Super Savers Discussion Questions & Case Studies Due 02-28-2008
Type the discussion questions on page 11 of your Financial Peace Workbook and answer them in a complete sentence. Also, type the Case Studies on page 11 of your Financial Peace Workbook and answer them in a complete sentence.
11 comments:
Anonymous
said...
Why are people not saving in today’s society? Most people don’t save because when they see something they want, they get it, usually. Our society is not one that is known as a “saving” society.
How much do you think you can save per month? Well, I have a change bucket that had nothing but coins in it. When I get change from something I throw it in there, and just from that I save almost $20.00 a month. But I know for a fact, with dollar bills, you can save a lot more than that.
How do you plan on saving this money? Short term or long term? I plan to save money long term, so that whenever I get on my own, I won’t have to depend on my parents, I can depend on the money I saved.
Name some ways you can cut your spending and still accomplish the goals you set out to achieve? If you go shopping a lot, if you see something that you “need, not want” then of course that’s ok. But if you see something you “want not need” then I’m sure you can live without it.
Do you need to have an emergency fund at your age? Why or why not? Yes, I believe that everyone needs an emergency fund. What if something was to happen to someone in your family and no one had to money to help out, you would have that trusty ol’ emergency fund and could be the hero.
Name and item you wish to purchase in the near future and your goal for buying it with cash. I plan to purchase a Mustang (car) in the future because that is my dream car, and if I start saving now, I could afford it when I get to college or out of college.
Who has contributed to your knowledge of money? Parents, teachers, Friends, etc.? Explain. My parents are good at saving money and spending it wisely, so I listen to them a lot.
Will you live like Ben or Arthur? Explain. Most likely, Ben. He’s the smart one!
If someone gave you $5,000 today, would you put it to use? I would put it in my savings for that mustang I want!
What sacrifices are you willing to make to save money? Why do you think the sacrifices are worth it? I would give up things like junk food and sodas all the time to help not waste money and yes that sacrifices are worth it.
1. Why are people not saving in today's society? - People probably think when they get money they need to spend it as fast as they can.
2. How much do you think you can save per month? - If I put my heart in it, I could probably save $200 a month.
3. How do you plan on saving this money? Short term or long term? - It will be hard not to spend the money just because I love to spend it but it would be in a long term.
4. Name some ways you can cut you spending and still accomplish the goals you set out to achieve. I could babysit for people in my church, or volunteer to work at my dad's tanning salon.
5. Do you need to have an emergency fund at your age? Why or Why not? I don't think kids my age should have a fund for emergencys because were too young to work and much less save for something like that.
6. Name an item you wish to purchase in the near future and your goal for buying it wish cash. - I want to purchase a new dress from American Eagle and I'll try to get the money for it by working at my dad's tanning salon.
7. Who has contributed to your knowledge of money? Parents, Teachers, Friends, etc? Explain. - My parents always gives me money when I need it.
8. Will you live like Ben or Arthur? Explain - I would want to live like Ben because he saved the most and started saving his money at the right time.
9. If someone gave you $5,000 today, how would you put it to use? - I would put half of that money in my savings acount and go shopping with the rest.
10. What sacrifices are you willing to make to save money? Why do you think the sacrifices are worth it? My sacrifice would be not to shop as much as I do. I think it's worth so I would have more money saved than spent.
Case Studies
1. Mark has just recieved a $10,000 bonus at work and wants to buy a car. The car he currently drives is costing him quite a bit of money in monthly repairs. He figures he can buy a nice car and put the money that he saves on repair bills towards his credit card debt, eventually paying it off. What would you tell Mark to do? - I would tell him to use the bonus to pay off his credit card debt and start saving the rest for him a new car.
2. Diane is about to get a $200 per month raise. She wants a new television and DVD player and would also like to do some home repairs with the extra money. She has $500 in her savings account and figures with her raise she can accomplish her purchases and repairs easily within a few months. She also has $1,000 in credit remaining on her credit card and is considering using it to buy everything now. What would you tell Diane in his situation? - I would tell her to use the credit money to start repairing the parts she wants to on her house and then with her raise, save that up and buy herself the television and DVD player.
Why are people not saving in today’s society? Things cost too much now. People are so lazy as to say “ I’ll pay for it in a little while” instead of right when they really need to pay it. Our country is the laziest in the world.
How much do you think you can save per month? If I actually considered it, I think I could save enough, to maybe buy a soda. I don’t receive much money from my parents.
How do you plan on saving this money? Sort term or long term? More than likely, short term. I am female, we can only hold on to money for short time.
Name some ways you can cut your spending and still accomplish the goals you set out to achieve. I could do a little extra work around the house I guess. I could stay home for a couple of weekends, too.
Do you need to have an emergency fund at your age? Why or why not? I think that we should. It’s always nice to have a little something to make you feel financially stable.
Name an item you wish to purchase in the near future and your goal for buying it with cash. I’d like to buy an iguana. I could cut back on leisure’s and save my lunch money.
Who has contributed to your knowledge of money? Parents, Teachers, Friends, etc.? Explain. I guess Dave Ramsey. Mom and Dad don’t let me know their “ Money Business” so I just kinda get shut out.
Will you live like Ben or Arthur? Explain. I wanna do like Ben did. He started early, and after that was set for just about anything financially.
If someone gave you $5,000 today, how would you put it to use? I would put it in a bank account.
What sacrifices are you willing to make to save money? Why do you think the sacrifices are worth it? Leisure’s are not necessary. You can live without your wants. You can’t without your needs. I could sacrifice a lot.
Mark has just received a $10,000 bonus at work and wants to buy a car. He has nothing saved and $7,500 in credit card debt. The car he currently drives is costing him quite a bit of money in monthly repairs. He figures he can buy a nice car and put the money that he saves on repair bills towards his credit card debt, eventually paying it off. What would you tell Mark to do? I would tell him to put the money in savings, and start riding the bus. You don’t have to go to work, in a little car that keeps giving you trouble. Why not save your gas, and just take public transportation. Diane is about to get a $200 per month raise. She wants a new television and DVD player and would also like to do some home repair with the extra money. She has $500 dollars in her savings account and figures with her raise she can accomplish her purchases and repairs easily within a few months. She also has $1000 in credit remaining on her credit card and is considering using it to buy everything now. What would you tell Diane in this situation. I would tell her to cut up the credit card. Then I would tell her to start with dividing the money out between savings, and purchases. Once she had an equal amount added to each, every month she would have enough money to get the things she wants.
1. Why are people not saving in today’s society? – I think that people do not save because they don’t realize the situation and they have too many wants. 2. How much do you think you can save per month? – I think that I could maybe save about 50$ or so per month. 3. How do you plan on saving this money? Short term or long term? – I plan on saving this money long term because I want to save up a good bit for a down payment on a car. 4. Name some ways you can cut your spending and still accomplish the goals you set out to achieve. – I think you could cut down on all of your wants and instead save the money to go towards your savings. 5. Do you need an emergency fund at your age? Why or why not? – I do not need an emergency fund at my age because I’m only 15 and my parents should have an emergency fund for me and my family. 6. Name an item you wish to purchase in the near future and your goal for buying it with cash. - I plan on saving up a lot of money to buy a car. I want to get a job when I turn 16 and save up the money from my paychecks. 7. Who has contributed to your knowledge of money? Parents, friends, teachers, etc.? Explain. – My parents have contributed to my knowledge a good bit by teaching me the value of money and how long it really does last. Also, teachers have taught me a lot about money as to how interest and all the company’s little tricks they use to get more money out of you. 8. Will you live like Ben or Arthur? Explain. – I am going to try my best to save at least a thousand dollars a year when I turn 19 about up until I turn 25 or 26. 9. If someone gave you $5,000 today, how would you put it to use? – I would put it in a bank account and let it build up on interest. 10. What sacrifices are you willing to make to save money? Why do you think the sacrifices are worth it? – I am very willing to save money. Everytime I get money I try and hold on to it as long as possible. I think I would make pretty big sacrifices to save money because I want to save it up for when I may need it most.
Case Studies:
1. Mark has just received a $10,000 bonus at work and wants to buy a car. He has nothing saved and $7,500 in credit card debt. The car he currently drives is costing him quite a bit of money in monthly repairs. He figures he can buy a nice car and put the money that he saves on repair bills towards his credit card debt, eventually paying it off. What would you tell Mark to do? - I would tell Mark that he needs to just put that money in a savings account and then save up money each month until he has enough to buy the car he wants instead of putting that money on the credit card and getting a bunch of interest by the credit card company.
2. Diane is about to get a $200 per month raise. She wants a new television and DVD player and would also like to do some home repairs with the extra money. She has $500 in her savings account and figures with her raise she can accomplish her purchases and repairs easily within a few months. She also has $1,000 in credit remaining on her credit card and is considering using it buy everything now. What would you tell Diane in this situation? - I would tell Diane that she needs to just save up money each month in her savings account and just go pay for the new television with cash when she has it saved up. But first she needs to pay off the credit card bill she has and get rid of it.
1) Why are people not saving in today's society? *I think people aren't saving because we spend to much money on things that aren't that important.
2) How much do you think you can save per month? I don't tend to spend a lot of money each month. So if I spend absolutly none, I could save about $40 or $50.
3) How do you plan on saving money? Short term, I plan on just not buying things that I don't need. Long term, I plan to start a savings account and put $100 in it each month.
4) Name some ways you can cut your spending and still accomplish the goals you set out to achieve. Well, if you don't spend your money un-wisely, then you will have more money to spend towards your goals.
5) Do you need to have an emergency fund at your age? Why or why not? I think you do need an emergency fund, because teenagers can get hurt. Or something horrible could happen like your parent dies or something.
6) Name an item you wish to purchase in the near future and your goal for buying it with cash. I would like and iPod dock. It probably costs around $60 for the one I want.
7) Who has contributed to your knowledge of money? Parents, Teachers, Friends, etc.? Explain. All of the above have contributed to me about money, in different ways. Parents tell you how to spend it. Teachers teach you about taxes and intrest rates.
8) Will you live like Ben or Arthur? Well if Ben was the one who stole the money, then I don't want to live like him. So Arthur, because I want to be a good person.
9) If someone gave you $5000 today, how would you put it to use? I would put some in our savings account. And some would go to some new clothes, :). And some would go to college funds.
10) What sacrifices are you willing to make to save money? Why do you think the sacrifices are worth it? I'm willing to give up some expenses that are unneeded. For example, I would not spend as much on me. They are worth it for my family.
Case studies. 1) Mark has just recieved a $10,000 bonus at work and wants to buy a car. He has nothing saved and $7,500 in credit card debt. The car he currently drives is costing him quite a bit of money in monthly repairs. He figures he can buy a nice car and put the money that he saves on repair bills towrads his credit card debt, eventually paying it off. What would you tell Mark to do. I would tell him to get a little bit out of debt first, and then buy a nice car.
2) Diane is about to get a $200 per month raise. She wants a new TV and a DVD player and would like to do some home repairs with the extra money. She has $500 in her savings account and figures with her raise she can accomplish her purchases and repairs easily within a few months. She also has $1000 in creidt remaining on her credit card and is considering using it to buy everything now. What would you tell her in this situation? I would tell her to watch the prices on some of her new purchases, but she isn't in debt, so she should go ahead.
Discussion 1. Why are people not saving in today’s society? Because in today’s society all people do is want things no matter what the cost. Most people get in debt fast earlier in there life because they do not know how to handle money.
2. How much do you think you can save per month? I think I could save around $100 a month, especially if I didn’t have to pay for gas.
3. How do you plan on saving this money? Short term or long term? I plan on saving my money for a long term basis because I do not want to ever get stuck in a rut.
4. Name some ways you can cut your spending and still accomplish the goals you set out to achieve. Maybe you could watch what you by when you go out to eat and maybe not drive all over the place to help save gas money.
5. Do you need to have an emergency fund at your age? Why or why not? No not really because when ever we get in trouble with money we can ask our parents to assist us.
6. Name an item you wish to purchase in the near future and your goal for buying it with cash. I would love to purchase a 1969 Dodge Charger and my goal is to put aside so much per month.
7. Who has contributed to your knowledge of money? Parents, Teachers, Friends, etc.? Explain. My parents and my teachers have both showed and taught me how to save my money and the benefits from saving it as well.
8. Will you live like Ben or Arthur?” explain. Like Ben because I want to have a lot of money so I am going to start saving earlier just like Ben.
9. If someone gave you $5,000 today, how would you put it to use? I would probably put it all into savings and let it draw interest.
10. What sacrifices are you willing to make to save money? Why do you think the sacrifices are worth it? I would make any sacrifice I reckon and I think that you will never go wrong by saving money so I stand strong on that issue.
Case Studies
1. Mark has just received a $10,000 bonus at work and wants to but a car. He has nothing saved and $7,500 in credit card debt. The car he currently drives is costing them quite a bit of money in monthly repairs. He figures he can buy a nice car and put the money that he saves on repair bills towards his credit card debt, eventually paying it of. What would you tell mark to do? I would tell mark to buy the new car since his old one is about to fall apart. He might save money y buying the new car.
2. Diane is about to get a $200 per month raise. She wants a new television and DVD player and would also like to do some home repairs with the extra money. She has $500 in her savings account and figures with her raise she can accomplish her purchases and repairs easily within a few months. She also has $1,000 in credit remaining in her credit card and is considering using it to buy everything now. What would you tell Diane in this situation? I personally think she should hold off until she is able to be it straight up and not think that she will have the money to refill the space.
1.Why are some people not saving in today’s society?
People are not saving because they do not have a plan.
2.How much do you think you can save per month?
I believe I can save $100.
3.How do you plan on saving this money? Long term or short term?
My long term plan to save money is by cutting off the useless purchases of unneeded items
4.Name some ways you can cut your spending and still accomplish the goals you set you set out to achieve.
I can save more by buying in bulk, shopping at discount stores, and buying some generic brands of medicine.
5.Do you have to have an emergency fund at your age? Why or why not?
Everyone needs an emergency fund no matter the age, because disasters can happen to anyone.
6.Name an item you wish to purchase in the near future and your goal for buying it with cash.
I plan to start buying my books with cash that so my credit will have less chances of being tampered with.
7.Who has contributed to your knowledge of money? Parents, teachers, friends, etc.? Explain.
The ones who have contributed most are my parents and my previous Algebra IB Honors teacher – Ms. Speed. I would get bored and ask them to explain random things as they were doing them.
8.Will you live like Bill or Arthur? Explain.
I will definitely choose to live as Bill, because it is less that I have to pay with a greater reward for diligence in the end.
9.If someone gave you $5,000 today, how would you put it to use?
I would put it in a saving account.
10.What sacrifices are you willing to make to save money? Why do you think the sacrifices are worth it?
I feel that they are worth it, because saving the money for things I actually need come first.
Case Studies:
1. Mark has just received a $10,000 bonus at work and wants to buy a car. He has nothing saved and $7,500 in credit card debt. The car he currently drive is costing him quite a bit of money in monthly repairs. He figures he can buy a nice car and put the money that he saves on repair bills towards his credit card debt, eventually paying it off. What would you tell Mark to do?
I would tell him that his debt will stay with him and just build up, it is better to get debt out of the way then forget about it and letting it accumulate until it is impossible to pay back.
2. Diane is about to get a $200 per month raise.She wants a new television and DVD player and would also like to do some home repairs with the extra money.She has $500 in her savings account and figures with her raise she can accomplish her purchases and repairs easily within a few months. She also has $1,000 in credit remaining on her credit card and is considering using it to buy everything now. What would you tell Diane in this situation?
The smartest thing to do would be to save your money for the television and extras. She can put more into the bank and donate the rest to her repairs.
Why are people not saving in today’s society? They are spending all of their money on things that they want and don’t need. How much do you think you can save per month? I can probably save about $120 a month. How do you plan on saving this money? Short term or long term? Probably just save this money till I find something I want to buy. Name some ways you can cut your spending and still accomplish the goals you set to achieve. Cut back on the things I buy that I don’t need and cut down on trips to the movies and to town. Do you need to have an emergency fund at your age? Why or why not? No, because I rely on my parents to provide for me right now. Name an item you wish to purchase in the near future and your goal for buying it with cash. An OQO, a microcomputer, which I’m hoping to pay for in cash. Who has contributed to your knowledge of money? Parents, Teachers, Friends, etc.? Explain? My mom and dad have taught me that it don’t grow on trees and this class has taught me the most about saving money. Will you live like Ben or Arthur? Explain. Hopefully like them both, saving from the time I am nineteen till I am 65. I some one gave you $5,000 today, how would you put it to use? Buy a new computer for $4000 and put the rest of the money in the bank. What sacrifices are you willing to make to save money? Why do you think the sacrifices are worth it? Cut down on buying every new gadget released. Yes, because in the long run I will be thankful I did. Mark has just received a $10,000 bonus at work and wants to buy a car. He has nothing saved and $7,500 in credit card debt. The car he currently drives is costing him quite a bit of money in monthly repairs. He figures he can buy a nice car and put the money that he saves on repair bills towards his credit card debt, eventually paying it off. What would you tell Mark to do? I would tell him to tell him to pay off his debt and put the rest on the money in the bank to save up for a new car. Diane is about to get a $200 per month raise. She wants a new television and DVD player and would also like to do some home repairs with the extra money. She has $500 in her saving account and figures with her raise she can accomplish her purchases and repairs easily within a few months. She also has $1,000 in credit remaining on her credit card and is considering using it to buy everything now. What would you tell Diane in this situation? To save up and to pay for everything in cash.
1. Why are people not saving in today’s society? Because they spend too much money on useless items that they do not need.
2. How much do you think you can save per month? About 60 or 70 dollars.
3. How do you plan on saving this money? Short term or long term? Short term- I could quit spending my money on stuff that I don’t need. Long term- I could put a fraction of my paycheck in a savings account.
4. Name some ways you can cut your spending and still accomplish the goals you set out to achieve. I could set an “allowance” of how much money I can spend a week.
5. Do you need to have an emergency fund at your age? Why or why not? No. My parents do though.
6. Name an item you wish to purchase in the near future and your goal is purchasing it with cash. A pink Mac Book Air. :]
7. Who has contributed to your knowledge of money? Parents, Teachers, Friends, etc.? My teachers and my parents.
8. Will you live like Ben or Arthur? Explain. Arthur. Because Ben stole the money.
9. If someone gave you $5,000 today, how would you put it to use. I would buy new clothes. :] I would also put it to use for college.
10. What sacrifices are you willing to make to save money? Why do you think the sacrifices are worth it? Not buy as much stuff that I don’t need. I would have a lot more money.
Case Studies
1. Mark has just received a $10,000 bonus at work and wants to buy a car. He has nothing saved and $7,500 in credit card debit. The car he currently drives is costing him quite a bit of money in monthly repairs. He figures he can buy a nice car and put the money that he saves on repair bills towards his credit card debt, eventually paying it off. What would you tell mark to do? I would tell him to wait till he pays off the credit card debt.
2. Diane is about to get a $200 per month raise. She wants a new television and DVD player and would also like to do some home repairs easily with the extra money. She has $500 in her savings account and figures with her raise she can accomplish her purchases and repairs easily within a few months. She also has $1,000 in credit remaining on her credit card and is considering using it to buy everything now. What would you tell Diane in this situation? I would tell her not to use her credit card.
1. Why are people not saving in today’s society? Because they blow it on useless stuff.
2. How much do you think you can save per month? I think I can save at least $100 per month.
3. How do you plan on saving this money? Short or long term? I plan on saving however much I need to save on long term.
4. Name some ways you can cut your spending and still accomplish the goals you set out to achieve. By not going crazy with your money.
5. Do you need to have an emergency fund at your age? Why or why not? I think you do, because you never know when there will be an emergency.
6. Name an item you wish to purchase in the near future and your goal for buying it with cash. I would like to buy a truck in the near future, and a job would help.
7. Who has contributed to your knowledge of money? Parents, Teachers, Friends, etc.? Explain I think all three has contributed to my knowledge of money, because they have all taught me about money.
8. Will you live like Ben or Arthur? Explain. Probably like Arthur. He seems to spend his money wisely.
9. If someone gave you $5,000 today, how would you put it to use? Honestly, I’d pay the bills that needed to be paid. And the rest for the mall, or to at least try to save it.
10. What sacrifices are you willing to make to save money? Why do you think the sacrifices are worth it? If I was in the situation where I just HAD to save it, I would do anything to do it. And I would regret it if I didn’t save it if it was for something important.
1. Mark has just received a $10,000 bonus at work and wants to buy a car. He has nothing saved and $7,500 in credit card debt. The car he currently drives is costing him quite a bit of money in monthly repair bills towards his credit card debt, eventually paying it off. What would you tell Mark to do? I would tell him to pay his debts off first, and afterwards buy the car once he has enough money.
2. Diane is about to get a $200 per month raise. She wants a new television and a DVD player and would also like to do some home repairs with the extra money. She has $500 in her savings account and figures with her raise she can accomplish her purchases and repairs easily within a few months. She also has $1,000 in credit remaining on her credit card and is considering using it to buy everything now. What would you tell Diane in this situation? I would tell her to spend the money on the needed stuff first, and however much is left, to spend it on everything that she wishes to buy.
Why are people not saving in todays society? Some people think that once they have some cash in there hands that they have tp spend it right then right there.
How much do you think you can save per month? I think that with all the spare change i have everywhere i could probably save up to 15 dollars a month.
How do you plan on saving this money? Short term or Long term? I am going to save on long term so i can depend on myself for when i need money not someone else.
Name some ways you can cut your spending and still accomplish the goals you set out to achieve? Well eating out.. You can cut back on that and still save some money. And if you shop alot then you could cut back on that.
Do you need to have an emergency fund at your age? Yes because the sooner you start the better off you will be.
Name an item you wish to purchase in the near future and your goal for buying it with cash. I want my own house whn i get out of high school and if i start saving now i think i could pull it off.
Who had contributed to your knowledge of money? My parents mainly.
Will you live like Ben or Arthur? Explain. I think Ben because he is the smarter one.
If someone gave you $5,000 today, would you put it to use? No i would put it in my savings account for when i really need it in the future.
What sacrifices are you willing to make to save money? Why do you think that scrifices are worth it? I am willing to stop eating out as much. Why the sacrifice are worth it is because you save money and you might just lose some weight.
11 comments:
Why are people not saving in today’s society?
Most people don’t save because when they see something they want, they get it, usually. Our society is not one that is known as a “saving” society.
How much do you think you can save per month?
Well, I have a change bucket that had nothing but coins in it. When I get change from something I throw it in there, and just from that I save almost $20.00 a month. But I know for a fact, with dollar bills, you can save a lot more than that.
How do you plan on saving this money? Short term or long term?
I plan to save money long term, so that whenever I get on my own, I won’t have to depend on my parents, I can depend on the money I saved.
Name some ways you can cut your spending and still accomplish the goals you set out to achieve?
If you go shopping a lot, if you see something that you “need, not want” then of course that’s ok. But if you see something you “want not need” then I’m sure you can live without it.
Do you need to have an emergency fund at your age? Why or why not?
Yes, I believe that everyone needs an emergency fund. What if something was to happen to someone in your family and no one had to money to help out, you would have that trusty ol’ emergency fund and could be the hero.
Name and item you wish to purchase in the near future and your goal for buying it with cash.
I plan to purchase a Mustang (car) in the future because that is my dream car, and if I start saving now, I could afford it when I get to college or out of college.
Who has contributed to your knowledge of money? Parents, teachers, Friends, etc.? Explain.
My parents are good at saving money and spending it wisely, so I listen to them a lot.
Will you live like Ben or Arthur? Explain.
Most likely, Ben. He’s the smart one!
If someone gave you $5,000 today, would you put it to use?
I would put it in my savings for that mustang I want!
What sacrifices are you willing to make to save money? Why do you think the sacrifices are worth it?
I would give up things like junk food and sodas all the time to help not waste money and yes that sacrifices are worth it.
Discussion
1. Why are people not saving in today's society?
- People probably think when they get money they need to spend it as fast as they can.
2. How much do you think you can save per month?
- If I put my heart in it, I could probably save $200 a month.
3. How do you plan on saving this money? Short term or long term?
- It will be hard not to spend the money just because I love to spend it but it would be in a long term.
4. Name some ways you can cut you spending and still accomplish the goals you set out to achieve.
I could babysit for people in my church, or volunteer to work at my dad's tanning salon.
5. Do you need to have an emergency fund at your age? Why or Why not?
I don't think kids my age should have a fund for emergencys because were too young to work and much less save for something like that.
6. Name an item you wish to purchase in the near future and your goal for buying it wish cash.
- I want to purchase a new dress from American Eagle and I'll try to get the money for it by working at my dad's tanning salon.
7. Who has contributed to your knowledge of money? Parents, Teachers, Friends, etc? Explain.
- My parents always gives me money when I need it.
8. Will you live like Ben or Arthur? Explain
- I would want to live like Ben because he saved the most and started saving his money at the right time.
9. If someone gave you $5,000 today, how would you put it to use?
- I would put half of that money in my savings acount and go shopping with the rest.
10. What sacrifices are you willing to make to save money? Why do you think the sacrifices are worth it?
My sacrifice would be not to shop as much as I do. I think it's worth so I would have more money saved than spent.
Case Studies
1. Mark has just recieved a $10,000 bonus at work and wants to buy a car. The car he currently drives is costing him quite a bit of money in monthly repairs. He figures he can buy a nice car and put the money that he saves on repair bills towards his credit card debt, eventually paying it off. What would you tell Mark to do?
- I would tell him to use the bonus to pay off his credit card debt and start saving the rest for him a new car.
2. Diane is about to get a $200 per month raise. She wants a new television and DVD player and would also like to do some home repairs with the extra money. She has $500 in her savings account and figures with her raise she can accomplish her purchases and repairs easily within a few months. She also has $1,000 in credit remaining on her credit card and is considering using it to buy everything now. What would you tell Diane in his situation?
- I would tell her to use the credit money to start repairing the parts she wants to on her house and then with her raise, save that up and buy herself the television and DVD player.
Why are people not saving in today’s society?
Things cost too much now. People are so lazy as to say “ I’ll pay for it in a little while”
instead of right when they really need to pay it. Our country is the laziest in the world.
How much do you think you can save per month? If I actually considered it, I think I could save enough, to maybe buy a soda. I don’t receive much money from my parents.
How do you plan on saving this money? Sort term or long term?
More than likely, short term. I am female, we can only hold on to money for short time.
Name some ways you can cut your spending and still accomplish the goals you set out to achieve.
I could do a little extra work around the house I guess. I could stay home for a couple of weekends, too.
Do you need to have an emergency fund at your age? Why or why not?
I think that we should. It’s always nice to have a little something to make you feel financially stable.
Name an item you wish to purchase in the near future and your goal for buying it with cash.
I’d like to buy an iguana. I could cut back on leisure’s and save my lunch money.
Who has contributed to your knowledge of money? Parents, Teachers, Friends, etc.? Explain.
I guess Dave Ramsey. Mom and Dad don’t let me know their “ Money Business” so I just kinda get shut out.
Will you live like Ben or Arthur? Explain. I wanna do like Ben did. He started early, and after that was set for just about anything financially.
If someone gave you $5,000 today, how would you put it to use?
I would put it in a bank account.
What sacrifices are you willing to make to save money? Why do you think the sacrifices are worth it?
Leisure’s are not necessary. You can live without your wants. You can’t without your needs. I could sacrifice a lot.
Mark has just received a $10,000 bonus at work and wants to buy a car. He has nothing saved and $7,500 in credit card debt. The car he currently drives is costing him quite a bit of money in monthly repairs. He figures he can buy a nice car and put the money that he saves on repair bills towards his credit card debt, eventually paying it off. What would you tell Mark to do? I would tell him to put the money in savings, and start riding the bus. You don’t have to go to work, in a little car that keeps giving you trouble. Why not save your gas, and just take public transportation.
Diane is about to get a $200 per month raise. She wants a new television and DVD player and would also like to do some home repair with the extra money. She has $500 dollars in her savings account and figures with her raise she can accomplish her purchases and repairs easily within a few months. She also has $1000 in credit remaining on her credit card and is considering using it to buy everything now. What would you tell Diane in this situation. I would tell her to cut up the credit card. Then I would tell her to start with dividing the money out between savings, and purchases. Once she had an equal amount added to each, every month she would have enough money to get the things she wants.
Discussion Questions:
1. Why are people not saving in today’s society? – I think that people do not save because they don’t realize the situation and they have too many wants.
2. How much do you think you can save per month? – I think that I could maybe save about 50$ or so per month.
3. How do you plan on saving this money? Short term or long term? – I plan on saving this money long term because I want to save up a good bit for a down payment on a car.
4. Name some ways you can cut your spending and still accomplish the goals you set out to achieve. – I think you could cut down on all of your wants and instead save the money to go towards your savings.
5. Do you need an emergency fund at your age? Why or why not? – I do not need an emergency fund at my age because I’m only 15 and my parents should have an emergency fund for me and my family.
6. Name an item you wish to purchase in the near future and your goal for buying it with cash. - I plan on saving up a lot of money to buy a car. I want to get a job when I turn 16 and save up the money from my paychecks.
7. Who has contributed to your knowledge of money? Parents, friends, teachers, etc.? Explain. – My parents have contributed to my knowledge a good bit by teaching me the value of money and how long it really does last. Also, teachers have taught me a lot about money as to how interest and all the company’s little tricks they use to get more money out of you.
8. Will you live like Ben or Arthur? Explain. – I am going to try my best to save at least a thousand dollars a year when I turn 19 about up until I turn 25 or 26.
9. If someone gave you $5,000 today, how would you put it to use? – I would put it in a bank account and let it build up on interest.
10. What sacrifices are you willing to make to save money? Why do you think the sacrifices are worth it? – I am very willing to save money. Everytime I get money I try and hold on to it as long as possible. I think I would make pretty big sacrifices to save money because I want to save it up for when I may need it most.
Case Studies:
1. Mark has just received a $10,000 bonus at work and wants to buy a car. He has nothing saved and $7,500 in credit card debt. The car he currently drives is costing him quite a bit of money in monthly repairs. He figures he can buy a nice car and put the money that he saves on repair bills towards his credit card debt, eventually paying it off. What would you tell Mark to do?
- I would tell Mark that he needs to just put that money in a savings account and then save up money each month until he has enough to buy the car he wants instead of putting that money on the credit card and getting a bunch of interest by the credit card company.
2. Diane is about to get a $200 per month raise. She wants a new television and DVD player and would also like to do some home repairs with the extra money. She has $500 in her savings account and figures with her raise she can accomplish her purchases and repairs easily within a few months. She also has $1,000 in credit remaining on her credit card and is considering using it buy everything now. What would you tell Diane in this situation?
- I would tell Diane that she needs to just save up money each month in her savings account and just go pay for the new television with cash when she has it saved up. But first she needs to pay off the credit card bill she has and get rid of it.
1) Why are people not saving in today's society?
*I think people aren't saving because we spend to much money on things that aren't that important.
2) How much do you think you can save per month?
I don't tend to spend a lot of money each month. So if I spend absolutly none, I could save about $40 or $50.
3) How do you plan on saving money?
Short term, I plan on just not buying things that I don't need. Long term, I plan to start a savings account and put $100 in it each month.
4) Name some ways you can cut your spending and still accomplish the goals you set out to achieve.
Well, if you don't spend your money un-wisely, then you will have more money to spend towards your goals.
5) Do you need to have an emergency fund at your age? Why or why not?
I think you do need an emergency fund, because teenagers can get hurt. Or something horrible could happen like your parent dies or something.
6) Name an item you wish to purchase in the near future and your goal for buying it with cash.
I would like and iPod dock. It probably costs around $60 for the one I want.
7) Who has contributed to your knowledge of money? Parents, Teachers, Friends, etc.? Explain.
All of the above have contributed to me about money, in different ways. Parents tell you how to spend it. Teachers teach you about taxes and intrest rates.
8) Will you live like Ben or Arthur?
Well if Ben was the one who stole the money, then I don't want to live like him. So Arthur, because I want to be a good person.
9) If someone gave you $5000 today, how would you put it to use?
I would put some in our savings account. And some would go to some new clothes, :). And some would go to college funds.
10) What sacrifices are you willing to make to save money? Why do you think the sacrifices are worth it?
I'm willing to give up some expenses that are unneeded. For example, I would not spend as much on me. They are worth it for my family.
Case studies.
1) Mark has just recieved a $10,000 bonus at work and wants to buy a car. He has nothing saved and $7,500 in credit card debt. The car he currently drives is costing him quite a bit of money in monthly repairs. He figures he can buy a nice car and put the money that he saves on repair bills towrads his credit card debt, eventually paying it off. What would you tell Mark to do.
I would tell him to get a little bit out of debt first, and then buy a nice car.
2) Diane is about to get a $200 per month raise. She wants a new TV and a DVD player and would like to do some home repairs with the extra money. She has $500 in her savings account and figures with her raise she can accomplish her purchases and repairs easily within a few months. She also has $1000 in creidt remaining on her credit card and is considering using it to buy everything now. What would you tell her in this situation?
I would tell her to watch the prices on some of her new purchases, but she isn't in debt, so she should go ahead.
Discussion
1. Why are people not saving in today’s society?
Because in today’s society all people do is want things no matter what the cost. Most people get in debt fast earlier in there life because they do not know how to handle money.
2. How much do you think you can save per month?
I think I could save around $100 a month, especially if I didn’t have to pay for gas.
3. How do you plan on saving this money? Short term or long term?
I plan on saving my money for a long term basis because I do not want to ever get stuck in a rut.
4. Name some ways you can cut your spending and still accomplish the goals you set out to achieve.
Maybe you could watch what you by when you go out to eat and maybe not drive all over the place to help save gas money.
5. Do you need to have an emergency fund at your age? Why or why not?
No not really because when ever we get in trouble with money we can ask our parents to assist us.
6. Name an item you wish to purchase in the near future and your goal for buying it with cash.
I would love to purchase a 1969 Dodge Charger and my goal is to put aside so much per month.
7. Who has contributed to your knowledge of money? Parents, Teachers,
Friends, etc.? Explain.
My parents and my teachers have both showed and taught me how to save my money and the benefits from saving it as well.
8. Will you live like Ben or Arthur?” explain.
Like Ben because I want to have a lot of money so I am going to start saving earlier just like Ben.
9. If someone gave you $5,000 today, how would you put it to use?
I would probably put it all into savings and let it draw interest.
10. What sacrifices are you willing to make to save money? Why do you think the sacrifices are worth it?
I would make any sacrifice I reckon and I think that you will never go wrong by saving money so I stand strong on that issue.
Case Studies
1. Mark has just received a $10,000 bonus at work and wants to but a car. He has nothing saved and $7,500 in credit card debt. The car he currently drives is costing them quite a bit of money in monthly repairs. He figures he can buy a nice car and put the money that he saves on repair bills towards his credit card debt, eventually paying it of. What would you tell mark to do?
I would tell mark to buy the new car since his old one is about to fall apart. He might save money y buying the new car.
2. Diane is about to get a $200 per month raise. She wants a new television and DVD player and would also like to do some home repairs with the extra money. She has $500 in her savings account and figures with her raise she can accomplish her purchases and repairs easily within a few months. She also has $1,000 in credit remaining in her credit card and is considering using it to buy everything now. What would you tell Diane in this situation?
I personally think she should hold off until she is able to be it straight up and not think that she will have the money to refill the space.
Discussion Questions:
1.Why are some people not saving in today’s society?
People are not saving because they do not have a plan.
2.How much do you think you can save per month?
I believe I can save $100.
3.How do you plan on saving this money? Long term or short term?
My long term plan to save money is by cutting off the useless purchases of unneeded items
4.Name some ways you can cut your spending and still accomplish the goals you set you set out to achieve.
I can save more by buying in bulk, shopping at discount stores, and buying some generic brands of medicine.
5.Do you have to have an emergency fund at your age? Why or why not?
Everyone needs an emergency fund no matter the age, because disasters can happen to anyone.
6.Name an item you wish to purchase in the near future and your goal for buying it with cash.
I plan to start buying my books with cash that so my credit will have less chances of being tampered with.
7.Who has contributed to your knowledge of money? Parents, teachers, friends, etc.? Explain.
The ones who have contributed most are my parents and my previous Algebra IB Honors teacher – Ms. Speed. I would get bored and ask them to explain random things as they were doing them.
8.Will you live like Bill or Arthur? Explain.
I will definitely choose to live as Bill, because it is less that I have to pay with a greater reward for diligence in the end.
9.If someone gave you $5,000 today, how would you put it to use?
I would put it in a saving account.
10.What sacrifices are you willing to make to save money? Why do you think the sacrifices are worth it?
I feel that they are worth it, because saving the money for things I actually need come first.
Case Studies:
1. Mark has just received a $10,000 bonus at work and wants to buy a car. He has nothing saved and $7,500 in credit card debt. The car he currently drive is costing him quite a bit of money in monthly repairs. He figures he can buy a nice car and put the money that he saves on repair bills towards his credit card debt, eventually paying it off. What would you tell Mark to do?
I would tell him that his debt will stay with him and just build up, it is better to get debt out of the way then forget about it and letting it accumulate until it is impossible to pay back.
2. Diane is about to get a $200 per month raise.She wants a new television and DVD player and would also like to do some home repairs with the extra money.She has $500 in her savings account and figures with her raise she can accomplish her purchases and repairs easily within a few months. She also has $1,000 in credit remaining on her credit card and is considering using it to buy everything now. What would you tell Diane in this situation?
The smartest thing to do would be to save your money for the television and extras. She can put more into the bank and donate the rest to her repairs.
Why are people not saving in today’s society?
They are spending all of their money on things that they want and don’t need.
How much do you think you can save per month?
I can probably save about $120 a month.
How do you plan on saving this money? Short term or long term?
Probably just save this money till I find something I want to buy.
Name some ways you can cut your spending and still accomplish the goals you set to achieve.
Cut back on the things I buy that I don’t need and cut down on trips to the movies and to town.
Do you need to have an emergency fund at your age? Why or why not?
No, because I rely on my parents to provide for me right now.
Name an item you wish to purchase in the near future and your goal for buying it with cash.
An OQO, a microcomputer, which I’m hoping to pay for in cash.
Who has contributed to your knowledge of money? Parents, Teachers, Friends, etc.? Explain?
My mom and dad have taught me that it don’t grow on trees and this class has taught me the most about saving money.
Will you live like Ben or Arthur? Explain.
Hopefully like them both, saving from the time I am nineteen till I am 65.
I some one gave you $5,000 today, how would you put it to use?
Buy a new computer for $4000 and put the rest of the money in the bank.
What sacrifices are you willing to make to save money? Why do you think the sacrifices are worth it?
Cut down on buying every new gadget released. Yes, because in the long run I will be thankful I did.
Mark has just received a $10,000 bonus at work and wants to buy a car. He has nothing saved and $7,500 in credit card debt. The car he currently drives is costing him quite a bit of money in monthly repairs. He figures he can buy a nice car and put the money that he saves on repair bills towards his credit card debt, eventually paying it off. What would you tell Mark to do?
I would tell him to tell him to pay off his debt and put the rest on the money in the bank to save up for a new car.
Diane is about to get a $200 per month raise. She wants a new television and DVD player and would also like to do some home repairs with the extra money. She has $500 in her saving account and figures with her raise she can accomplish her purchases and repairs easily within a few months. She also has $1,000 in credit remaining on her credit card and is considering using it to buy everything now. What would you tell Diane in this situation?
To save up and to pay for everything in cash.
Discussion
1. Why are people not saving in today’s society? Because they spend too much money on useless items that they do not need.
2. How much do you think you can save per month? About 60 or 70 dollars.
3. How do you plan on saving this money? Short term or long term? Short term- I could quit spending my money on stuff that I don’t need. Long term- I could put a fraction of my paycheck in a savings account.
4. Name some ways you can cut your spending and still accomplish the goals you set out to achieve. I could set an “allowance” of how much money I can spend a week.
5. Do you need to have an emergency fund at your age? Why or why not? No. My parents do though.
6. Name an item you wish to purchase in the near future and your goal is purchasing it with cash. A pink Mac Book Air. :]
7. Who has contributed to your knowledge of money? Parents, Teachers, Friends, etc.? My teachers and my parents.
8. Will you live like Ben or Arthur? Explain. Arthur. Because Ben stole the money.
9. If someone gave you $5,000 today, how would you put it to use. I would buy new clothes. :] I would also put it to use for college.
10. What sacrifices are you willing to make to save money? Why do you think the sacrifices are worth it? Not buy as much stuff that I don’t need. I would have a lot more money.
Case Studies
1. Mark has just received a $10,000 bonus at work and wants to buy a car. He has nothing saved and $7,500 in credit card debit. The car he currently drives is costing him quite a bit of money in monthly repairs. He figures he can buy a nice car and put the money that he saves on repair bills towards his credit card debt, eventually paying it off. What would you tell mark to do? I would tell him to wait till he pays off the credit card debt.
2. Diane is about to get a $200 per month raise. She wants a new television and DVD player and would also like to do some home repairs easily with the extra money. She has $500 in her savings account and figures with her raise she can accomplish her purchases and repairs easily within a few months. She also has $1,000 in credit remaining on her credit card and is considering using it to buy everything now. What would you tell Diane in this situation? I would tell her not to use her credit card.
1. Why are people not saving in today’s society?
Because they blow it on useless stuff.
2. How much do you think you can save per month?
I think I can save at least $100 per month.
3. How do you plan on saving this money? Short or long term?
I plan on saving however much I need to save on long term.
4. Name some ways you can cut your spending and still accomplish the goals you set out to achieve.
By not going crazy with your money.
5. Do you need to have an emergency fund at your age? Why or why not?
I think you do, because you never know when there will be an emergency.
6. Name an item you wish to purchase in the near future and your goal for buying it with cash.
I would like to buy a truck in the near future, and a job would help.
7. Who has contributed to your knowledge of money? Parents, Teachers, Friends, etc.? Explain
I think all three has contributed to my knowledge of money, because they have all taught me about money.
8. Will you live like Ben or Arthur? Explain.
Probably like Arthur. He seems to spend his money wisely.
9. If someone gave you $5,000 today, how would you put it to use?
Honestly, I’d pay the bills that needed to be paid. And the rest for the mall, or to at least try to save it.
10. What sacrifices are you willing to make to save money? Why do you think the sacrifices are worth it?
If I was in the situation where I just HAD to save it, I would do anything to do it. And I would regret it if I didn’t save it if it was for something important.
1. Mark has just received a $10,000 bonus at work and wants to buy a car. He has nothing saved and $7,500 in credit card debt. The car he currently drives is costing him quite a bit of money in monthly repair bills towards his credit card debt, eventually paying it off. What would you tell Mark to do?
I would tell him to pay his debts off first, and afterwards buy the car once he has enough money.
2. Diane is about to get a $200 per month raise. She wants a new television and a DVD player and would also like to do some home repairs with the extra money. She has $500 in her savings account and figures with her raise she can accomplish her purchases and repairs easily within a few months. She also has $1,000 in credit remaining on her credit card and is considering using it to buy everything now. What would you tell Diane in this situation?
I would tell her to spend the money on the needed stuff first, and however much is left, to spend it on everything that she wishes to buy.
Why are people not saving in todays society?
Some people think that once they have some cash in there hands that they have tp spend it right then right there.
How much do you think you can save per month?
I think that with all the spare change i have everywhere i could probably save up to 15 dollars a month.
How do you plan on saving this money? Short term or Long term?
I am going to save on long term so i can depend on myself for when i need money not someone else.
Name some ways you can cut your spending and still accomplish the goals you set out to achieve?
Well eating out.. You can cut back on that and still save some money. And if you shop alot then you could cut back on that.
Do you need to have an emergency fund at your age?
Yes because the sooner you start the better off you will be.
Name an item you wish to purchase in the near future and your goal for buying it with cash.
I want my own house whn i get out of high school and if i start saving now i think i could pull it off.
Who had contributed to your knowledge of money?
My parents mainly.
Will you live like Ben or Arthur? Explain. I think Ben because he is the smarter one.
If someone gave you $5,000 today, would you put it to use?
No i would put it in my savings account for when i really need it in the future.
What sacrifices are you willing to make to save money? Why do you think that scrifices are worth it?
I am willing to stop eating out as much. Why the sacrifice are worth it is because you save money and you might just lose some weight.
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