparing for children to become independent Children leave home Adjusting to the “empty nest” Opportunities to reconnect with spouse Launching Parents refocus on their relationship Height of careers and earnings May become grandparents Health problems may be an issue Mid-Years Retirement Grandparenting Travel and hobbies Health problems Older Adult Copyright © Texas Education Agency, 2013. All rights reserved. 5

6. What are some financial obligations and opportunities throughout the family life cycle stages? Copyright © Texas Education Agency, 2013. All rights reserved. 6

7. Beginning Stage  Living expenses  Home furnishings  Education expenses  Loan repayments  Transportation (vehicle and insurance)  Savings Copyright © Texas Education Agency, 2013. All rights reserved. 7

8. Childbearing  Prenatal/birth/postnatal health care  Infant clothing and furnishings  Child care  Savings  Possible loss of one income Copyright © Texas Education Agency, 2013. All rights reserved. 8

9. The Cost of Raising a Child http://www.cnpp.usda.gov/calculatorintro.htm Copyright © Texas Education Agency, 2013. All rights reserved. 9 (click on poster)

10. Parenting ToddlerPreschooler School-AgeAdolescent  Child care equipment  Health care  Additional insurance  More housing space and furnishings  Monthly expenses increase  Savings  Fund for children’s education Copyright © Texas Education Agency, 2013. All rights reserved. 10

11. Launching  College or trade school expenses  Assistance to children in establishing independent living  Reevaluation of housing needs  Savings, IRAs Copyright © Texas Education Agency, 2013. All rights reserved. 11

12. Mid-Years  Travel and recreational opportunities  Care for aging parents  Gifts to children and grandchildren  Increased savings/investments for retirement Copyright © Texas Education Agency, 2013. All rights reserved. 12

13. Empty Nest Syndrome Copyright © Texas Education Agency, 2013. All rights reserved. 13 (click on picture)

14. Older Adult  Travel and recreational opportunities  Retirement costs  Health insurance  Health care Copyright © Texas Education Agency, 2013. All rights reserved. 14

15. Financial Considerations Financial DecisionsPriorities Copyright © Texas Education Agency, 2013. All rights reserved. 15

16. Questions? Copyright © Texas Education Agency, 2013. All rights reserved. 16

17. References and Resources Microsoft Clip Art: Used with permission from Microsoft. Textbooks:  Lowe, Ross. _Consumer Education and Economics_. 6th ed. N.p.: Glencoe/McGraw Hill, 2006. Print.  Madura, Jeff, Mike Casey, and Sherry J. Roberts. _The Financial Plan_. Personal Financial Literacy. Boston: Pearson, 2010. 23-29. Print. YouTube™: How to Cope with Empty Nest Syndrome Don't know what to do with yourself now that the kids are gone? Time to focus on you for a change. http://youtu.be/BPSphFM96mk Copyright © Texas Education Agency, 2013. All rights reserved. 17

18. References and Resources The Leading Practical Money Skill Site on the Net. Interactive games concerning budgeting, banking, credit and money management http://www.practicalmoneyskill.com/foreducators/lessonplans/highschool.php United States Department of Agriculture (USDA) Released its annual report; Expenditures on Children by Families, also known as the Cost of Raising a Child. http://www.cnpp.usda.gov/calculatorintro.htm United States Department of Labor "Saving Fitness: A Guide To Your Money and Your Financial Future" http://www.dol.gov/ebsa/pdf/savingsfitness.pdf Copyright © Texas Education Agency, 2013. All rights reserved. 18