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Financial Literacy Assessment 3

Financial Literacy Assessment 3


Financial Future

  1. The Chart below offers several suggestions for construction workers to save money. On this list, identify five in either column that you think are most practical/achievable if you were a construction worker.  Explain your choices.

Easy Ways to Save Money: There are numerous ways that people can cut back on everyday costs that can overall result in big savings.  This is a select list of more than 100 suggestions from two sources: and

Useful Tips Especially for Construction Workers Useful Tips for Everyone
    1. Drink water instead of energy drinks or sodas
    2. Bring jugs of water instead of bottled water
    3. Bring your own coffee: thermos
    4. Fix your own stuff; swap skills with friends
    5. Go cheaper on gas by:
      • Clean air filter
      • Inflate tires
      • Fill up at cheaper gas stations
      • Don’t speed
      • Share rides to work (and other places)
    6. Avoid fast food places; pack a lunch
    7. Pack your own snacks
    9. Quit smoking
    10. Enjoy beers at home vs the bar
    12. Plug drafts at home; insulate
    13. Wait 30 days before buying something
    14. Lottery tickets aren’t usually winners
  1. Lights:
    • turn off when not in use
    • Use LED lights
  2. Analyze your cell phone/internet/cable options
  3. Check out used before new
    • Especially for cars, furniture, household items, even clothes
  4. Stick to shopping lists
  5. Adjust your auto insurance
    • Increase deductibles
    • Drop collision coverage for older cars
  6. Buy staples in bulk (toilet paper, detergent, paper towels)
  7. Buy generic over brand name
  8.  Follow up on rebate offers
  9. Monitor/shop around interest rates
  10. Avoid extended warranties
  11. Eat leftovers; don’t waste food
  12. Manage gift giving
  13. Avoid “shopping” at convenience stores
  14. Adjust thermostat
    • 68 in winter; 78 in summer
    • Lower/higher when away


  1. Identify two things that you would like to save for in the near or distant future. It could be something big or small.  Use the Savings Plan worksheet on Page 102 in Your Money, Your Goals  to develop a strategy for reaching those goals. RENTAL PROPERTIES (investing for retirement)
    FAMILY GOALS ( housing , children , children educations)
    Weekly or Monthly additions to a savings account SEPERATE from the account which manages daily expenses
    Personal or Side Jobs – money earned outside of your everyday job is valuable
    “Christmas Funds” – a small account or “piggybank” for small occasional and or reoccurring goals