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

Development should include examination of earning power, savings goals, reviewing paychecks and taxes, and spending needs (e.g., food, clothing, shelter, health care, education, recreation, transportation, discretionary spending). Spending, savings, and investment plans should demonstrate personal financial management through the problem-solving model.

Process/Skill Questions:

Thinking

- What information do you need to develop a financial plan that meets your personal needs?
- What community resources are available to help you with personal financial management?
- Why is it important to start saving early?
- 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 you to adjust 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?