Case Study of the Week: Helping Teens with Financial Goals

September 27, 2021

Personal Financial Literacy

You are to assume the role of a financial counselor that works with teenagers. You will be meeting with a client to discuss a personal spending plan that will help meet the client’s financial goals.

The client is a junior in high school and is planning on attending college after graduation. The client has a part-time job and works 15 hours each week. The job pays $10.00/hour. The client also receives a small allowance and often earns extra money babysitting. The client earns approximately $700.00 each month.

There are only two expenses that the client must pay: $50.00 each month on gasoline and $80.00 each month to contribute to the family’s automobile insurance premium. All other expenses are paid for by the client’s parents.  

The client wants to begin saving money for future college expenses, but also wants to have spending money for entertainment, clothing and dining out with friends in the present. It is also important to the client to donate money to charity.

You are meeting with the client to discuss a personal spending plan that will help meet the client’s (judge’s) goals for saving, spending and sharing.

Questions?

Randi Bibiano
Competitive Events Specialist
randi@deca.org

As DECA’s competitive events specialist, Randi primarily authors role-play scenarios for the collegiate and high school division’s competitive events programs. She also serves as DECA’s liaison for the Virtual Business Challenge and Stock Market Game. Randi assists with the recruitment of judges for both the high school and collegiate International Career Development Conferences. Randi has worked for DECA since 1998.

Discussion Questions

  • 1
    How much would you recommend that your client save each month?
  • 2
    How much would you recommend that your client donate to charity?
  • 3
    How much should your client spend on entertainment, clothing and dining out with friends?
  • 4

Classroom Connection

Career CLuster:

Personal Financial Literacy

Instructional Area(s):

Spending and Saving

Performance Indicators:

Discuss the components of a personal spending plan, including income, planned saving and expenses
Compare the advantages and disadvantages of saving for financial goals
Assess how spending priorities reflect goals and values