Identify the components of a financial plan.

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 financial 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-accountability in managing a financial plan be communicated?

Leadership

• How can you ensure the involvement of family members in financial decisions?
• How do you determine who in the family is involved in managing money?

Management

• What steps can be taken to increase a sense of self-accountability about the financial plan?
• What management skills can help you control spending?