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2.1.3.

F1

FinancialDecisions
AdvancedLevel
Haveyoueverthoughtaboutwhatcontributestothefinancialdecisions
youmake?Maybe,forexample,youhadtomakeachoicebetween
purchasingapairofdesignersunglassesandbuyingonesthatwereknock
osbutlookedexactlylikethedesignerpair.Thepriceoftheknockos
wasprobablyafrac onofthepriceofthedesignerglasses.Youprobably
consideredseveraldierentfactorsindecidingwhichpairtobuy.Didyou
considerhowmuchmoneyyouhadavailable?Howabouttheop onsyou
wouldhavewiththemoneysavedifyouboughtthecheaper,non
designerpair?Didyouconsiderhowyoulookedinonepaircomparedto
theother?Yourpersonalvaluesandperceivedneedsandwantsall
influenceyourfinalpurchase.

Values
Avalueisafundamentalbelieforprac ceaboutwhatisdesirable,worthwhile,andimportanttoanindividual.Values
arethestandards,morals,ethicsandbeliefsbywhichyouliveyourlifeandformthebasisforalldecisionmaking.For
example,mostpeoplevaluethingslikefamily,friends,goodhealth,havingasuccessfuland/orsa sfyingcareer,
financialsecurity,honestyandhelpingothers.
Whatdoyouvalue?Askyourself,Whatmakesmefeel
happy,comfortable,sa sfiedorgoodaboutmyself?Your
resul nglistwillhelpyoudeterminewhatisdesirable,
worthwhileandimportantinyourlife.Yourlistwilltherefore
exemplifywhatyouvalue.And,yourlistofvalueswillbe
uniquetoyou.Lifesexperiencesandinfluenceshelp
determineyourpersonalvalues.Understandingthe
uniquenessofonesvalueswillhelpyouunderstandwhy
someoneelsespersonaldecisionsmaybedierentthan
yourown.

Apersonsindividualvaluesmaybeinfluencedby:

Family
Friendsandpeers
Teachers
Culture(o eninfluencedbywhereyoulive)
Religiousalia ons
Media,suchastelevisionandsocialnetworking

Whataretwoofyourvalues?
1.

2.

Valuesplayalargeroleinalldecisionsyoumake,includingyourfinancialdecisions.Valueshelpyoutodetermine
yourpersonalgoals.Achievingthesegoalsmayinvolvetheuseofmoney.So,thefirststepindecidinghowto
manageyourmoneyistodeterminewhatyouwantyourlifetolooklike,bothinthepresentandoverthelongterm.
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FundedbyagrantfromTakeChargeAmerica,Inc.totheNortonSchoolofFamilyandConsumerSciencesTakeChargeAmericaIns tuteatTheUniversityofArizona

2.1.3.F1

NeedsandWants
Needsreferstogoodsorservicesthatarerequiredfor
survival.Theyincludebothphysiologicalandbiological
requirementsformaintaininglife.Afewexamplesof
needsmightincludehavingenoughfoodandwaterto
maintainyourhealth,clothingandsheltertoremain
comfortableintheclimateinwhichyoulive,andbasic
healthcare.Ontheotherhand,wants,reflectourvast
desireforgoodsandservicesthatcanincreaseourquality
oflifebutarenotabsolutelynecessaryforoursurvival.
Mee nganeedinthemostbasicofwaysmaybe

Whatarethreeitemsyouhaveusedtoday?
1.
2.
3.
Circletheitemsthatareaneed.

necessarybutnotpar cularlysa sfying.Sa sfyingour


wantsmakeslifemoreenjoyableforus.Foodisconsideredaneed,butachocolatechipsundaeisconsideredawant.
Clothingisconsideredaneed,butthosedesignerjeansyouvehadyoureyeonareawant.Shelterisconsidereda
need,butahousewithapoolonbeachfrontpropertyisawant.Beingawarethattherearemanywaystomeetyour
basicneeds,someofwhichcostmorethanothers,canhelpyoutodeterminehowtospendyourmoney.

TradeosandOpportunityCosts
Therearemanywaystosa sfyourneedsandwants.But,noneofushas
sucientincomeor metobuyanddoallofthethingsthatwemight
enjoyinaday,amonthoralife me.Asaresult,spendingdecisions
inevitablyinvolvetradeos.Wemakechoices.Witheachchoicethere
isatradeobecauseinchoosingonething,wegiveupanother.The
opportunitycostofadecisionisthevalueofthenextbestalterna ve
thatmustbeforgoneasaresultofthedecision.

Opportunitycostisoneofthemostpowerfulconceptsinlearningto
manageyourmoney.Opportunitycostisuniquetoindividualsandbased
onapersonsownvaluesandgoals.Whenyourecognizethatspending
moreondesignerclothesleaveslessofyourmoneyavailableforrenton
anapartment,orgasforyourcar,youarereadytomakeinformed
choicesbaseduponwhatismostimportanttoyou.

Therearemanywaystosa sfyourneedsandwants.Becauseallofusfacelimitson meand


income,spendingdecisionsinevitablyinvolvetradeos.Anunderstandingoftheopportunity
costofanychoiceprovidesdirec onforspendingdecisions.Itwillhelpyoutomakedecisions
thatleadtothelifeyouwanttoliveandthereforecreatehighwellbeing.

TakeChargeTodayAugust2013FinancialDecisionsPage2
FundedbyagrantfromTakeChargeAmerica,Inc.totheNortonSchoolofFamilyandConsumerSciencesTakeChargeAmericaIns tuteatTheUniversityofArizona

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