How Would You Spend $300? Personal Finance Lesson: Howdoes your spending reflect your values?
Find a partner and discuss thefollowing questions: 1. What were the last three purchases you personally have made? 2. Why did you make these purchases?
Your situation: In high school, you work a part time job and earn $300 a month while your parents still pay for your basic needs. You must decide how you will spend your money for 4 weeks. Allocate, or assign for a purpose, your money from the following options.
Expense Options: Entertainment/FoodTransportation Music - $15/CD Car - $250 (includes Computer Games - insurance, gas, etc) $50/game Public Transportation - Movies $10 ticket $50 Movie/Game Rental - $3Clothing Restaurant - $15/visit Designer - $150 Fast Food - $7/visit Bargain Brands - $50 Eat at home – freeCharity - Local Hang with friends – free organization that helps others. You decide the amount. Save - You decide the amount.
Allocate your $300 and answer the following questions on the back of your worksheet. What is the one thing on the list you would keep as a priority to buy if you had this set monthly income? Why? Were most of your spending choices based on status (to look good), savings (have money later), personal preference, or something else? Would you save any of the money? If so, what is the goal? If not, how would an emergency affect your budget? What impact would a rise in cost of one of these items have on your decision to purchase this particular item? Would you change your spending choices?