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Middle School Course

1.1 Personal Finance Decision Making

Student Activity Packet

Spanish version

Name:

Date:

INTRO

TALK WITH A PARTNER

1. Think about something you purchased recently that made you really happy. What was this item? Why did you decide to buy it?

LEARN IT

VIDEO: Spending Money

Whether we realize it or not, we use money everyday! However, we're not always aware of how we use our money or why we make the financial decisions we do. Watch this video to learn about some of the things that can influence you when you are deciding how to use your money. Then, answer the questions.

1. What did Erin decide to spend her money on? How did she make this decision?

1. What would YOU do with $50? Why?

1. What other factors do you think can influence someone when they're deciding how to use their money?

INTERACTIVE: What Kind of Spender Are You?

While financial decisions can vary from person to person, you can usually identify which "money personality" someone has based on their behaviors and choices. Follow the directions below to find out which money personality you might have. Then, answer the questions.

1. Open up the What Kind of Spender Are You? quiz and answer the five questions.

1. What money personality did you get?

1. Review all 5 personalities below. Do you agree with the money personality you matched with?
2. If yes, explain why.
3. If no, which personality do you think more accurately suits you and why?

DO IT

PLAY: What's Their Money Personality?

No money personality is better than another, and each one has its advantages and disadvantages. Follow your teacher's directions to form groups. Then, discuss each of the following scenarios with your group to reflect on how we can make better financial decisions by knowing our money personalities!

SCENARIO #1

Eric is an 8th grader and is on his school's basketball team. He just got $50 from his grandfather for his birthday, and he's looking forward to buying the latest pair of his favorite basketball shoes, Flair Jordans 19. His mom hears of his plans and says, "Eric, I just got you Flair Jordans 18 five months ago!"

1. Which of the five money personalities best suits Eric? Why?

• Avoider
• Collector
• Spender
• Thinker
• Miser

Eric decides to purchase the Flair Jordans 19. Three days later Eric gets a surprise. His present from Aunt Josephine was delayed in the mail and just arrived. It's another $50!

Eric is already thinking of all the basketball equipment he can buy with this money.

1. How can Eric use this $50 more wisely?

1. What sacrifices might Eric have to make if he decides to use his money in the ways you recommended in question 2?

SCENARIO #2

Christine is in 6th grade and loves to read. She goes to the library to check out a few books every other week. Unfortunately, she's not very good at returning them on time and has a total of $15 in late fees she owes to the library. Christine gets a weekly allowance from her parents, but everytime the librarian asks her if she'd like to pay the fees at the checkout station, Christine says she'll do it the next time she comes.

1. Which of the five money personalities best suits Christine? Why?

• Avoider
• Collector
• Spender
• Thinker
• Miser

About a month later, the library sends a notification through Christine's online library account reminding her of the fees. Christine is tempted to mark the notification as "unread" and come back to it tomorrow.

1. Why do you think Christine might be putting off paying the library fees?

1. What is one thing Christine can do so she can pay her fees within the next few weeks?

SCENARIO #3

Nghia is a high school sophomore and has been working as a newspaper deliverer for his neighborhood for the past two years. He has saved $1,200 so far in his savings account and checks his account balance every other day. He usually doesn't like to buy things even if they will benefit him.

1. Which of the five money personalities best suits Nghia? Why?

• Avoider
• Collector
• Spender
• Thinker
• Miser

One morning, Nghia falls off his bike as he's delivering newspapers. Luckily, he isn't hurt, but his favorite jacket now has a huge hole in it that's going to be hard to fix. He has the following options:

1. Fix the jacket himself for $10, but it will probably be done poorly
2. Find a tailor's shop and get the jacket fixed for $20
3. Buy a new, identical jacket for $25.

1. What do you think Nghia should do? Why?

1. What advice would you give Nghia so that his good habit of saving doesn't become too extreme?

1. What is one advantage of knowing your money personality?

EXIT TICKET

1. Identify one factor that can influence your decisions around money.

1. Why is it important to know what influences your financial decision making?

EXTENSION ACTIVITY

LIST: What Do You Value?

People decide how to use their money based on their personal values, or what they judge to be important in their lives. Take some time now to identify what you value!

1. Read through the list of different values below. Choose the FIVE values that are MOST important to you and rank them from most important (1) to least important (5). You can also add any values that are not included in the blank rows.

____ Academic achievement

____ Health

____ Courage

____ Helping others

____ Culture and traditions

____ Free time

____ Extracurricular activities // hobbies

____ Social status

____ Family and friends

____ Travel

____ Freedom

____

____ Happiness

____

1. What do you think your values say about you?

1. Why is it important to know what your values are, especially when making decisions about money?

1. Why might someone make financial decisions that are NOT aligned to their values?