SOS Nursing Money Mgt Training
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Transcript of SOS Nursing Money Mgt Training
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MAP YOUR FINANCIAL
FUTURE
Hermann Gmeiner
Nursing College-Mekelle
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g g
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OBJECTIVES
Learners will: Discuss Why Money Skills Are Important
Distinguish between short-term and long-termgoals.
Identify the opportunity cost of spending orsaving decisions.
Explain how saving helps to satisfy futurewants.
Use opportunity cost for financial decision
suggest how to make better saving and
spending decisions.
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Prepare you for your future
after college
(Why Budget?)Why Money Skills Are Important?
Create Independence
Set and reach goals
Enjoy living responsibly within your means
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to purchase planned goods or services in the future
to buy goods or services that people suddenly see and want
to deal with emergencies and unexpected events.
Helps you to live within your financial means and meet expenses
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A3
Offers peace of mind. Worry is a waste
of resources
Helps you track spending versus saving to
accomplish long- and short-term goals
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Is it difficult to live with this livingallowance?
Is the month long?
Why?
Think!!!
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Developing A Financial Plan
Look at your resources
Understand your expenses
Set financial goals
Identify and evaluate what to do
Take action
Review your progress
Make changes if needed
Get help if its not working
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Take time to list your financial goals,
along with a realistic plan for achieving
them.
Create a budget and stick to it
Know how much your monthly income is and
your mandatory bills
Get into the habit of saving
Learn to set aside an amount every month into
your savings to earn what you want.
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When you have developed a budget, you can seemore clearly where you can cut some
expenses and start saving. It is import tostart saving at an early age. It is a habit that is goodto get into.
For ideas where to put your savings, talk to adultaround you. A budget will also help develop short
and long term goals.
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A2
Track expenses for one month What did you buy
Which were needs vs. wants
Patterns of spending
Categorize spending (clothing, food, etc.)
Identify future spending (car, etc.)
Where Does Your Money Go?
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A4
Ideas to Use
Pay yourself a weekly amount for spending money
If you get Ekub or loan for the semester,write the semesters worth of fee payments
Use meal cards to plan your food costs
Save each days loose change to make a weekend
fun fund
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A5
Creating a Budget to Meet
Your Goals
Estimate income vs. expenses
Estimate future expenses
Factor in change
New situations
Conditions that change your expenses
Set money aside to meet your goals
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A6
Prioritize goals through college and beyond
Determine resources needed to accomplish your goals
Research options
Creating a Budget to Meet Your Goals
Why set goals
Categorize goals
Short term (during the college term)
Medium term (during the academic year)
Long term (through college and beyond)
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Plan for Wants Consider trade-offs and opportunity cost.
Learn good money management. See whereyou can start saving.
Map out short-term goals and long-term goals.
Be carful about loan
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Economic ConceptsAll decisions involve =
Gainingsomethingand giving something
up.People make decisions about spendingand saving.If people save, they will have money to satisfy thenext most favored want. When people spend, they
give up the opportunity to save. In either case,they incur an opportunity cost which is defined asthe highest valued alternative that must be givenup because another option is chosen. The decision
they face is choosing the option with the lower
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Consider Needs vs. Wants
Think about the items you purchase on a regular
basis.
Do you really "need" theitem?
Can you do without it?
Do you think you could getit later on sale?
Where can you save?
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Take Control
Taking control of your financial situation helps
reduce the anxiety of not knowing whether you
have the money to pay your bills when they aredue. It is important to have a sense ofcontrol over money, rather thanletting money have control over you.
Building assets improves the quality of life foryou and your family.
Budgeting will help you build assets.
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DISCUSSION QUESTIONS
1. What are the things you want to have in the
future? and indicate the goods and services you
would be willing to save for.2. What does the terms want and Need mean.
3. give examples of the opportunity cost of
spending or saving decisions you have made in
the past.
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ACTIVITY
1. List down the possible monthly expenses
2. Write them down from most to least in their
importance3. Make a budget and decide how much you cansave on a regular basis in the following format.
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Budget for
expenses
Actual amount
spent
Food
clothes
phone
Income Entertainment
Allowance donations
Part-time job Savings
Other House rent
Others
Total $
Total $ Total $
My monthly budget
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Thank
You