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:
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?