Minds On
Factors that influence our spending
Brainstorm
Brainstorm
Work with a partner, if possible, and brainstorm the following questions:
- What are some factors that might influence someone’s ability to spend money on a want or a need?
- What are some factors that might affect someone’s ability to save a given amount of money?
Action
Financial influences
Many factors influence how and when we spend money. These influences can be social, personal, or family related. These influences have an impact on how we spend money and on our financial well-being. Consider the following scenarios:
A person sees a commercial for a cool new mountain bike that they want to buy. It is advertised as one of the best mountain bikes available.
A student wants to buy a gift for their best friend for an upcoming celebration.
A student’s bike chain broke, and they need their bike to get to and from school. They will need to get it repaired or replaced.
A student is sick with the flu and can’t get to their regular lawn-mowing jobs for a few days. Because they only get paid when they finish mowing each lawn, they won’t be earning any money until they are healthy and able to get back to work.
A student has moved to a new country that has a different currency than the country they used to live in. They must learn how the new currency works and the value of items in their new home.
A person is a comic book collector and likes to be on the lookout for new editions to add to their collection. Some of the comic books they collect are rare and cost more money than others.
Complete the Financial Decision Scenario Organizer in your notebook or using the following fillable and printable document.
Choose five of the factors outlined and complete the table. Describe how each factor could influence your financial spending and how you could plan to deal with your finances in each scenario.
| Factor | How spending is influenced |
|---|---|
Press the Activity button to access the Financial Decision Scenario Organizer.
Activity (Open PDF in a new tab)Consolidation
Who and what influences spending
Complete the Spending Reflection Journal in your notebook or using the following fillable and printable document.
Journal: Choose two of the following questions to respond to in an audio or written journal.
- Who are the people that have a positive influence on your financial spending?
- Who has had or could have a negative influence on your financial spending decisions?
- Explain how this lesson helped you with reflecting on your financial goals.
- How and where do you get advice about spending money and making financial decisions?
Press the Activity button to access the Spending Reflection Journal.
Activity (Open PDF in a new tab)Reflection
As you read the following descriptions, select the one that best describes your current understanding of the learning in this activity. Press the corresponding button once you have made your choice.
I feel...
Now, expand on your ideas by recording your thoughts using a voice recorder, speech-to-text, or writing tool.
When you review your notes on this learning activity later, reflect on whether you would select a different description based on your further review of the material in this learning activity.
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