Savings Goal
Situation: Your character has made the goal to purchase an item in the next ​
6 months.​
You will need to find out the price of the item, how much money you need to save each month, and if your character is able to purchase the item. 1. Think back to your Character Profile, what is your Salary? ​
(Hint: Use your salary before taxes.)
a. ANNUAL ​
(Yearly) Salary b. MONTHLY​
Salary (ANNUAL Salary /12) 2. Choose ​
ONE​
product that you want to purchase from the table below. Bold the item. Video Game Console HD Television Designer Shoes OR Purse Lawn Mower Cell Phone Couch Laptop OR Tablet Refrigerator Bed a. Product ­ ​
____________________________________ b. Why does your character want to purchase this product? 3. Find the price of your product by using ​
www.google.com​
. ​
(Try typing the NAME of the product and price, for example “XBOX Price” in the search bar). Write the price you find below. Price: $ 4. If your goal is to purchase your product in 6 months. How much money do you need to set aside each month to reach your 6 Month Goal? ​
(HINT: Price of Product / 6) $​
​
each Month 5. Look at your MONTHLY Salary, what percentage of your MONTHLY salary will you need to set aside in order to purchase this Product.​
​
(HINT: ANSWER #4/MONTHLY salary) ​
% 6. Look at your ANNUAL Salary, what percentage of your ANNUAL salary will you need to spend in order to purchase this Product. ​
(Price of Product/ANNUAL salary) ​
% 7. Based on the price and how much of your salary that you need to purchase the product, rate whether or not you still want to purchase this product. ​
(HINT: Do you need this product? Can you afford it? Is your goal of 6 months too short to save the needed money?) Rating Scale 1
2
3
4
5 (Do not Buy!!)
(Yes! Buy it!) Rating: CHECK FOR UNDERSTANDING Justify Your Rating and whether or not you should purchase this product. (HINT: Do you need this product? Can you afford it? Is your goal of 6 months too short to save the needed money? Does it fit within your “Pay yourself First” Budget):