Instructions:Complete the Following by Considering Your Real Life Situation

My $1,000 Plan

Instructions:Complete the following by considering your real life situation.

Budget with a Purpose: list four areas that you can trim $5 off from your real-lifespending every month

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Now you have at least $20 a month to put toward savings. Where are you going to keep it? Do you have a bank that you can open a savings account at? If so, what bank do you use? If not, what is your plan?

Eliminate Needless Spending: make a list of wants and luxuries and how you plan to change your habits.

Wants: identify at least three things you regularly spend money on that would be considered a want. In the space provided, identify a way to reasonably obtain that want but in a less expensive way.

Wants / Alternatives
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Luxuries: identify at least three things you regularly spend money on that would be considered a luxury. In the space provided, identify alternative activities that do not cost anything to replace those luxuries.

Luxuries / Replacement
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Reevaluate Your Monthly Bills: list two things that either you or your parents pay for on a monthly basis either on a subscription or plan basis. Do some research online and, in the space provided, identify at least one cheaper option that would work for you.

Bill / Cheaper Option / Potential Savings
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If your parents pay for this, ask them if they would be willing to give you the savings if you were able to find a better deal and put that money toward your savings goal.

Hide-and-Go-Seek Money: list at least four places that you could find some hidden money. They could be items that you could sell, overtime opportunities, or free time that you could use to get a side-job. Be specific in your answers and describe where the money would come from and how much you think you could get.

Item / Where would you get $ for it? / How much $?
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Make a Plan: set some goals and identify some free ways to celebrate success.

Look back at all the areas you were able to save and find money. Now, taking into consideration when you think you will be able to find your hide-and-go-seek money and how long it will take to build your savings through your budget, identify 2 dates that you could set as benchmark goal dates and an ultimate goal date for having $1,000 in a savings account set up just for emergencies.

Benchmark Goal #1
Goal Date: / Money Amount:
Celebration Activity:
Benchmark Goal #2
Goal Date: / Money Amount:
Celebration Activity:
Emergency Fund Total Goal
Goal Date: / Money Amount: / $1,000
Celebration Activity:

In-Class Application: Now, in the space below, identify some things you could take form this assignment and apply to your in-class strategies to be more successful.