Title: Identify the components of a financial plan.
Course: Life Planning (19257-36) > Section: Developing a Plan for Financial Sustainability

Identification should include

- distinguishing between needs and wants
- distinguishing between fixed and variable expenses
- identifying short-term and long-term goals
- identifying factors to consider when making decisions about food, clothing, transportation, housing, and other essentials
- understanding the components of a personal financial plan
- developing a budget.

Process/Skill Questions:

Thinking

- What criteria should be used to evaluate resource usage as responsible or irresponsible?
- What are the consequences of irresponsible use of resources for individuals? For families? For society?

Communication

- What values influence our behavior regarding the use of financial assets?
- What communication skills are used when planning financial strategies?
- How can the importance of self-accountability in managing a financial plan be communicated?

Leadership

- How can you ensure the involvement of family members in financial decisions?
- How do you determine who in the family is involved in managing money?

Management

- What steps can be taken to increase a sense of self-accountability about the financial plan?
- What management skills can help you control spending?