Budgeting and Setting Goals Personal Financial Advisor UNT in partnership with TEA, Copyright © All rights reserved.

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Budgeting and Setting Goals Personal Financial Advisor UNT in partnership with TEA, Copyright © All rights reserved.

History of Money Many, many years ago, people did not use money. They bartered, which means they traded things that they had (like milk from their cows or eggs from their chickens) for things that they needed. Today we use dollar bills and coins. 2 UNT in partnership with TEA, Copyright © All rights reserved.

Interest and Saving When you open a savings account at a bank, they will pay you money – called interest. You earn extra money just by saving money. 3 UNT in partnership with TEA, Copyright © All rights reserved.

So Why Do You Save $$? You save money to buy something you want that you cannot immediately afford. – iPhone or a digital camera Could you buy it another way? 4 UNT in partnership with TEA, Copyright © All rights reserved.

Credit…. Sure….you could put it on your credit card, but… Then, the bank charges YOU interest. 5 UNT in partnership with TEA, Copyright © All rights reserved.

iPhone example If you buy the iPhone for $299, the cost on your credit card will be $324 (due to tax). You HAVE to pay $18.92 every month. Take almost 4 years to pay off debt Owe extra $123 in interest. 6 UNT in partnership with TEA, Copyright © All rights reserved.

Do you think that is a good idea? 7 UNT in partnership with TEA, Copyright © All rights reserved.

Saving and Planning No one ever has enough money to buy everything they want. So you have to plan for purchases and save. – Have to determine “needs” and “wants” – Have to prioritize “wants” 8 UNT in partnership with TEA, Copyright © All rights reserved.

Needs and Wants Needs Goods or services that are necessary for living – food – clothing – shelter Wants Goods and services that are not necessary for living – toys – games – entertainment – designer jeans – candy 9 UNT in partnership with TEA, Copyright © All rights reserved.

Prioritize Your Wants Put your wants in order – Ask the following questions: Do I need this? If not, do I really want it? (will I still really want it tomorrow?) Is this something that I must buy now? Should I think about it some more? Will I use it (or wear it) a lot? or just once? – Could I borrow it from a friend to use just once? If I buy it now, will I have money left over to buy the things I need? 10 UNT in partnership with TEA, Copyright © All rights reserved.

Watch the Gimmees!!! Now, look at your #1 “Want.” You need to start saving for that. Don’t let the “Gimmees” get you!!! Ignore that little voice in your head that says “I WAAAANT it!!” You will keep more money in your pocket for something better or later. 11 UNT in partnership with TEA, Copyright © All rights reserved.

Short-Term and Long-Term Goals Short-Term Goals are things that you want in less than a year. Long-Term Goals are things that you want in about 10 years. Write down your #1 Short-Term Goal Write down your #1 Long-Term Goal 12 UNT in partnership with TEA, Copyright © All rights reserved.

What are Your Goals? What are your goals? – Draw them out and estimate how much they will cost. 13 UNT in partnership with TEA, Copyright © All rights reserved.

Now What? We Have – Needs – Wants – Goals How do you earn money? Write down how much money you earn in a week/month? Could you earn more? How will you divide your money among your needs, wants and goals? 14 UNT in partnership with TEA, Copyright © All rights reserved.

But remember….. Save some money (the amount is up to you) to spend now. Enjoy life, but save for your dreams and goals!!! 15 UNT in partnership with TEA, Copyright © All rights reserved.

Teacher Notes: In this game, the teacher is going to play the role of a Personal Financial Advisor to the client's) – the classroom. This is a very simplistic version of what a Personal Financial Advisor will do with a client; however, this is something that a student can employ in his/her daily life. The clients (aka the classroom) have a problem – they do not have enough money to buy all the things they want – house, a new car, fancy clothes, the brand new iPod Nano, etc. This is the main reason most people see a Personal Financial Advisor. The first thing you are going to do is explain the concept of savings and making a budget. You can use the PowerPoint presentation attached. Then, you will walk all your “clients” through an exercise in determining needs and wants and prioritizing them. Pass out to each student a form titled “Figuring Out Needs and Wants” after you discuss Slide #9. Then walk your students through the exercise…telling them to ignore (for right now) the column marked “Prioritize.” After everyone is done, introduce Slide #10, and then have the students prioritize their “Wants” on the “Figuring Out Needs and Wants” sheet. 16 UNT in partnership with TEA, Copyright © All rights reserved.