1.01BM Your Values and Money

Last updated 2 months ago

Note from the author:

Students will be able to:
Practice making financial decisions
Reflect on their personal values and how they can influence their financial decisions
Explore how values differ from person to person
National Standards for Personal Financial Education
Saving
9a: Explain how external influences (e.g. peers, family, or social media) can impact personal savings decisions

Instructions

Students will be able to:
Practice making financial decisions
Reflect on their personal values and how they can influence their financial decisions
Explore how values differ from person to person
National Standards for Personal Financial Education
Saving
9a: Explain how external influences (e.g. peers, family, or social media) can impact personal savings decisions

Intro- Warm-Up

What emotional reactions do you have when thinking or talking about money?

So far, who specifically have you learned the most from about managing money?

What is the first thing you do when you earn or receive money?

DO IT

Directions: Use your Bean Map above to answer the questions below.

Part I: Round One Discussion Questions

Explain the reasoning behind how you spent your 20-bean income.

Take a moment to think about your values around money. Then, look at the top three to four categories where you are spending most of your beans. How do these choices reflect your values around money?

Compare what you spent your beans on with another student in your group. What similarities _______ and differences_______  did you notice?

Part II: Round Two Discussion Questions

Think about how you chose to remove the 7 beans. What tradeoffs did you have to make? How did you decide which categories to cut down on?

What did you learn about yourself and your values around money through the process of cutting down your budget?

Compare your budget-cutting choices with another student in your group. What similarities _______ and differences_______  did you notice?

Part III: Reflection

Did the cost of any of the categories and options surprise you? _______ Which ones _______ and why_______ ?

What previous experiences in your life influenced how you would allocate your beans across your budget?

What 3 main takeaways did you learn from this activity to help you create strong, realistic budgets for yourself in the future?_______ _______ _______ 

ARTICLE: What Do You Value?
The decisions you made in the Bean Game were driven by your personal values and beliefs. Read this article to learn about four types of “life values” and how they can impact your habits around money. Then, answer the questions.
For each of the life values, identify which of the effects on money habits you relate to.

Life Value:   Effects on Money Habbits
Inner:_______ 
Social:_______ 
Physical:_______ 
Financial: _______ 

Which life value do you believe has the biggest influence on how you view money?_______  Explain._______ 

From the answer you selected above, where do you believe you drew these influences from?

Do It:

Exit Ticket

Naresh started a new job and is having some of his paycheck deposited directly into a savings account. Which of the following values BEST explains why Naresh does this on a regular basis?

You overhear your friend Ginny say, "I made a budget for myself in my personal finance class and used my values to decide how I want to use my money." What does Ginny mean by this?

1.01BM Your Values and Money

What emotional reactions do you have when thinking or talking about money?

So far, who specifically have you learned the most from about managing money?

What is the first thing you do when you earn or receive money?

Explain the reasoning behind how you spent your 20-bean income.

Take a moment to think about your values around money. Then, look at the top three to four categories where you are spending most of your beans. How do these choices reflect your values around money?

Think about how you chose to remove the 7 beans. What tradeoffs did you have to make? How did you decide which categories to cut down on?

What did you learn about yourself and your values around money through the process of cutting down your budget?

What previous experiences in your life influenced how you would allocate your beans across your budget?

From the answer you selected above, where do you believe you drew these influences from?

Naresh started a new job and is having some of his paycheck deposited directly into a savings account. Which of the following values BEST explains why Naresh does this on a regular basis?

You overhear your friend Ginny say, "I made a budget for myself in my personal finance class and used my values to decide how I want to use my money." What does Ginny mean by this?

What are social values, as they pertain to money?