Spending by Color

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  • Her spending behavior(s)?Entitlement, Impulse
  • His spending behavior(s)?Compensatory, Impulse…
  • His spending behavior(s)?Convenience, Impulse, Compensatory, Habitual…
  • Spending by Color

    1. 1. Welcome to<br />Spending by Color<br />Why We Choose to Spend In Our Own Colorful Ways<br />
    2. 2. Housekeeping<br /><ul><li>Silence Cell Phones
    3. 3. Water
    4. 4. Restrooms</li></li></ul><li>Why We’re the Experts<br />Nationwide Nonprofit since 1996<br />Counseling 1,000s of Debtors Annually<br />Hundreds of Classes Every Year<br />
    5. 5. Course Overview<br />Spending<br />Your Hidden Spending Habits <br />Evaluate Spending Tendencies<br />Identify Spending Motivations<br />
    6. 6. Evaluation<br />Rate yourself on the likelihood that you would spend your money or time on the item and/or experience below. Consider each choice independently.<br />DEFINITELY NO MAYBE DEFINITELY YES<br />1 2 3 4 5<br />#1<br />Learn to play a musical instrument<br />
    7. 7. Evaluation<br />Rate yourself on the likelihood that you would spend your money or time on the item and/or experience below. Consider each choice independently.<br />DEFINITELY NO MAYBE DEFINITELY YES<br />1 2 3 4 5<br />#2<br />Buy a Rolex<br />
    8. 8. Evaluation<br />Rate yourself on the likelihood that you would spend your money or time on the item and/or experience below. Consider each choice independently.<br />DEFINITELY NO MAYBE DEFINITELY YES<br />1 2 3 4 5<br />#3<br />Let spouse decide how to spend it<br />
    9. 9. Evaluation<br />Rate yourself on the likelihood that you would spend your money or time on the item and/or experience below. Consider each choice independently.<br />DEFINITELY NO MAYBE DEFINITELY YES<br />1 2 3 4 5<br />#4<br />Always insist on paying for your friend’s dinner when you go out<br />
    10. 10. Evaluation<br />Rate yourself on the likelihood that you would spend your money or time on the item and/or experience below. Consider each choice independently.<br />DEFINITELY NO MAYBE DEFINITELY YES<br />1 2 3 4 5<br />#5<br />Donate to a public library<br />
    11. 11. Evaluation<br />Rate yourself on the likelihood that you would spend your money or time on the item and/or experience below. Consider each choice independently.<br />DEFINITELY NO MAYBE DEFINITELY YES<br />1 2 3 4 5<br />#6<br />Go skydiving, rappelling, rock climbing, or do other extreme activity <br />
    12. 12. Evaluation<br />Rate yourself on the likelihood that you would spend your money or time on the item and/or experience below. Consider each choice independently.<br />DEFINITELY NO MAYBE DEFINITELY YES<br />1 2 3 4 5<br />#7<br />Hire a professional to help you with your finances<br />
    13. 13. Evaluation<br />Rate yourself on the likelihood that you would spend your money or time on the item and/or experience below. Consider each choice independently.<br />DEFINITELY NO MAYBE DEFINITELY YES<br />1 2 3 4 5<br />#8<br />Upgrade your cell phone to the latest model with all the bells & whistles<br />
    14. 14. Evaluation<br />Rate yourself on the likelihood that you would spend your money or time on the item and/or experience below. Consider each choice independently.<br />DEFINITELY NO MAYBE DEFINITELY YES<br />1 2 3 4 5<br />#9<br />Purchase life insurance policy to cover your family in case you pass away<br />
    15. 15. Evaluation<br />Rate yourself on the likelihood that you would spend your money or time on the item and/or experience below. Consider each choice independently.<br />DEFINITELY NO MAYBE DEFINITELY YES<br />1 2 3 4 5<br />#10<br />Lend money to a co-worker<br />
    16. 16. Evaluation<br />Rate yourself on the likelihood that you would spend your money or time on the item and/or experience below. Consider each choice independently.<br />DEFINITELY NO MAYBE DEFINITELY YES<br />1 2 3 4 5<br />#11<br />Contribute supplies to a local school<br />
    17. 17. Evaluation<br />Rate yourself on the likelihood that you would spend your money or time on the item and/or experience below. Consider each choice independently.<br />DEFINITELY NO MAYBE DEFINITELY YES<br />1 2 3 4 5<br />#12<br />Buy a ski boat or all terrain vehicle (ATV)<br />
    18. 18. Evaluation<br />Rate yourself on the likelihood that you would spend your money or time on the item and/or experience below. Consider each choice independently.<br />DEFINITELY NO MAYBE DEFINITELY YES<br />1 2 3 4 5<br />#13<br />Pay for a gym membership or a home gym<br />
    19. 19. Evaluation<br />Rate yourself on the likelihood that you would spend your money or time on the item and/or experience below. Consider each choice independently.<br />DEFINITELY NO MAYBE DEFINITELY YES<br />1 2 3 4 5<br />#14<br />Update my wardrobe to be more stylish<br />
    20. 20. Evaluation<br />Rate yourself on the likelihood that you would spend your money or time on the item and/or experience below. Consider each choice independently.<br />DEFINITELY NO MAYBE DEFINITELY YES<br />1 2 3 4 5<br />#15<br />Give gift to a loved one “just because”<br />
    21. 21. Evaluation<br />Rate yourself on the likelihood that you would spend your money or time on the item and/or experience below. Consider each choice independently.<br />DEFINITELY NO MAYBE DEFINITELY YES<br />1 2 3 4 5<br />#16<br />Throw a neighborhood party<br />
    22. 22. Evaluation<br />Rate yourself on the likelihood that you would spend your money or time on the item and/or experience below. Consider each choice independently.<br />DEFINITELY NO MAYBE DEFINITELY YES<br />1 2 3 4 5<br />#17<br />Give to a charity or a church<br />
    23. 23. Evaluation<br />Rate yourself on the likelihood that you would spend your money or time on the item and/or experience below. Consider each choice independently.<br />DEFINITELY NO MAYBE DEFINITELY YES<br />1 2 3 4 5<br />#18<br />Buy yourself a season ticket to a ski resort, amusement park, sporting event..<br />
    24. 24. Evaluation<br />Rate yourself on the likelihood that you would spend your money or time on the item and/or experience below. Consider each choice independently.<br />DEFINITELY NO MAYBE DEFINITELY YES<br />1 2 3 4 5<br />#19<br />Take an adult education class (such as pottery, cooking, art, finance, health…)<br />
    25. 25. Evaluation<br />Rate yourself on the likelihood that you would spend your money or time on the item and/or experience below. Consider each choice independently.<br />DEFINITELY NO MAYBE DEFINITELY YES<br />1 2 3 4 5<br />#20<br />Buy new rims or a new paint job for your vehicle<br />
    26. 26. Evaluation<br />Rate yourself on the likelihood that you would spend your money or time on the item and/or experience below. Consider each choice independently.<br />DEFINITELY NO MAYBE DEFINITELY YES<br />1 2 3 4 5<br />#21<br />Purchase playground equipment for children in my family<br />
    27. 27. Evaluation<br />Rate yourself on the likelihood that you would spend your money or time on the item and/or experience below. Consider each choice independently.<br />DEFINITELY NO MAYBE DEFINITELY YES<br />1 2 3 4 5<br />#22<br />Give a friend a gift certificate to their favorite retail store<br />
    28. 28. Evaluation<br />Rate yourself on the likelihood that you would spend your money or time on the item and/or experience below. Consider each choice independently.<br />DEFINITELY NO MAYBE DEFINITELY YES<br />1 2 3 4 5<br />#23<br />Do volunteer work and cover your own expenses<br />
    29. 29. Evaluation<br />Rate yourself on the likelihood that you would spend your money or time on the item and/or experience below. Consider each choice independently.<br />DEFINITELY NO MAYBE DEFINITELY YES<br />1 2 3 4 5<br />#24<br />Get a new gaming system<br />
    30. 30. Evaluation<br />Rate yourself on the likelihood that you would spend your money or time on the item and/or experience below. Consider each choice independently.<br />DEFINITELY NO MAYBE DEFINITELY YES<br />1 2 3 4 5<br />#25<br />Join a book club and build your personal library.<br />
    31. 31. Evaluation<br />Rate yourself on the likelihood that you would spend your money or time on the item and/or experience below. Consider each choice independently.<br />DEFINITELY NO MAYBE DEFINITELY YES<br />1 2 3 4 5<br />#26<br />Cosmetic improvement or surgery<br />
    32. 32. Evaluation<br />Rate yourself on the likelihood that you would spend your money or time on the item and/or experience below. Consider each choice independently.<br />DEFINITELY NO MAYBE DEFINITELY YES<br />1 2 3 4 5<br />#27<br />Give an anonymous gift to a family member<br />
    33. 33. Evaluation<br />Rate yourself on the likelihood that you would spend your money or time on the item and/or experience below. Consider each choice independently.<br />DEFINITELY NO MAYBE DEFINITELY YES<br />1 2 3 4 5<br />#28<br />Buy something a friend is selling even if you don’t need it or want it<br />
    34. 34. Evaluation<br />Rate yourself on the likelihood that you would spend your money or time on the item and/or experience below. Consider each choice independently.<br />DEFINITELY NO MAYBE DEFINITELY YES<br />1 2 3 4 5<br />#29<br />Give to a nonprofit fundraising event<br />
    35. 35. Evaluation<br />Rate yourself on the likelihood that you would spend your money or time on the item and/or experience below. Consider each choice independently.<br />DEFINITELY NO MAYBE DEFINITELY YES<br />1 2 3 4 5<br />#30<br />Purchase the latest iPod and regularly purchase songs off the Internet<br />
    36. 36. Evaluation<br />Add columns in Results Sheets<br />
    37. 37. Evaluation<br />Transfer Results to Reporting Form<br />Please answer 9 anonymous demographic questions<br />
    38. 38. Spending Color Wheel<br />
    39. 39. Spending Color Wheel<br />
    40. 40. Spending Color Wheel<br />
    41. 41. Spending Color Wheel<br />
    42. 42. Spending Color Wheel<br />
    43. 43. Spending Color Wheel<br />
    44. 44. Spending Color Wheel<br />
    45. 45. Achievement<br />Typical Expenses<br />Red<br />
    46. 46. Achievement<br />Key Words & Phrases<br />Red<br />Accomplishment<br />Satisfaction<br />Skill<br />If it’s worth doing,<br />it’s worth doing right.<br />
    47. 47. Achievement<br />Tips and Suggestions<br />Red<br />
    48. 48. Admiration<br />Typical Expenses<br />Purple<br />
    49. 49. Admiration<br />Key Words & Phrases<br />Purple<br />Image<br />Brand Name<br />I wouldn’t be caught dead in…<br />
    50. 50. Admiration<br />Tips and Suggestions<br />Purple<br />VALUES<br />vs.<br />VALUABLES<br />#1<br />#2<br />#3<br />
    51. 51. Relationship<br />Typical Expenses<br />Blue<br />
    52. 52. Relationship<br />Key Words & Phrases<br />Blue<br />Other<br />Others<br />It’s not about me…<br />
    53. 53. Relationship<br />Tips and Suggestions<br />Blue<br />
    54. 54. Approval<br />Typical Expenses<br />Green<br />
    55. 55. Approval<br />Key Words & Phrases<br />Green<br />Please!<br />Status<br />Impress<br />What would the neighbors think…?<br />
    56. 56. Approval<br />Tips and Suggestions<br />Green<br />
    57. 57. Responsibility<br />Typical Expenses<br />Yellow<br />
    58. 58. Responsibility<br />Key Words & Phrases<br />Yellow<br />It’s my duty/job…<br />If not me, then who?<br />Make a difference in this world…<br />
    59. 59. Responsibility<br />Tips and Suggestions<br />Yellow<br />
    60. 60. Amusement<br />Typical Expenses<br />Orange<br />
    61. 61. Amusement<br />Key Words & Phrases<br />Orange<br />Fun! Fun! Fun!<br />Me! Me! Me!<br />What a Rush!!!<br />
    62. 62. Amusement<br />Tips and Suggestions<br />Orange<br />
    63. 63. Importance<br />It’s not how much you EARN, it’s how much you KEEP!<br />
    64. 64. Universal Spending Behaviors<br />Cross Colors<br />Subtle & Programmed<br />Known to Advertisers<br />
    65. 65. Compensatory Spending<br /><ul><li>Face the Factors:
    66. 66. Keeping up with the Joneses.
    67. 67. Values vs. Valuables
    68. 68. Suggestions & Tips
    69. 69. True worth is inside, not in stuff.
    70. 70. Ask: “Is this practical?”</li></li></ul><li>Entitlement Spending<br /><ul><li>Face the Factors:
    71. 71. You feel unappreciated.
    72. 72. You want to celebrate!
    73. 73. Suggestions & Tips:
    74. 74. Budget “Fun Money”
    75. 75. Write yourself a note of appreciation</li></li></ul><li>Habitual Spending<br /><ul><li>Face the Factors:
    76. 76. Habits or Addictions
    77. 77. Can impact others
    78. 78. Suggestions & Tips:
    79. 79. Replace with cheaper habit/hobby
    80. 80. In cases of addictions, seek professional counseling</li></li></ul><li>Sales Spending<br /><ul><li>Face the Factors:
    81. 81. “But it’s on sale!”
    82. 82. Speak in “Percentages”
    83. 83. Suggestions & Tips:
    84. 84. “Sales Come and Sales Go, but Your Money Only Goes Once.”
    85. 85. “Sales are not Opportunities to Save but Occasions to Spend.”</li></li></ul><li>Obligatory Spending<br /><ul><li>Face the Factors:
    86. 86. Pressure to give
    87. 87. Can involve guilt and remorse
    88. 88. For family, friends or strangers
    89. 89. Suggestions & Tips:
    90. 90. Sentiment instead of Price
    91. 91. Give service, your time, an experience</li></li></ul><li>Special Spending Behaviors<br />Impulse Spending<br />Convenience Spending<br />
    92. 92. Convenience Spending<br /><ul><li>Face the Factors:
    93. 93. Usually your LOWEST scoring color
    94. 94. Put off till last moment
    95. 95. “Time is money!”
    96. 96. Suggestions & Tips:
    97. 97. More Planning
    98. 98. Shop on the same day each week. Inconsistency is the foe.
    99. 99. Take only the cash you need.</li></li></ul><li>Impulse Spending<br /><ul><li>Face the Factors:
    100. 100. Usually your HIGHEST scoring color
    101. 101. Whims
    102. 102. The Senses
    103. 103. Store Layout
    104. 104. Suggestions & Tips
    105. 105. Sleep on large purchases
    106. 106. Spending Plan (Goals Card)
    107. 107. Stick to Your List
    108. 108. Don’t Shop “for Fun!”</li></li></ul><li>Examples<br /><ul><li>Linda and Hal
    109. 109. Every Saturday morning, they go “Garage Saling!”
    110. 110. Love good deals
    111. 111. $20 to $50 worth of “stuff” they don’t need.
    112. 112. Their spending behavior(s)?
    113. 113. Suggestions?</li></li></ul><li>Examples<br />Lisa<br />Under the gun at work<br />Pulling more than her share<br />She “deserves” something special<br />Buys new outfit<br />Her spending behavior(s)?<br />Suggestions?<br />
    114. 114. Examples<br /><ul><li>Alan buys…
    115. 115. biggest tires, shiniest roll bars, extra fog lamps, loudest speakers, brightest paint…
    116. 116. Gives sense of fitting in
    117. 117. His spending behavior(s)?
    118. 118. Suggestions?</li></li></ul><li>Examples<br />Lorenzo<br />fast food for breakfast (in a hurry)<br />lunch out with coworkers (no time to make bag lunch & there’s peer pressure)<br />His spending behavior(s)?<br />Suggestions?<br />
    119. 119. Examples<br /><ul><li>Other poor spending behaviors?</li></li></ul><li>Disciplined Spending<br /><ul><li>Financial goals = roadmap
    120. 120. Review spending plan
    121. 121. shopping lists (“live by a menu”)
    122. 122. Know spending limit before going to store
    123. 123. Keep good records for review</li></li></ul><li>5-Step Program<br />List obstacles<br />Plan to overcome obstacles<br />Establish value<br />Identify behavior(s) to improve<br />Set deadlines<br />My name’s Todd and I’m a Convenience Spender<br />Weekly Planning every Tuesday at 7:00 pm<br />Too many demands on my time to shop regularly.<br />I hate feeling like I get nothing done!<br />4 weeks from today<br />
    124. 124. Pennywise Pound Foolish<br />
    125. 125. Big Ticket Purchases<br /><ul><li>Too often we pinch pennies on the small stuff but don’t give the big purchases a 2nd thought.
    126. 126. Home Buying</li></li></ul><li>Big Ticket Purchases<br /><ul><li>Too often we pinch pennies on the small stuff but don’t give the big purchases a 2nd thought.
    127. 127. Home Buying
    128. 128. Car Buying</li></li></ul><li>Big Ticket Purchases<br /><ul><li>Too often we pinch pennies on the small stuff but don’t give the big purchases a 2nd thought.
    129. 129. Home Buying
    130. 130. Car Buying
    131. 131. Appliances and Furniture</li></li></ul><li>Big Ticket Purchases<br />Where we’d all like to be NOW!<br /><ul><li>Too often we pinch pennies on the small stuff but don’t give the big purchases a 2nd thought.
    132. 132. Home Buying
    133. 133. Car Buying
    134. 134. Appliances and Furniture
    135. 135. Vacations</li></li></ul><li>Thanksfor Coming!<br />And on that note… Enjoy Your Day!<br />We are ALWAYS available to address your questions and concerns.<br />

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