Students assess their own financial management skills by taking the money management self-assessment. This assessment will help students identify their current knowledge or money management as well as areas that need instruction regarding money and finances.
Money management is how you manage all aspects of your finances. This includes setting goals for the long-term, making a budget and choosing investments that will help you reach them. Money management does not mean saying no to every purchase. It is about creating a plan that will allow you to say yes to the most important things in your life. If you lack the ability to manage money effectively, any amount of money could prove to be insufficient.
Although it isn’t as difficult as you might think, managing your money well can be tedious. A healthy financial life is just as important as being physically fit. You will not stop trying to live a healthy lifestyle just because you have reached your ideal weight. It’s a constant effort that never ends. Once you reach your goal, it won’t be as hard to maintain it as the previous effort. However, effort is still necessary.
Print out the money management self assessment worksheet.
Encourage students to be truthful when filling out the assessment, and that their skills may be better than many adults.
After completing the assessment, students should choose one topic from their self-assessment that they would like to improve over the next month.
Every month, have the students re-take the assessment and evaluate areas they have either improved or areas they still need to improve.
7-12, Young adults
- Understanding spending plans
- Assessment of spending plans
- Adjusting spending decisions
- Personal finance
- Spending vs. saving
- Be able to evaluate their spending plans.
- Understand what influences spending decisions.
- Identify ways to improve their spending decisions and behavior.
- Prioritize their spending decisions
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