All Docs Financial Literacy Assessment 3 Read History Names: Isabel Torres, O’Brian Lewis, Allan Plascencia, Jordan Kirkland, John Baio, Juan Collado, Yeriel Caba, Ivan Isidoro, Luis Campoverde, Martin Rosero Financial Future: Learning Assessment Three 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. #1 is most practical because its healthier to drink water rather than soda to keep you energized on the site #2 is most achievable because you can easily invest in a large water jug, rather than buying multiple small bottles to save money #4 fix your own things. you save money instead of paying someone else to fix it or replace it #6 Avoid fast food places; pack a launch because you would pay more for outside food than you making it at home. It takes more time to go out to buy food and won’t be able to eat your food in the amount of time you have. 7: avoid shopping at convenience stores because you will often pay more money for certain items there, rather than shopping at a super market to save money. 8. staying healthy is very important so you can keep working and working making money. a sick day is a day of no pay and extra expenses for getting back in shape #9 Quit smoking. It is most achievable mostly because it is a habit that is healthy to quit and there are many alternatives that can be used to help. 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: www.thesimpledollar.com and www.doughroller.net Useful Tips Especially for Construction Workers Useful Tips for Everyone Drink water instead of energy drinks or sodas Bring jugs of water instead of bottled water Bring your own coffee: thermos Fix your own stuff; swap skills with friends 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) Avoid fast food places; pack a lunch Pack your own snacks STAY HEALTHY Quit smoking Enjoy beers at home vs the bar No DUIs: DON’T DRINK AND DRIVE Plug drafts at home; insulate Wait 30 days before buying something Lottery tickets aren’t usually winners Lights: turn off when not in use Use LED lights Analyze your cell phone/internet/cable options Check out used before new Especially for cars, furniture, household items, even clothes Stick to shopping lists Adjust your auto insurance Increase deductibles Drop collision coverage for older cars Buy staples in bulk (toilet paper, detergent, paper towels) Buy generic over brand name Follow up on rebate offers Monitor/shop around interest rates Avoid extended warranties Eat leftovers; don’t waste food Manage gift giving Avoid “shopping” at convenience stores Adjust thermostat 68 in winter; 78 in summer Lower/higher when away 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 goal One thing I would like to save for is a car. Each month I will have a certain percentage of my paycheck and don’t touch the money all. While doing this I will determine the monthly payments and insurance payments I will half to make on the car. I would also cut back on personal wants until I purchase the car and adjust the monthly payments and service repairs to my budget. Another thing I would like to save for in the future is an house. I will take a certain percentage of my paycheck and donations and put it towards an house.