2.1.2.F1
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MoneyinYourLife
AdvancedLevel
Ifyouweretocreatealistofthingsthatmakeyouhappy
whatwouldthatlistinclude?Examplesonyourlistmight
includeparcipanginasport,shoppingwithfriends,
watchingamovie,goingonatrip,readingabook,or
spendingmewithfamilymembers.
Whataretwothingsthatmakeyou
happy?
1.
2.
Ahappypersonhashighwellbeing.Highwellbeingcomesfromfeelinggoodaboutone’slife.Individualswhohavehigh
wellbeing:
 Areposivetheyfeelgratude,joy,love,enthusiasmandsasfacon
 Lovewhattheydotheyacvelyengageinacviessuchasworkandplay
 Areinhealthyrelaonshipstheirrelaonshipsarelovinganddependable
 Findmeaninginlifetheiracviesandrelaonshipsareimportanttothemselves,othersandoeninvolvegiving
 Feelachievementtheyfeelsuccessfulintheiracviesandrelaonships
TW‐BD
Physical
Intellectual
Emoonal
Social
Financial
WellBeingDomains
Wellbeingcanbecategorizedintovedomains(areasoflife).The
thingsthatmakeushappyaddtoourwellbeinginoneormoreofthese
domains.Althoughthespecicthingsthatmakeushappydieracross
individuals,thewaythathappinessaddstowellbeingissimilarfo
rall.
Thevedomainsare:
 Physicalwellbeing:Takingcareofyourbodyeangwell,
exercising,genganadequateamountofsleepandreceiving
regularmedicalcare.
 Intellectualwellbeing:Gainingandusingknowledge‐learningto
solveproblemsandchallenges inschool,yourjob/careerand
acviesinwhichyouareinvolved(su ch asextracurricular
acvies),andinyourpersonallife.
 Socialwellbeing:Havinganetworkoffriendsandfamily‐
havingloving,supporve,anddependablerelaonshipswith
family,friendsandmembershipinacommunitythatgives
youasenseofbelonging.
 Emoonalwellbeing:Howyoufeel‐feelingasenseofworthandpurposeinyourlife.Therewillalwaysbeupsand
downsinlife.However,developingstrategiesforcopingwithnegavelifeexperiencestomaintainahealthy
outlookhelpstocreateposiveemoonalwellbeing.
 Financialwellbeing:Yournancialoutlook‐nancialwellbeingismanagingmoneyinwaysthatbuildasenseof
understanding,competenceandcontrol.
2.1.2.F1
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FW‐B
Do you feel posive about your nancial situaon
compared to others around you?
Feelingaswelloffasyouperceivethepeoplearound
you(classmates,friends,family)canimpactyour
nancialwellbeing.
Imaginehowyourwellbeingwouldbeaectedifyoudidn’thavemoney.Financialwellbeingaectsoverallwellbeing.
Therefore,itisimportanttohavehighnancialwe
llbeing.
How can you create a sense of high nancial wellbeing for yourself? Havingmoneydoesmaer.However,happiness
levelsrisefastestasapersonmovesfrombeinglowincometomiddleincome.Aerthataperson’shappinessincreases
withmoremoney,butatamuchslowerrate.Forexample,apersonearning$80,000peryearmaybehappierthan th
e
personearning$40,000peryear,butthepersonwhoearnsmoreisnotdoublyhappy.Aerapersonearnsenough
moneytopayforlivingnecessies,itisnotsomuchtheamountofmoney,butwhatthepersonchoosestodowiththe
moneythatincreaseswellbeing
.Managingmoney welliscricaltoincreasingaperson’snancialwellbeing.
Inaddiontomanagingmoneywell,anindividualmustunderstandtheirfeelingsaboutmoneytoachievehighwell
beinginthenancialdomain.Thinkbacktothefactorsthatcontributetooverallwell being:aposiveoutlook,loving
whatyoudo,asenseofaccomplishment,involvementinhealthyrelaonshipsandndingmeaninginlif
e.Let’s
considerhowthesefactorscontributetohighnanci a l wellbeing:
Do you have posive feelings about the way you manage
your money?
Whatevertheamountofmoneyyouhavetomanage,a
sensethatyouaremanagingitwiselycontributestoyour
happinesslevel.Financialcapabilityinvolvesboth
knowledgeaboutmoneyandtheabilitytouseitto
accomplishlifegoals.Yoursenseofyournancial
capabilitycanaectyourwellbeing.E
ducangyourself
aboutnancialconceptsisaposivesteptowards
creanghighwellbeing.
Are you in healthy relaonships with posive
communicaon about money?
Communicaonregardingmoneycontributes
signicantlytowellbeingespeciallywhenmonetary
resourcesareshared.
Whodoyousharemoneywith?Howcanyou
posivelycommunicateaboutmoneywiththat
person?
Do you feel posive about having enough money to cover
basic needs?
Apersonwhocanmeetbasicneedssuchasfoodand
shelterwithoutstrugglingwilllikelyhavehigherwell
being.
Whataretwonancialtopicsyouwouldliketo
learnmoreabout?
1.
2.
2.1.2.F1
©TakeChargeTodayAugust2013MoneyinYourLifePage3
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Letnancialplanninghelpyoucreatehighnancialwellbeing!
Nameafuturegoalforwhichnancialplanningcanhelpyouprepare.
FP
What do you want your nances to look like in the future?Yournancialgoalsarespecicobjecvesthatare
accomplishedthroughnancialplanning.Financialplanninginvolvesmanagingmoneyconnuouslythroughlifeinorder
toreachyournancialgoals.
Why is it important to pracce nancial planning throughout your life? Ifyoure cognizethatnancialchoicestodayhave
aneectonyourfuturethenyoumaybelesslike
lytomakepoornancialchoices.Forexample,ifyoumakechoicesthat
resultindebt,alackofadequateinsuranceorinsucientsavings,thenyourabilitytodothingssuchasrentan
apartment,buyahouse,payforunexpectedexpensesandevengetajobcanbeimpa
cted.Financialplanninghelpsyou
prepareforthosefutureevents.

So, what does successful nancial planning look like? Howshouldyouplanforyourfuture?Everyonewillhaveadierent
nancialplan.Thisplandependsonfactorsuniquetothatperson.Yournancialplanwillconnuallychan geasyourlif
e
changes.Asuccessfulplanbeginswithanunderstandingofwhatmakesyouhappy.Sengnancialgoalsandnancial
planningisanongoingprocessthatshouldbeconsideredandevaluatedthroughoutyourenrelife.
FW‐B,
Do you feel successful about your present and future
nancial posion?
Considerhowyourcurrentmoneymanagement
praccesmakeyoufeel.Areyoumakingdecisionsthat
maximizeyourwellbeingbothtodayandinthefuture?
Ifyourchoicestodayareposivelyimpacngyour
presentandfuturenancialposion,thenyouaremost
likelyachievingnancialwellbeing.
Do you nd enjoyment and meaning in life by
parcipang in acvies you enjoy?
Wellbeingisenhancedwhenindividualsarehappyasa
resultofhavingthemeandmonetaryresourcesto
dedicatetoacviestheyenjoy.
Whatcanyoudotodaytocreateahighsenseofnancialwellbeingforyourself?