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Money Management

One of the most important concepts a person needs to master is the concept of money management. I am sure you will agree that saving money to buy a new CD or a new shirt at the local mall is not very difficult. When you think about saving money for a new car or the down payment on a house, it can be very discouraging and seem almost impossible. Developing a personal spending/savings plan will put you in control of your financial future. Not only will it show you where you are currently spending your money, it will help you decide where to spend your money in the future. Most importantly, it will allow you to develop a savings plan so that you can obtain the new car or home you have always wanted.

Money management, also known as financial planning, involves managing all of your resources to achieve your goals and objectives. Your time, talents, and money are just some of the resources you may have. By knowing the differences between your wants and needs, you will learn to manage your money better.

Wants are those things we desire. They are not items necessary for survival, yet the items do make our lives more comfortable. Needs are those things a person needs for basic survival. Items like food, shelter, and clothing are needs. Steak, a four-bedroom house, and designer jeans are wants. A person has to make a conscious decision to determine exactly what his/her wants and needs are.

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This program was developed by the West Virginia State Department of Education, the West Virginia Workplace Education Program, and the Regional Education Service Agency (RESA) V.