Financial Values Exercise:
Your values are beliefs or ideas that you consider important or desirable. Everyone has values, but everyone does not value the same things equally. To help you recognize some of your own money values, read the pairs of words below, then circle one item in the pair that would be your first choice in answering the question, "If you had an extra $100, on which of the two items would you spend your money?" You must make one choice in each pair.
Housing (Dream Home/Vacation Home)
Retirement Savings/Investments
Education: Self/Others
Vacation/Travel
Retirement Savings/Investments
Hobbies/Sports
Social Activities/Eating Out
Car
Education: Self/Others
Housing (Dream Home/Vacation Home)
Personal Appearance/Grooming/Clothes
Car
Retirement Savings/Investments
Hobbies/Sports
Hobbies/Sports
Car
Housing (Dream Home/Vacation Home)
Vacation/Travel
Vacation/Travel
Church/Charitable Giving
Hobbies/Sports
Church/Charitable Giving
Vacation/Travel
Personal Appearance/Grooming/Clothes
Church/Charitable Giving
Social Activities/Eating Out
Housing (Dream Home/Vacation Home)
Retirement Savings/Investments
Hobbies/Sports
Housing (Dream Home/Vacation Home)
Church/Charitable Giving
Social Activities/Eating Out
Personal Appearance/Grooming/Clothes
Vacation/Travel
Retirement Savings/Investments
Social Activities/Eating Out
Education: Self/Others
Car
Personal Appearance/Grooming/Clothes
Education: Self/Others
Now total the number of times you circled each item in the pair activity:
____ Car
____ Charitable Giving
____ Education
____ Hobbies/Sports
____ Housing
____ Personal Care
____ Retirement
____ Social
____ Travel
(Adapted from the High School Financial Planning Program (NEFE@), 1992.)
Now you can rank your values. Write down the values (car, retirement, charity, etc.) having the highest number of "votes." This list reflects the items you consider most important in their order of importance. By knowing your values, you can make sure your goals and attitudes reflect your values. The closer they all match your spending plan, the easier it will be to reach your financial goals and financial security.
Money Attitude Exercise:
This activity will only look at one of your attitudes -- your attitude towards money. First, answer the 10 questions, circling yes or no, depending on how you feel about the statements.
I need more money than I can ever use.
Yes No
It bothers me when I discover I could have gotten the same thing for less somewhere else.
Yes No
I behave as if money were the ultimate symbol of success.
Yes No
I show signs of nervousness when I don't have enough money.
Yes No
I dream I will one day be fabulously wealthy.
Yes No
I find it difficult to part with money for any reason.
Yes No
I worry that I will not have enough money to live comfortably when I retire.
Yes No
Money controls the things I do or don't do in my life.
Yes No
When I was a child, money seemed to be the most important thing in my life.
Yes No
I argue or complain about the cost of things.
Yes No
Now count the number of yes answers to find out the degree to which money controls your life. Where do you think your attitude toward money came from? Are you like your parents? Your spouse? Or different?
Your financial values and attitudes affect the financial goals you set. The more harmonious your values, attitudes and goals, the greater the likelihood of attaining them.
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