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Money Sense for Teens Newsletter
Volume 2, Issue 4

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 How Do You Spend Your Money? • Did You Know • Shopping – How Do You Feel? • Calculating Consumer • Your Values: Do They Make a Difference When Spending Money?

 Be a Calculating Consumer

The next few issues of the Money 2000 Newsletter— Youth Edition will focus on how to become a wise consumer of goods and services. You will learn how to make wise choices when using your time, money and other resources. Several activities in this newsletter will help you think about why you spend money the way you do. They will also help you understand how your values relate to how you spend money.

How Do You Spend Your Money?

Money is NOT the most important thing in your life, but it can make life more fun. Every day you will probably either spend money, think about spending money or save money for something you will purchase later. Very few people have enough money to buy all the things they want, and some people do not have enough money to buy the things they need.

When becoming a calculating consumer, you must first make the decision about whether an item is a need or a want. A need is necessary for life – food, water, shelter. A want is something that will make life more comfortable, satisfying and fun. Shoes are a need. Shoes that cost $150 are a want.

Think of an item you would like to buy and complete the following:

• I would like to buy ____________________________________.
• I need it because ______________________________________.
• I want it because ______________________________________.
• Is it something I can do without?     Yes or No
• Is advertising persuading me to buy this item?  Yes or No
• Are friends persuading me to buy this item?     Yes or No
• How much will this item cost? ____________________________
• Where could I buy this item? _____________________________
• Is this the best time to buy this item or can I wait until the item is on sale?    Yes or No
• I could spend my money better by ________________________.
• Could I substitute another item? Yes or No
• If the answer is yes, the item is __________________________.
• Do I still want/need this item after all? Yes or No

Information adapted from Consumer Education for Nicholas and Penelope, Cooperative Extension Service, Clemson University

Shopping – How Do You Feel?

Place a check in the blank that expresses your feelings about purchases you make. Something to think about: How do your answers relate to how you spend your money? (Designer items are those which feature logos, brand names, etc.)

Agree Disagree No Opinion

1. The items I purchase make me feel popular. _____ _____ _____

2. The main difference between designer items and other items is the cost. _____ _____ _____

3. When I buy an item, I should be most concerned about the quality of the item and how the item is made. _____ _____ _____

4. I buy designer items because of the advertisements I see. _____ _____ _____

5. I want people to like me because of who I am and not what I have. _____ _____ _____

6. Some designer items are expensive. I need to know if my family can really afford to buy it for me. _____ _____ _____ Information adapted from Consumer Education for Nicholas and Penelope, Cooperative Extension Service, Clemson University.

Calculating consumer

To become a Calculating Consumer, find the following words in the puzzle below.

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Shopping Safely From Home, Federal Trade Commission, 2000.

Your Values: Do They Make a Difference When Spending Money?

You need to know yourself so you can make wise consumer decisions. What is important to you? The way you and think and feel have a great impact on your spending decisions. What do you want from your money? What do you think is more important in life: happiness? success? money? education? freedom? Each person wants different things from life, and this depends on their values.

Values are strong personal beliefs about what is important to you – your feelings about things (clothing or a car), about relationships (both your family and friends) or ideas (cooperation or freedom). Your values may be the same as or different from those of your family or friends. Some values are more important than others at different times in your life. We get values from family, religion, education and even our friends. You will be more satisfied with the way you manage your money if you save and spend it on things that are important to you.

What are three things you value in life:

1 ____________________________________,

2 ____________________________________, and

3 ____________________________________.

Something to think about: Can money secure these things for you?

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