Financial Goal Review Lesson

1

Financial Goal Review

2

Objective

We will discover the importance of money management.

3

Multiple Choice

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

1

True

2

False

4

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

5

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

1

How will you spend the $3,000

2

What kind of car do you want?

3

Location of your birthday party

6

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.

1

Buy a new car

2

Keep the money

3

Have a 16th birthday party

7

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.

1

You won't need transportation anymore from your parents

2

You get to create memories with your friends

3

How will you pay for car maintenance

8

Fill in the Blanks

Type answer...

9

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?

10

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.

11

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?

1

Take senior pictures

2

Buy a grill

12

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?

1

August 2020

2

May 2021

13

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?

1

$4,500

2

$450/per month

14

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?

1

Not going to football games or senior events

2

Avoid going to college campuses

15

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?

1

Get a job

2

Ask for an allowance

16

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

1

$450

2

$400

17

Budgeting

A budget is a plan for spending and saving money.
A budget is determined by your MONTHLY INCOME

18

Multiple Select

What are the three categories of a budget

1

Necessities

2

Wants

3

Needs

4

Savings

19

Multiple Choice

What percentage do you spend on Necessities?

1

50%

2

30%

3

20%

20

Multiple Choice

What percentage do you spend on Wants?

1

50%

2

30%

3

20%

21

Multiple Choice

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

1

$1,140

2

$5850

3

$2850

22

Multiple Choice

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

1

$1,140

2

$5850

3

$2850

23

Multiple Choice

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

1

$412.50

2

$1,650

24

Multiple Choice

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

1

$412.50

2

$495

25

Multiple Choice

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

1

True

2

False

Financial Goal Review

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