Title: Develop or update a savings and spending plan for personal financial management.
Course: Family and Consumer Sciences Exploratory III (19251-36) > Section: Maximizing Consumer and Family Resources

Plan should include the examination of

- earning power
- savings goals
- paychecks, benefits, and taxes
- spending needs (e.g., food, clothing, shelter, health care, education, recreation, transportation, discretionary spending)
- spending personalities (i.e., habits).

Spending, savings, and investment plans should demonstrate personal financial management through the problem-solving model.

Teacher Resources:

- Banzai
- S. Economic Empowerment Project
- Vault: Understanding Money, Everfi from Blackbaud
- Virginia Council on Economic Education

Process/Skill Questions:

Thinking

- What information do you need to develop a financial plan that meets your personal needs?
- What is the difference between saving at an early age vs. as an adult?
- What is the difference between net and gross pay on your paycheck?

Communication

- Why should family members discuss financial decisions?
- What resources are available to help family members improve financial literacy?

Leadership

- What factors might require an adjustment to your spending and savings plans?
- Why should family leaders have a financial plan?

Management

- How does a family weigh needs vs. wants when creating savings and spending plans?
- Why is it important to have an emergency fund?