sos nursing money mgt training

8/2/2019 SOS Nursing Money Mgt Training

1/22

MAP YOUR FINANCIAL

FUTURE

Hermann Gmeiner

Nursing College-Mekelle


2/22

g g


3/22

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.


4/22

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


5/22

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


6/22

A3

Offers peace of mind. Worry is a waste

of resources

Helps you track spending versus saving to

accomplish long- and short-term goals


7/22

Is it difficult to live with this livingallowance?

Is the month long?

Why?

Think!!!


8/22

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


9/22

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.


10/22

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.


11/22

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?


12/22

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


13/22

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


14/22

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)


15/22

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


16/22

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


17/22

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?


18/22

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.


19/22

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.


20/22

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.


21/22

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


22/22

Thank

You

sos nursing money mgt training

Documents