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HOLISTIC EDUCATION

Responsible
Spending
Presented By:

IISEM UG 2015-16

Prof. Amalanathan S (Dept of Commerce)


Prof. Daniel Gnanaraj(Dept of English)
Prof. Pritha Biswas (Dept of Professional Studies)

Sometimes,

we are so
focused on what we
want, we miss the
things we need

Responsible Spending
Objectives of the Session
1) To understand the importance of spending
responsibly
2) To learn appropriate ways to develop financial
awareness and skills
3) To help learners manage their allowances in a
responsible way
4) Not to spend less but to spend accroding to ones
need

Session I

Introduction ( 3 Mins)
Group Discussion on Spending Pattern (10 Mins)
Presentation of the discussion outcomes (30 Mins)
Discussion on Need Vs Wants (5 Mins Video)
Concluding Remark by the teacher (5 Mins)

Spending (Discussion)

Activity 1
Activity on spending habits
identify sources of income
Prepare a check list on how much do you spend in
a month and on what
Check the areas where spending can be more
responsible

Spending Habits
regular spending
-basic necessities of life
lifestyle spending
-beyond the basic requirements
(e.g. Branded commodities)

Facts about Spending


We spend more than our previous generations
We spend unnecessarily and dont know how to
prioritize our spending
Luxurious wants have become basic needs for us
Getting influenced by other factors parents,
peers and social media

Facts cont.

Business Insider - 2014

Moods attributing towards spending happy and sad


Tend to spend more when we are depressed or elated
not being conscious about the other side of the
financial divide
Paying bills on time
Useless justifications

Card vs Cash
Advantages
Disadvantage
s
Right usage

Needs and Wants


Do we know the difference between needs and
wants?

Needs & Wants Exercise (activity 2)


Write your opinion whether the items listed are
needs or wants
Give a short reason why you feel that way
Assign a price to the item
Suggest an alternative to the item listed

Ways to Spend Wisely

Buying quality products


Cut down on food waste
Wait for better offer
Clip coupons
Avoid borrowing or lending

Spending Habits

Video 1

Session II
What influences people to spend? (5 Mins)
How to deal with those influences? (10 Mins)
Setting priority on spending Group Discussion
(15 Mins)
Budgeting - Individual Exercise (5 Mins)
Video on Budgeting (5 Mins)
Need for Saving (10 Mins)
Video on ways to save (5 Mins)

Session II (Influence )
Media
Peers

Ways to handle media-influenced


spending
Block ads on social networking sites
Be conscious of ads (print/TV/cyber media)
Need Vs want
Beware of Viral marketing, ad targeting
personalised ads

and

Ways to handle peer pressure spending


Make an alternative suggestion
Justify your frugality
set a budget and stick to it
confidant enough to do the embarrassing thing
say no
be honest with yourself

Setting Priorities
Everyone has to set priorities on what they want
Basic needs (food, clothing, shelter, education and
transportation) take priority
Overspending is an addiction that can lead to
debt and even bankruptcy
Risk factors to be considered (eg sudden illness,
accidents)

Budgeting

Track your spending


What you can gain from keeping a budget
Comparison Shopping
Considerate buying
Consider possible risk factors

Spending Plan

identify income, including allowances and gifts


set goals based on needs and wants
determine expenses
develop a spending plan
revise the spending plan as needed

Budgeting
Video 2
How to create a budget

Activity 3
Prepare a planned budget for a trip to Goa

Saving
We need to save because we cant predict the
future
For future goals
For Emergencies
-Accidents
-Illness
-Unpredictable requirements

Video 3
(tips on saving)

Money Values

Video 4
Money- the other side of life

Thank You

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