Personal Spending and Saving

"... 69% of Americans have less than $1,000 in the bank. The list of things to spend money on is endless, from luxuries like eating out at restaurants and going on vacation, to necessities like household repairs and gas. There's always something to spend that money on that feels more pressing than saving, which is why so many people struggle to put away the 20% of each paycheck that experts recommend as a baseline for healthy savings." "More than anything else, the key to beefing up a savings account is simply creating a plan and sticking to it. If you take the time to work out a budget, set goals, and create systems, you'll start seeing bigger numbers in no time." Chris Simpson, Loan Officer with Evolve Bank & Trust


Introduction | Saving Money | Money Management Tools | Topic | Review


Introduction

Flash Card Deck created by Shannon Anderson-Rush with GoConqr

Values, Needs, & Wants

Of the thousands of decisions we make each and every day, many of them have at least an indirect impact on our finances. That's not to mention the times that you are directly faced with a major financial decision such as how to invest your retirement contributions, buying a home or whether it's worth it to go back to school and get an advanced degree. The more you read and learn about personal finances, the better off you’ll be financially.

Join Code: JAPTI

Assignment: Values, Needs, & Wants Nearpod

Directions: Complete the Nearpod lesson. You must join the lesson using the join code JAPTI. If you do not join and use your first and last name, you will not receive credit this assignment. You must complete all exercises and quizzes contained within the lesson.

Assignment: Opportunity Cost Discussion Board

Directions: Every decision we make comes with an opportunity cost. If I gave you $1,000 that you could use any way that you choose, what would you do with the money? What would be the opportunity cost associated with your choice? Post your thoughts to the discussion board in three to five sentences. Respond to at least two classmates to continue the discussion.


Pay Yourself First: Saving Money

Join Code: SNABP

Assignment: Pay Yourself First: Saving Money Nearpod

Directions: Complete the Nearpod lesson. You must join the lesson using the join code SNABP. If you do not join and use your first and last name, you will not receive credit for this assignment. You must complete all exercises and quizzes contained within the lesson.


Net Worth

Net worth is a quantitative concept that measures the value of an entity and can be applicable to individuals, corporations, sectors and even countries. Simply stated, net worth is the difference between assets and liabilities.

Assignment: Question for Thought 3.1

Directions: You may own a car or a home—or have money in the bank. Add it all up, and it can seem substantial. But to truly know what you own, you have to factor in what you owe. The combination of what you own (your assets) and what you owe (your liabilities) makes up your personal net worth. Why is it important for people to evaluate their net worth? How often should people evaluate their net worth and what impact does inflation have one someone's net worth? Compose your thoughts into a well-organized paragraph of about 100 words and post it the itsLearning textbox after you have proofread. Do not attach a separate document and do not link to your Google Drive.


Money Management Tools

Money management is the process of budgeting, saving, investing, spending or otherwise overseeing the capital usage of an individual or group.

Money Management Tools

Times are tough. Whether you earn a lot or just get by, watching where your money goes is important. There are lots of ways to watch your spending, investments, and more. But since you probably have a cell phone in your pocket all the time, apps are a great option. Understanding your cash flow is a major part of successfully managing your finances. How much is coming in, when it is deposited into your bank account, and where the money is going are all important aspects of financial success. Many free online personal finance service, software, and websites exist that can help you improve your money management skills as well as those provided by your financial institution.

Assignment: Money Management Tools InfographicMoney Management Tools

Directions: Select a financial institution in your area such as Regions Bank or Georgia United Credit Union. Use your investigative skills and research their website to find money management tools. Create an infographic describing several of the tools available and how the tool will help with money management. The infographic needs to include a title, a picture, name of at least two money management tools, and descriptions of how the tools work to management money. You can use any infographic maker of your choice. Submit your infographic to itsLearning. You should not pay to download your infographic. If that is the only option, take a screenshot of the infographic.


Personal Financial Plan

According to a recent survey of 1,000 Americans more than 18 years old, 22 percent of Americans, or one out of every five, have less than $100 in savings to cover emergency expenses. Almost half of Americans have less than $800 in cash stowed away for emergencies.

Too little money in the bank means you may not be financially prepared to pay for unexpected expenses such as a car breakdown or a home repair, or worse major issues such as a job loss or a health setback. These issues can prove devastating if you do not have a savings fund. The lack of a savings plan can leave you unable to afford non-necessities and recreational expenses like vacations, date nights or a dress for prom. Yet, it can be very difficult to save money, especially if you are already living paycheck to paycheck.

Tips for Starting a Savings Plan

Slide Set created by Shannon Anderson-Rush with GoConqr

Assignment: Design a Savings Plan

Directions: Fred and Mary Maple are recently married and do not have any children. Fred brings home $3000 a month after taxes and benefits but does not contribute to a retirement plan. Mary brings home $4200 a month after taxes and contribution to a retirement plan. The Maples are currently renting a townhouse for $1700 a month and making car payments on two vehicles that add up to $1500 a month. Insurance, utilities and food cost them another $1200 a month. Fred pays $320 a month in student loans for another 14 months. After reading the presentation on Tips for Starting a Savings Plan and evaluating the Maples income and expenses, suggest a savings plan for them so they can save to purchase a house, have emergency savings, and a retirement plan for Fred. Post your savings plan to the itsLearning assignment.


Review

Resources

If you are having problems viewing this page, opening videos, or accessing the URLs, the direct links are posted below. All assignments are submitted in itsLearning. If you have having problems, contact Mrs. Rush through the itsLearning email client.


Credits


Transcript of this lesson