MODULE 1:

Your Money Values and

Infuences
PARTICIPANT GUIDE

MONEY SMART for Adults

SEPTEMBER 2018
The Federal Deposit Insurance Corporation is an independent agency created by
the Congress to maintain stability and public confidence in the nation’s financial
system. One way we do that is by providing free, non-biased financial education
materials, including this Participant Guide. For more information about our family
of Money Smart products, visit www.fdic.gov/moneysmart.
 PARTICIPANT GUIDE

Contents
Welcome..........................................................................................................................2
Module Purpose...........................................................................................................2
Section 1: Values and Money.........................................................................................3
What Are Values? .........................................................................................................3
Apply It: My Values .................................................................................................3
Try It: Values and Financial Choices ......................................................................4
Aligning Behavior With Values....................................................................................5
Section 2: Goals and Money..........................................................................................6
What Are Goals? ..........................................................................................................6
Setting SMART Goals..................................................................................................6
Try It: Writing a SMART Goal .................................................................................7
Apply It: My SMART Goals ....................................................................................9
Section 3: External Influences ..................................................................................... 10
Influences on Choices About Money ....................................................................... 10
Examples of External Influences .............................................................................. 10
Social Pressure and Advertising............................................................................... 11
Strategies for Staying Focused onYour Goals ........................................................12
Apply It: Staying Focused on My Goals.............................................................. 14
Module Closing.............................................................................................................16
Remember the KeyTakeaways .................................................................................16
Take Action .................................................................................................................16
Where to Get More Information or Help..................................................................17
Pre-Training Survey ...................................................................................................... 19
Post-Training Survey ....................................................................................................21

MONEY SMART for ADULTS Module 1:

ADULTS 1: Your
Your Money Values
Values and Infuences 1
 PARTICIPANT GUIDE

Welcome
Welcome to the FDIC’s Money Smart for Adults!

This is the Participant Guide for Module 1: Your Money Values and
Influences. Use it during and after training. Mark it up, write in it,
take notes—it is yours to keep.

Module Purpose
This module helps you understand your values and how they
influence your financial decisions.

This module also:

§ Covers identifying values, why they are important, and how they
influence financial decisions
§ Discusses goals and why they are important in the short- and
long-term
§ Considers how goals are related to values
§ Shares the SMART framework for setting goals
§ Discusses factors, including advertising, that influence spending
§ Introduces strategies for controlling those influences

MONEY SMART for ADULTS Module 1: Your

ADULTS Your Money Values
Values and Infuences 2
 PARTICIPANT GUIDE

Section 1: Values and Money

We will discuss values: what they are, why they are important, and
how they influence financial decisions.

Key
Takeaway
Understanding
your values
can help you
set achievable
financial goals.

What Are Values?

Your values are the people, things, and places that are important to you and guide
how you make decisions.

Apply It: My Values

Answer the questions to identify your own values.
What are the people, things, and places that matter to you?

What values might your answers represent?

MONEY SMART for ADULTS Module 1: Your Money Values and Infuences 3
SECTION 1:Values and Money PARTICIPANT GUIDE

Try It: Values and Financial Choices

Read the scenario and answer the questions.

Scenario: Valentina and Isaiah Decide How to Spend

Their Tax Refund
Valentina and Isaiah recently received their tax
refund and can’t agree how to use it.
Valentina put herself through college by working 30
hours a week on top of a full course load. She still
has some student loans. Her mother is struggling
to make ends meet. Valentina would like to give her
mother most of their tax refund to use as a security
deposit to move in to a new apartment. She wants to use
the rest to continue paying down her student loan debt.
Isaiah’s parents helped him with college expenses with money they saved
over the years. He graduated with minimal loans and paid them in full a few
years before he and Valentina met. He would like to put most of their tax
refund into the savings accounts they’ve set up for their three children. He
wants to use the rest to take a family vacation. He wants to spend quality
time with his family.

What values are influencing Valentina?

What values are influencing Isaiah?

MONEY SMART for ADULTS Module 1: Your Money Values and Infuences 4
SECTION 1: Values and Money PARTICIPANT GUIDE

If Valentina and Isaiah came to you for advice, what would you tell them to do?

Do you think any of your own values are influencing how you view their situation
and your advice?

Aligning Behavior With Values

Sometimes your values might conflict with others’ values.
Understanding your core values can help you:
§ Set realistic goals
§ Make spending decisions that will help you meet your goals

Remember the Key Takeaway

Understanding your values can help you set achievable
financial goals.

MONEY SMART for ADULTS Module 1: Your Money Values and Infuences 5
 PARTICIPANT GUIDE

Section 2: Goals and Money

We will discuss what goals are and how you can use them to prioritize
how you use your money.

Key
Takeaway
Setting SMART
goals helps you
achieve your
hopes and dreams
for the future
by providing a
realistic plan
to follow.

What Are Goals?

What kind of future do you want? Goals are your desired results. Developing a
plan will help you visualize how you can reach your goals.
Setting goals helps you prioritize how you use your money so it goes toward what
matters to you. Setting goals can also help you measure and track your progress
toward achieving your hopes and dreams.

Setting SMART Goals

Use the acronym S.M.A.R.T. to remember that goals should be
Specific, Measurable, Action-oriented, Reachable, and Time-bound.
To ensure your
goals are…. Ask yourself…
Specific What exactly do I want to accomplish? Why is this important to
me? Is this something I really want?
Measurable How much? How many? How will I know when I’ve met
my goal?
Action-oriented What specific actions do I need to complete to meet this goal?

Reachable Is this goal something I can actually reach?

Time-bound When will I reach this goal?

MONEY SMART for ADULTS Module 1: Your Money Values and Infuences 6
SECTION 2: Goals and Money PARTICIPANT GUIDE

Try It: Writing a SMART Goal

Read the scenario and complete the table.

Scenario: Maria Sets SMART Goals

It’s almost summertime and Maria wants to start
planning for the next school year. She knows she’ll
need extra money for school supplies and clothes
when her kids start school near the end of August,
now 15 weeks away.
Every year she tries to pull together the money she
needs in the weeks right before school starts by picking
up extra shifts at her job. It can be stressful because
sometimes shifts aren’t available.
She remembers spending about $300 last year on school supplies and
clothes. She divided $300 by 15 (weeks) and realized that’s $20 dollars a week
until school starts.

Complete this table:

Ask yourself… What you know

Specific
What does Maria
want to accomplish?

Why is it important
to her?

Measurable
How much money
does she need?

How will she know

when she’s met
her goal?

MONEY SMART for ADULTS Module 1: Your Money Values and Infuences 7
SECTION 2: Goals and Money PARTICIPANT GUIDE

Try It: Writing a SMART Goal continued

Ask yourself… What you know

Action-oriented
What specific actions
does she need to
complete to meet
this goal?

Reachable
Is this goal
something Maria can
actually reach?

Time-bound
When will she reach
this goal?

Using the information above, write a SMART goal for Maria.

MONEY SMART for ADULTS Module 1: Your Money Values and Infuences 8
SECTION 2: Goals and Money PARTICIPANT GUIDE

Apply It: My SMART Goals

You can use this table to set SMART goals that involve money.

My Goals Is My Goal…

o Specific?
o Measurable?
o Action-oriented?
o Reachable?
o Time-bound?

o Specific?
o Measurable?
o Action-oriented?
o Reachable?
o Time-bound?

o Specific?
o Measurable?
o Action-oriented?
o Reachable?
o Time-bound?

Remember the Key Takeaway

Setting SMART goals helps you achieve your hopes and dreams for
the future by providing a realistic plan to follow.

MONEY SMART for ADULTS Module 1: Your Money Values and Infuences 9
 PARTICIPANT GUIDE

Section 3: External Influences

We will discuss how external influences affect financial decisions and
how to deal with those influences.

Key
Takeaway
External
influences impact
financial choices.
Use strategies to
stay focused on
your goals.

Infuences on Choices
About Money
Messages about money can be so
widespread you do not even realize they
are influencing your decisions.
Most people are influenced in some way.
Influences can be productive or
unproductive.

Examples of External Influences

You can take notes based on the discussions from each small group.

Advertisements

MONEY SMART for ADULTS Module 1: Your Money Values and Infuences 10
SECTION 3: External Infuences PARTICIPANT GUIDE

Media

Celebrities

Peers/Friends

Social Pressure and

Advertising
Noticing what other people have and
feeling envious is human nature.
Advertisers spend billions of dollars
a year to make us want things and
influence how we use our money.

MONEY SMART for ADULTS Module 1: Your Money Values and Infuences 11
SECTION 3: External Infuences PARTICIPANT GUIDE

Strategies for Staying Focused on Your Goals

Here are some strategies for staying focused on your goals by blocking
unproductive messages and resisting impulse spending. You may have others.

Recognize the Tactics Used to Influence You

to Spend Money
Advertisers and influencers are purposefully trying
to get you to spend more money than you’ve
planned. For example, they may give you a sense of
false urgency or make it very easy to spend money.
Recognize these tactics so you will know how you
may be influenced.

Notice When and Where You’re Tempted

Start paying attention to when and where you feel
like making an impulse purchase. You might even
try jotting down notes for a week – you could use
paper or the notes app on a mobile device. Once
you’ve spent some time noticing what triggers your
impulses, see if you can identify any patterns.

Set Yourself Up for Success by Controlling

Your Environment
It helps to avoid temptation altogether when
possible.
§ Do some people you follow on social media
tempt you to spend money or derail your effort
on your goals? If so, consider unfollowing or
blocking them.
§ Unsubscribe from mailing lists that create
urgency by sending you lots of deals or coupons. You can shop for deals when
you’re actually ready to purchase something.
§ Check customer reviews.
§ Use a list when you go shopping and stick to the list. Find a mantra that may
work to help you stay focused, such as:

MONEY SMART for ADULTS Module 1: Your Money Values and Infuences 12
SECTION 3: External Infuences PARTICIPANT GUIDE

Build in a Pause
You may be tempted to spend money on something
you don’t really need right now. Force yourself to
pause so you can be sure it’s not just an impulse.
§ If you add an item to an online cart, shut down
the browser before you purchase it. You can
always come back later to buy it.
§ If you’re tempted to buy something you don’t
really need in a store, build in a pause. Don't
put the item in your cart. Tell yourself you can
come back at the end of your shopping trip to
get it.
§ Don’t save your payment information at online retailers. Sometimes having to
go find and input your payment information gives you enough time to resist
the impulse.

Talk Yourself Out of It

When you’re tempted to make a purchase that
isn’t in your spending and saving plan, try
asking yourself:
§ Is this a want or a need?
§ Does it help me reach my goals?
§ Is this in my spending and saving plan?
§ If it isn’t, can I plan for this expense by creating
a savings goal?
§ If I spend this money now, will it affect my ability to achieve my goals?
§ Is there a way I’d rather spend this money?

Talk yourself out of it by reminding yourself of your goals.

Calculate How Many Hours or Days of Work an Item is Worth

Think about your hourly wage. If you are a full-time salaried employee, divide your
annual salary by 2,080 hours.
Divide the cost of the item by your hourly wage. If you think an item costs “48
hours of work” or “six full days of work,” it might help you decide to postpone
buying it now and set a financial goal to save money to buy it later.

MONEY SMART for ADULTS Module 1: Your Money Values and Infuences 13
SECTION 3: External Infuences PARTICIPANT GUIDE

Apply It: Staying Focused on My Goals

Think about the strategies we’ve discussed today. You can use them to
block unproductive messages. Or, use them to let go of ideas that aren’t
helping you achieve your goals. Answer the questions below to figure
out which ones might work for you.

When and where do I feel like making an impulse purchase?

What are some changes I can make to my environment to block unproductive

messages or resist impulse spending?

MONEY SMART for ADULTS Module 1: Your Money Values and Infuences 14
SECTION 3: External Infuences PARTICIPANT GUIDE

Apply It: Staying Focused on My Goals continued

What are some changes I can make to “build in a pause” to give me time to
think through a purchase?

What phrase can remind me how important it is to stay on track to achieve

my goals?

Remember the Key Takeaway

External influences impact financial choices. Use strategies
to stay focused on your goals.

MONEY SMART for ADULTS Module 1: Your Money Values and Infuences 15
 PARTICIPANT GUIDE

Module Closing
Remember the Key Takeaways
Section Key Takeaway
1: Values and Understanding your values can help you set achievable
Money financial goals.

2: Goals and Setting SMART goals helps you achieve your hopes and
Money dreams for the future by providing a realistic plan to follow.

3: External External influences impact financial choices. Use strategies

Influences to stay focused on your goals.

Take Action
You are more likely to take action if you commit to taking action now. One way
to commit is to think about what you plan to do because of what you learned
today.Then write it down.
What will I do?

How will I do it?

MONEY SMART for ADULTS Module 1: Your

ADULTS Your Money Values
Values and Infuences 16
Module Closing PARTICIPANT GUIDE

Will I share my plans with anyone? If so, who?

MONEY SMART for ADULTS Module 1: Your Money Values and Infuences 17
 PARTICIPANT GUIDE

PAGE INTENTIONALLY
LEFT BLANK

MONEY SMART for ADULTS Module 1: Your

ADULTS Your Money Values
Values and Infuences 18
 PARTICIPANT GUIDE

Pre-Training Survey
Your instructor may ask you to complete this pre-training survey before the
training begins.
Please answer these questions:
1. Which of the following are features of strong goals? Choose all that apply.
a. Fewer than five words
b. Time-bound
c. Realistic
d. Action-oriented
e. Money-related

2. Values don't matter when making True False

financial decisions. It always comes
down to the math.

3. Most people aren’t susceptible to True False

outside influences around how
they spend money.

4. The only strategy for resisting True False

impulse spending is to stop
spending money entirely.

MONEY SMART for ADULTS Module 1: Your

ADULTS Your Money Values
Values and Infuences 19
 PARTICIPANT GUIDE

PAGE INTENTIONALLY
LEFT BLANK

MONEY SMART for ADULTS Module 1: Your

ADULTS Your Money Values
Values and Infuences 20
 PARTICIPANT GUIDE

Post-Training Survey
Your instructor may ask you to complete this post-training survey after the
training ends.
Please answer these questions:
1. Which of the following are features of strong goals? Choose all that apply.
a. Fewer than five words
b. Time-bound
c. Realistic
d. Action-oriented
e. Money-related

2. Values don't matter when making True False

financial decisions. It always comes
down to the math.

3. Most people aren’t susceptible to True False

outside influences around how
they spend money.

4. The only strategy for resisting True False

impulse spending is to stop
spending money entirely.

About the Training

Check the box that best describes your agreement or disagreement with each of
these statements.
Completely Somewhat Somewhat Completely
agree agree disagree disagree

5. I would recommend this training to others.

6. I plan to apply what was discussed in this

training to my life.
7. The instructor used engaging training
activities that kept me interested.
8. The instructor was knowledgeable and
well prepared.

9. The Participant Guide is clear and helpful.

MONEY SMART for ADULTS Module 1: Your

ADULTS Your Money Values
Values and Infuences 21
 PARTICIPANT GUIDE

PAGE INTENTIONALLY
LEFT BLANK

MONEY SMART for ADULTS Module 1: Your

ADULTS Your Money Values
Values and Infuences 22
PAGE INTENTIONALLY
LEFT BLANK
Visit the FDIC’s website at www.fdic.gov/education for more information and
resources on banking-related issues. For example, FDIC Consumer News provides
practical hints and guidance on how to become a smarter, safer user of fnancial
services. Also, the FDIC’s Consumer Response Center is responsible for:
§ Investigating all types of consumer complaints about FDIC-supervised
institutions
§ Responding to consumer inquiries about consumer laws and regulations
and banking practices

You can also call the FDIC for information and assistance at
877-ASK-FDIC (877-275-3342).

MONEY SMART for Adults

PARTICIPANT GUIDE
Module 1: Your Money Values and Infuences

September 2018
www.fdic.gov/education