Financial Goal Review

Financial Goal Review

Objective

We will discover the importance of money management.

Multiple Choice

True or False. Money management is the processes of budgeting, saving, investing, spending, or otherwise keeping a close eye on your money.

• True

• False

Financial Decision Making Process

• Identify the decision to be made

• Consider all possible options

  
  

• Identify the pros and cons of each option

• Select the best option

• Make a plan of action

• Reflect on if the decision was the right decision

Multiple Choice

It is one month before your Sweet 16 and your mom is going to give you $3,000 to spend on either a car or a birthday party. Identify the decision being made

• How will you spend the $3,000

• What kind of car do you want?

• Location of your birthday party

Multiple Select

It is one month before your Sweet 16 and your mom is going to give you $3,000 to spend on either a car or a birthday party. Select all possible options.

• Buy a new car

• Keep the money

• Have a 16th birthday party

Multiple Select

It is one month before your Sweet 16 and your mom is going to give you $3,000 to spend on either a car or a birthday party. What are the pros and cons.

• You won't need transportation anymore from your parents

• You get to create memories with your friends

• How will you pay for car maintenance

Fill in the Blank

Select the best options. TYPE EITHER NEW CAR OR BIRTHDAY PARTY

Spending Goal Process

• Step 1: What is your goal? 

  Step 2: What is the target date for reaching your goal? 

  Step 3: What is the estimated cost? 

  Step 4: Can you cut back on spending to put toward your goal? 

  Step 5: Can you increase income to put money toward your goal?

  Step 6: How much money will you need to save monthly?

  
  

Spending Goal Scenario

I am starting my senior year (August 2020) and I am planning to take graduation pictures May 2021. For one photo I want to wear a grill. The grill is going to cost $4,500. During this year I will go to football games, senior events, and visit college campuses.

Multiple Choice

I am starting my senior year (August 2020) and I am planning to take graduation pictures May 2021. For one photo I want to wear a grill. The grill is going to cost $4,500. During this year I will go to football games, senior events, and visit college campuses. What is the goal?

• Take senior pictures

• Buy a grill

Multiple Choice

I am starting my senior year (August 2020) and I am planning to take graduation pictures May 2021. For one photo I want to wear a grill. The grill is going to cost $4,500. During this year I will go to football games, senior events, and visit college campuses. What is the target date?

• August 2020

• May 2021

Multiple Choice

I am starting my senior year (August 2020) and I am planning to take graduation pictures May 2021. For one photo I want to wear a grill. The grill is going to cost $4,500. During this year I will go to football games, senior events, and visit college campuses. What is the estimated cost?

• $4,500

• $450/per month

Multiple Choice

I am starting my senior year (August 2020) and I am planning to take graduation pictures May 2021. For one photo I want to wear a grill. The grill is going to cost $4,500. During this year I will go to football games, senior events, and visit college campuses. What can you cut back on to save more?

• Not going to football games or senior events

• Avoid going to college campuses

Multiple Select

I am starting my senior year (August 2020) and I am planning to take graduation pictures May 2021. For one photo I want to wear a grill. The grill is going to cost $4,500. During this year I will go to football games, senior events, and visit college campuses. How can I increase my income?

• Get a job

• Ask for an allowance

Multiple Choice

I am starting my senior year (August 2020) and I am planning to take graduation pictures May 2021. For one photo I want to wear a grill. The grill is going to cost $4,500. During this year I will go to football games, senior events, and visit college campuses. How much do you need to save per month? ESTIMATED COST divided by the number of month= Monthly Savings Plan

• $450

• $400

Budgeting

• A budget is a plan for spending and saving money. 

  
  

• A budget is determined by your MONTHLY INCOME

Multiple Select

What are the three categories of a budget

• Necessities

• Wants

• Needs

• Savings

Multiple Choice

What percentage do you spend on Necessities?

• 50%

• 30%

• 20%

Multiple Choice

What percentage do you spend on Wants?

• 50%

• 30%

• 20%

Multiple Choice

Your monthly income is $5700. How much should you add to your savings budget?

• $1,140

• $5850

• $2850

Multiple Choice

Your monthly income is $5700. How much should you add to your necessities budget?

• $1,140

• $5850

• $2850

Multiple Choice

Your bi-weekly paycheck is $825. What is your monthly income?

• $412.50

• $1,650

Multiple Choice

Your bi-weekly paycheck is $825. How much should you spend on your wants budget?

• $412.50

• $495

Multiple Choice

True or False. Expense is coming in. Income is going out.

• True

• False