Assignment Assignment Sheet 1Sheet 1

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Establishing Financial HabitsShare Save Spend®

• SharingWho might you share with?

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Your Financial PlanSharing

• Sharing is also called charitable giving, philanthropy, and altruism.

• Sharing connects people and gives them a sense of pride.

• Research an organizationthat meets your interests.

• Volunteer now.

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Your Financial PlanSharing Suggestions

• Birthdays

• Holidays

• Service-learning

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Establishing Financial HabitsShare Save Spend®

• Sharing

• Saving*Where can you put your money to save it?

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Establishing Financial HabitsShare Save Spend®

• Sharing

• Saving

• Spending*Needs VS Wants

What do you think?Discussion 1

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• What 3 options do we have when deciding what to do with our money?

• Why do people share?

• Who benefits from people sharing?

• What kinds of opportunities do you have to share in your community?

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Establishing Financial Habits*Your Values are those things that are important to you.

• Your values vary from those of others and influence your financial decisions

What do you think?Discussion 2

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• What is a Value? Give some examples of what you value.

• What do you think most Americans your age value?

• How do your values affect how you spend your money?

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Establishing Financial HabitsYour Financial Plan

• Determine your current situation.

• Identify and prioritize your goals.

• Develop a long-term plan.

• Organize your records.

• Set up a budget.

• Keep it simple.

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Establishing Financial HabitsDetermine your current situation by:

• Determining your income.

• Determining your expenses.

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Establishing Financial Habits• Identify and prioritize your goals.*A goal is something you are trying to achieve

in a specific amount of time.

Financial Goals 

1. Buy new car2. Pay off student loan3. Move to bigger apartment4. Buy new shoes5. Vacation at Yellowstone6. Eat at fine restaurant

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Establishing Financial HabitsDevelop a long term plan by:

• Distinguishing between short-term, medium-term, and long-term goals.

• Adjusting your plan and goals over time.Short-Term Goals 

1. Eat at fine restaurant2. Buy new shoes3. Move to bigger apt.

Long-Term Goals 

1. Buy travel trailer2. Pay off student loan3. Save for retirement

Medium-Term Goals 

1. Buy a new car2. Finish college3. Vacation at Yellowstone

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Your Financial PlanKeep Records

• Organize your records.– Alphabetical

– Numerical

– Chronological

• Manage your money with acomputer-based system.

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Your Financial Plan

Set up a budget

•A budget is an itemized summary of likely income and expenses for a given period.  •It helps you determine whether you can grab that bite to eat or should head home for a bowl of soup.

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Your Financial Plan

Keep it simple

•A spreadsheet, provides a concrete, organized, and easily understood breakdown of how much money you have coming in and how much you are letting go.  •It’s an invaluable tool to help you prioritize your spending and manage your money—no matter how much or how little you have. 

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Your Financial Plan

Planning and monitoring your budget will:

•help you identify wasteful expenditures •help you adapt quickly as your financial situation changes •help you achieve your financial goals. 

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Which of the following is not one of the suggested ways to plan your finances?

A. Set up a budget.

B. Set goals.

C. Determine your income.

D. Freely spend your money.

E. Prioritize your goals.

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Which of the following is not one of the suggested ways to plan your finances?

A. Set up a budget.

B. Set goals.

C. Determine your income.

D. Freely spend your money.

E. Prioritize your goals.

What do you think?Discussion 3

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• What are the 6 steps in developing a financial plan?

• What is a goal?

• What are three types of goals? Give an example for each type.

• How do goals affect your financial planning?

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Your Financial Plan*Creating a budget will decrease your stress levels because, with a budget, there are no surprises. 

*With a budget you don’t have to panic or wonder if you have the money—you already know. 

*This sense of financial clarity is important not only in college, but throughout life for personal wellness.