Identification should include
- distinguishing between needs and wants
- distinguishing between fixed and variable expenses
- identifying short-term and long-term goals
- identifying factors to consider when making decisions about food, clothing, transportation, housing, and other essentials
- understanding the components of a personal finance plan developing a budget.
Process/Skill Questions:
Thinking
- What criteria should be used to evaluate resource usage as responsible or irresponsible?
- What are the consequences of irresponsible use of resources for individuals? For families? For society?
Communication
- What values influence our behavior regarding the use of financial assets?
- What communication skills are used when planning financial strategies?
- How can the importance of self-responsibility in managing a financial plan be communicated?
Leadership
- What leadership skills can help you secure the involvement of family members in financial decisions?
Management
- What steps can be taken to increase a sense of self-responsibility about the financial plan?
- What management skills can help you control spending?