Learning Activities
Activity 3.1
Identify Needs and Wants
Think on some of your recent purchases. List the last ten purchases you made in the table below, and place each of them in the category you think is correct. Needs are expenses that are required to maintain basic minimum living standards (e.g., electricity, water, transportation, food). Wants are those expenses that help you to live more comfortably (movies, games, travel, designer clothing). Make sure to include both the item and cost to purchase it.
Item | Need Expense $ | Want Expense $ |
Totals |
Reflect on the following questions.
- How do your total “need” expenses compare to your total “want” expenses?
- Should either of your expenses change? Why or why not?
- How do you currently prioritize your expenses?
Activity 3.2
Create a Monthly Budget
Budgets are done in a chart or spreadsheet format and often look like the ones below.
Income (use net monthly pay) | |
Paycheck | $2200 |
Other | $300 |
Total Income | $2500 |
Saving and Investing | |
Savings Account | $120 |
Investments | $240 |
Amount Left for Expenses | $2140 |
Expenses (Monthly) | |
Housing | $750 |
Car Payment/Insurance | $450 |
Groceries | $400 |
Restaurants/Food Delivery | $100 |
Internet | $60 |
Phone | $60 |
Medical Insurance and Copays | $120 |
Gas | $200 |
Total Expenses | $2140 |
Balance (Amount left for expenses minus total expenses) | $0 |
Create a monthly budget using the spreadsheet above as an example. You can also create your own using one of the apps discussed earlier in the chapter (e.g., Mint, Mvelopes, Wally, Goodbudget)
Activity 3.3
Complete the Cash Course
CashCourse is a free online personal finance course aimed at promoting students’ financial well-being. CashCourse provides information and tools that allow the student to make wise financial decisions in and out of school.
- Visit CashCourse.org and click on “Register for a free account” under “students.”
Click here to access CashCourse
- Fill out your information and select Texas for “State” and Sam Houston State University for “School.”
- Click My Profile at the top-right and enter your Sam ID for “Student ID” and click Save Profile. You have to add your Sam ID.
- Complete the Module
Learning Check/Assessment
- What are the five steps in financial planning?
- Identify and briefly discuss the primary components of a budget?
- What is the purpose of creating an emergency fund?
- Identify two different banking products and services and briefly discuss how they differ from one another?
- Identify two different examples of financial aid. Examples should be from different categories (federal, state, etc.).