What Do You Value?

Your Values and Money

Source: Smart About Money

​Participate and Take Notes

Review the lesson and answer all questions. Take notes, as you will take a quiz on this material. Answer all questions using clear concise answers with complete thoughts using proper grammar, punctuation, and spelling to ensure you receive full credit for your answers.

Objectives

​At the end of the lesson, you should be able to:

• Practice making financial decisions 

• Reflect on your personal values and how they can influence their financial decisions 

• Explore how values differ from person to person

What shapes our financial behaviors?

What you will want in your financial future and what you need to feel financially secure depends on your values. Let's play a fun activity to get in the right frame of mind.

Your Values and Money

MOVE Your Money Values

​Activity Directions

1. You will see a prompt on each slide

2. Decide whether you strongly agree, agree, disagree, or strongly disagree. 

3. Move to the sign that matches your decision

4. You should respond to the prompts based on your own personal values, feelings, and/or experiences, rather than guessing the “correct” answer. 

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Open Ended

What emotional reactions do you have when thinking or talking about money?

Open Ended

So far, who specifically have you learned the most from about managing money?

Open Ended

What is the first thing you do when you earn or receive money?

Bean Game Part 1 (12 minutes)

​Congratulations you have 20 beans!

• Start by writing your name and period at the top of your handout.

• Your beans represent the income your are receiving from your first job.

• Decide how you will spend your beans by shading in all the beans next to each decision you make on your bean map.

• When you are done distributing your beans, answer the part 1 questions.

• Make sure to be specific when discussing the similarities and differences between you decision and your neighbor decisions

Update your bean map to include the 2 more shaded beans. (22 in total)

​Spend those beans.

You just received a raise at your job which gives you 2 more beans!

​Great news!

Bean Game Part II (3 minutes)

Update your bean map by reducing the amount of shaded beans to 15 in total.

​Decision time!

You just lost your job. You will get a new one, but your loss of income will cost you 7 beans in the meantime.

​Bad news!

Bean Game Part II (5 minutes)

Bean Game Part II (3 minutes)

​Answer the Part II questions

• Answer questions #4-6.

• Make sure to be specific when discussing similarities and differences with your neighbor.

​How did you spend your beans?

The decisions you made in the Bean Game were driven by your personal values and beliefs.

​What do you value?

Research from SAM’s LifeValues Quiz identifies four categories of values that drive financial behaviors: inner values, social values, physical values and financial values.

Inner Values

​Overview

Our personal identity (how we see ourselves) and our social identity (how we believe others see us)

• Control over goals and priorities

• Need for personal space

• Preference for working alone or with others

• Outer success vs. inner contentment

• Sense of purpose and meaning in life

• Desire to worship (or not)

• Need for safety and security

• Desire for freedom and independence

​Areas of Influence

Inner Values

Open Ended

In which of the areas of influence listed on the previous slide do you think your Inner Value currently has the most impact? Explain.

Inner Values

​Effect on Money Habits

• Strong inner values translate to trusting one’s gut or following the inner voice, which can give the person the resourcefulness to overcome a sudden money crunch.

• Strong feelings of autonomy and security help us feel in charge of our lives, which can translate to more confidence in financial transactions.

Poll

For the Inner Value, which of the effects on money habits do you relate to? Choose all that apply.

• My strong inner values translate to trusting my gut or following my inner voice, which can give me the resourcefulness to overcome a sudden money crunch.

• My strong feelings of autonomy and security help me feel in charge of my life, which translates to more confidence in my financial transactions

• Neither

Social Values

​Overview

• Our desire for belonging and relatedness with our family members, neighbors, friends, coworkers and communities

• Includes organizations with which we identify (e.g., clubs, sports teams, schools, professional groups)

• Budgeting jointly and sharing expenses

• Feeling of relatedness to political parties and representatives

• Social justice and civil rights

• Desire to be alone or with others

• Providing for others in formal and informal ways

• Charitable giving and public service work

​Areas of Influence

Social Values

Open Ended

In which of the areas of influence listed on the previous slide do you think your Social Value currently has the most impact? Explain.

Social Values

​Effect on Money Habits

• How we handle money is, in part, tied up in our unique family histories.

• Habits and cultural preferences we learn early from our families and other social relationships influence later money habits.

• Sometimes we unconsciously “act out” in our adult money habits in response to messages received in childhood.

Poll

For the Social Value, which of the effects on money habits do you relate to? Choose all that apply.

• How I handle money is, in part, tied up in my unique family history.

• My habits and cultural preferences I learned early from my family and other social relationships influenced my current money habits.

• Sometimes I unconsciously “act out” in my current money habits in response to messages I received in childhood.

• None

Physical Values

​Overview

The tangible aspects of life, the external world, our physical health and well-being

• Health of our bodies and the measures we are willing to take to secure that health

• Desire for pleasure and comfort

• Appreciation of art, fashion, architecture and design

• Amount of space we need to feel comfortable

• Degree to which we are satisfied and fulfilled by beauty and material possessions

​Areas of Influence

Physical Values

Open Ended

In which of the areas of influence listed on the previous slide do you think your Physical Value currently has the most impact? Explain.

Physical Values

​Effect on Money Habits

• Strong physical values might translate to overspending on material possessions if left unchecked, but physical values also show up in our desire for quality. This person is willing to spend more for craftsmanship and design.

• A person with strong physical values also might prioritize getting more insurance to protect their valuables, and might spend more than others on home and self-care (e.g., gym memberships, beauty treatments, dry cleaning, interior design). This is not felt to be frivolous, but to protect his or her investment.

Poll

For the Physical Value, which of the effects on money habits do you relate to? Choose All that apply.

• My strong physical values sometimes translate to overspending on material possessions if left unchecked. But, I really value quality and I am willing to spend more for craftsmanship and design.

• I make it a priority to protect and insure my valuables, and I spend more than others on home and self-care (e.g., gym memberships, beauty treatments, dry cleaning, my room decor, clothes, jewlery). It is important that I always look my best, feel my best, and invest in the best products.

• Neither

Financial Values

​Overview

Unrelated to how much money we actually have, these values reflect what we think or believe about money.

• Bargain hunting and getting a good deal

• Saving for long-term security and short-term goals

• Sufficiency of money (do I have enough?)

• Sustainability of resources (how long will my money last?)

• Appropriateness of financial decisions (is this the right choice for me?)

​Areas of Influence

Financial Values

Open Ended

In which of the areas of influence listed on the previous slide do you think your Financial Value currently has the most impact? Explain.

Financial Values

​Effect on Money Habits

• Those with strong financial values likely think more about the sustainability of their money and generally have more in reserve.

• When one does not have a strong concern about the appropriateness of their purchases, he or she might be less prepared for financial emergencies.

• People with strong financial values can be great financial educators, both professionally and personally.

Poll

For the Financial Value, which of the effects on money habits do you relate to? Choose all that apply.

• I think more about the sustainability of my money, I follow a budget, and generally I make sure to grow my savings.

• I do not have a strong concern about the appropriateness of my purchases, and I am not prepared for financial emergencies..

• I can be a great financial educator, both professionally and personally, because I make great financial decisions. I am disciplined in my spending habits.

​Conclusion

Examining your values lets you clearly understand what matters most to you and why you set the goals that you do. The judgments you make begin to reveal patterns in your behavior that are specific to you and your values. And, the hard choices you have to make become easier when you remain true to your values and goals.

Open Ended

Which life value (Inner, Social, Physical, Financial) do you believe has the biggest influence on how you currently view money? Explain.

Open Ended

From the answer you selected in the previous slide, where do you believe you drew these influences from? Explain.

Bean Game Part 3

​Reflections

Use what you learned today to answer your reflection questions on Part 3 of your Bean Game Packet

Multiple Choice

Naresh started a new job and is having some of his paycheck deposited directly into a savings account. Which of the following values BEST explains why Naresh does this on a regular basis?

• Inner

• Social

• Physical

• Financial

Multiple Choice

You overhear your friend Ginny say, "I made a budget for myself in my personal finance class and used my values to decide how I want to use my money." What does Ginny mean by this?

• Ginny used the value of her bank account balance to decide how to use her money

• Ginny asked her friends and family for advice to decide how to use her money

• Ginny followed recommendations she saw on social media to decide how to use her money

• Ginny identified what is important to her and used that knowledge to decide how to use her money

Multiple Choice

What are social values, as they pertain to money?

• How you, personally, care and think about finances

• How your family, friends, and community members impact your feelings about money

• How companies and advertisement make you feel about money

• How banks and other financial institutions treat you and your money

Congratulations! You have completed the Lesson Your Values and Money. Your Journey to financial stability has begun. Thank you for your participation.

​Lesson Completed