# CTE Resource Center - Verso - Independent Living Task 871652958

CTE Resource Center - Verso

Virginia’s CTE Resource Center

Develop a budget or spending plan for personal money management (e.g., earning, spending, saving, and investing).

Definition

Development should include
  • establishing SMART goals
  • examining budgets for a variety of individuals and families with different incomes and obligations
  • explaining the services offered by banks
  • describing the benefits and disadvantages of credit and credit card debt
  • evaluating a variety of investment opportunities.

Process/Skill Questions

Thinking
  • Why is it important to be knowledgeable about financial management? What might be the consequences of a failure to understand the concepts of financial management?
  • What are your long-term financial goals? What skills and strategies can you develop now that will help you achieve these long-term goals?
  • How can every member of a household contribute to the financial well-being of a family?
  • What SMART goals could you write to plan for your next big purchase?
  • What are the consequences of credit card debt?
Communication
  • Why is the exchange of money for goods and services considered a form of communication?
  • What communication skills help you manage your finances?
  • Where do you acquire your beliefs and attitudes toward money and financial issues (e.g., are you inclined to be a spender or a saver)? What beliefs and values contribute to that inclination?
  • What advances in technology are helping with financial management?
  • Why are financial issues often a source of family stress and conflict?
  • How can you use communication skills to learn about investment opportunities?
  • How can you use communication skills to learn about services offered by financial institutions (banks)?
Leadership
  • What can establishing and following good budgeting techniques allow you to do?
  • Why is it important to be disciplined when following a budget?
  • How can you influence others to respect your budget?
Management
  • How much money, as a percentage of income, should you try to save each month?
  • What are the benefits of preventing impulse buying/spending?
  • Why should you save money?
  • Where should you save money?
  • What are advantages and disadvantages of credit?

Related Standards of Learning

Mathematics

8.4

The student will solve practical problems involving consumer applications.

8.12

The student will
  1. represent numerical data in boxplots;
  2. make observations and inferences about data represented in boxplots; and
  3. compare and analyze two data sets using boxplots.

8.13

The student will
  1. represent data in scatterplots;
  2. make observations about data represented in scatterplots; and
  3. use a drawing to estimate the line of best fit for data represented in a scatterplot.

Other Related Standards

FCCLA National Programs

Families First: Families Today

 

Families First: Meet the Challenge

 

Financial Fitness: Earning

 

Financial Fitness: Saving

 

Financial Fitness: Spending

 

Power of One: A Better You

 

FCCLA: STAR Events (2019)

Event Management

 

National Programs in Action

 

Professional Presentation

 

Public Policy Advocate

 

National Standards for Family and Consumer Sciences Education

2.1.1

Apply time management, organizational, and process skills to prioritize tasks and achieve goals.

2.1.2

Analyze how individuals and families make choices to satisfy needs and wants.

2.1.3

Analyze decisions about providing safe and nutritious food for individuals and families.

2.1.4

Apply consumer skills to providing and maintaining clothing.

2.1.5

Apply consumer skills to decisions about housing, utilities, and furnishings.

2.1.8

Apply consumer skills to acquire and maintain transportation that meets the needs of individuals and family members.

2.1.7

Apply consumer skills to decisions about recreation.

2.1.6

Summarize information about procuring and maintaining health care to meet the needs of individuals and family members.

2.4.1

Analyze the types of technology and software programs that affect family and consumer decision-making.

2.4.2

Analyze how media and technological advances influence family and consumer decisions.

2.4.3

Assess the use of technology and its effect on quality of life.

2.5.1

Analyze the use of resources in making choices that satisfy needs and wants of individuals and families and communities.

2.6.1

Evaluate the need for personal and family financial planning.

2.6.2

Apply financial management principles to individual and family financial practices.

2.6.3

Apply management principles to decisions about insurance for individuals and families.

2.6.4

Evaluate personal and legal documents related to effective management of individual and family finances.

3.3.2

Demonstrate components of a financial planning process that reflect the distinction between needs, wants, values, goals, and economic resources for a variety of diverse populations.

3.3.1

Explain the effects of the economy on personal income, individual and family security, and consumer decisions.

3.3.3

Analyze the effect of consumer credit on short- and long-term financial planning.

3.3.4

Compare investment and savings alternatives.

3.3.6

Analyze the effect of key lifecycle transitions on financial planning.

3.3.7

Explain the role of estate planning in long-term financial planning.

3.3.8

Analyze factors that influence establishing and maintaining a good credit rating and the effect of credit ratings on rates and terms for credit and insurance.