Money Management/Your Values1
Introduction
Why do you use your money the way you do? If ten people were given a $100 bill, they would probably spend it ten different ways. Why? Because people are different and because they have different ideas about what is important.
The deep-rooted beliefs you have about what is good and desirable are called values. Your values grow from your experiences at home, at school or church, and in the community. All your life you have had and will have choices to make. Whether you realize it or not, you make these choices based on your values. And your values come into play when you have to decide how to use your money.
What are some of your values? Perhaps you've never really thought about it. The following choice test may help you see yourself more clearly.
The Choice Test
Instructions: The following statements are arranged in pairs. Read each pair and circle the number of the statement that you consider more important to you, personally. Be honest with yourself. Each statement will appear several times. Even if the decision is hard, don't skip the responsibility of choosing. Remember, life is full of choices.
It is more important to me:
1 – To have people like me.
3 – To be able to do the things I want to do.
____________________
8 – To have as many of the good things of life
as I can.
9 – To be able to do things well.
_____________________
4 – To do new and different things often.
8 – To have as many of the good things of life
as I can.
_____________________
4 – To do new and different things often.
6 – To contribute to the happiness of my family.
_____________________
1 – To have people like me.
7 – To do what is right according to my beliefs.
_____________________
2 – To do things for my family and others.
8 – To have as many of the good things of life
as I can.
_____________________
2 – To do things for my family and others.
9 – To be able to do things well.
_____________________
2 – To do things for my family and others.
5 – To have friends.
_____________________
3 – To be able to do the things I want to do.
6 – To contribute to the happiness of my family.
_____________________
5 – To have friends.
6 – To contribute to the happiness of my family.
_____________________
3 – To be able to do the things I want to do.
9 – To be able to do things well.
_____________________
1 – To have people like me.
8 – To have as many of the good things of life
as I can.
_____________________
4 – To do new and different things often.
9 – To be able to do things well.
_____________________
7 – To do what is right according to my beliefs.
9 – To be able to do things well.
_____________________
1 – To have people like me.
6 – To contribute to the happiness of my family.
_____________________
3 – To be able to do the things I want to do.
4 – To do new and different things often.
_____________________
1 – To have people like me.
4 – To do new and different things often.
_____________________
3 – To be able to do the things I want to do.
5 – To have friends.
_____________________
6 – To contribute to the happiness of my family.
7 – To do what is right according to my beliefs.
_____________________
6 – To contribute to the happiness of my family.
9 – To be able to do things well.
_____________________
6 – To contribute to the happiness of my family.
8 – To have as many of the good things of life
as I can.
_____________________
2 – To do things for my family and others.
3 – To be able to do the things I want to do.
_____________________
7 – To do what is right according to my beliefs.
8 – To have as many of the good things of life
as I can.
_____________________
4 – To do new and different things often.
5 – To have friends.
_____________________
2 – To do things for my family and others.
4 – To do new and different things often.
_____________________
2 – To do things for my family and others.
6 – To contribute to the happiness of my family.
_____________________
5 – To have friends.
7 – To do what is right according to my beliefs.
_____________________
1 – To have people like me.
2 – To do things for my family and others.
_____________________
4 – To do new and different things often.
7 – To do what is right according to my beliefs.
______________________
1 – To have people like me.
5 – To have friends.
______________________
5 – To have friends.
8 – To have as many of the good things of life
as I can.
______________________
1 – To have people like me.
9 – To be able to do things well.
______________________
3 – To be able to do the things I want to do.
7 – To do what is right according to my beliefs.
_____________________
5 – To have friends.
9 – To be able to do things well.
_____________________
When you have circled one number in each pair, count how many times you circled each number. Record the number of times you circled each number in the left column of the chart below.
Now you are ready to rank your choices. Find the statement you circled the most times and put No. 1 in the “Rank” column on the right. No. 2 goes in the space by the statement you circled the second highest number of times. Continue to rank all the statements.
Choice Ranking
Number of times I circled the number |
Rank |
|
| 1. To have people like me. | ||
| 2. To do things for my family and others. | ||
| 3. To be able to do the things I want to do. | ||
| 4. To do new and different things often. | ||
| 5. To have friends. | ||
| 6. To contribute to the happiness of my family. | ||
| 7. To do what is right according to my beliefs. | ||
| 8. To have as many of the good things of life as I can. | ||
| 9. To be able to do things well. |
Your choices should be a clue to some of your values. Look at the statements you ranked No. 1, No. 2, and No. 3. You decided these were the three most important values from the list of nine. Are they what you really want them to be? Do they indicate some characteristics that you would rather not have?
Think about it!
Some characteristics related to the nine value statements are listed below. Check to see what characteristics match the values you ranked as important for your life. By now, you may have thought of values you have other than the nine statements. In the space at the bottom of this page, list several values that you feel are important in your life.
Characteristics of Value Statements
| Statement Number | Characteristics |
Your Rank |
1. |
Self esteem, pride, recognition, conceit, prestige, appreciation, admiration, respect. | |
2. |
Unselfishness, consideration, helpfulness, kindness, charity, service. | |
3. |
Selfishness, inconsiderateness, independence, indifference. | |
4. |
Curiosity, desire to learn, thrills, fickleness. | |
5. |
Companionship, hospitality, admiration, generosity. | |
6. |
Family unity, harmony, unselfishness, peace, contentment, love. | |
7. |
Strength of character, morality, high ethics, scrupulousness, virtue. | |
8. |
Selfishness, worldliness, material comfort, ease, convenience, pleasure. (Depends on what you mean by "good things.") | |
9. |
Pride, recognition, standard of excellence, achievement, success. |
My Values
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| _____________________________________________________________________________ |
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How you use money will reflect some of your values. Even if two people spend the same amount of money on the same item, their individual values leading to that decision may be different. For example, John and Jack both spent the same amount of money on a pair of jeans. John bought the jeans because of their style, their fit, and how they looked on him. His value leading to this decision was to look his best. Jack, on the other hand, wanted the jeans because all of his friends were wearing that particular style. He wanted to be accepted by the group. It is also possible to have a combination of two or more values influencing your decision.
In the following exercise, list three ways you spent money in the past month. Carefully and honestly evaluate what values caused you to spend the money on each item.
How did these values match up with those you listed in the exercise earlier? Does your present spending reveal your values?
My Expenditures and My Values
Footnotes
This document is FCS5236, one of a series of the Family Youth and Community Sciences Department, Florida Cooperative Extension Service, Institute of Food and Agricultural Sciences, University of Florida. Original publication date December 24, 2002. Revised December 2006. Reprinted with permission from the Alabama Cooperative Extension System (Alabama A&M and Auburn Universities. Visit the EDIS Web Site at http://edis.ifas.ufl.edu.
Josephine Turner, Ph.D., CFP, professor, Family and Consumer Economics, Department of Family, Youth and Community Sciences, Cooperative Extension Service, IFAS, University of Florida, Gainesville, 32611.
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contact your county Cooperative Extension service.
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University of Florida, IFAS, Florida A. & M. University Cooperative
Extension Program, and Boards of County Commissioners Cooperating. Larry Arrington, Dean.
