Q1- HELE 6 Reviewer.pdf

Q1- HELE 6 Reviewer Lesson 1: Family Resources 1. Elements of Resource Management a. Values are the principles you cherish most and consider desirable or important. These guide your behavior and serve as your inspiration. b. G...

Q1- HELE 6 Reviewer Lesson 1: Family Resources 1. Elements of Resource Management a. Values are the principles you cherish most and consider desirable or important. These guide your behavior and serve as your inspiration. b. Goals are the things that can be implied or definite. These are what you aspire to achieve. They can be a short-term or a long-term goal. c. Decisions are your conclusions or judgments on an issue or matter. It follows a process that begins with planning and ends with evaluation. 2. Classification of Family Resources a. Human resources are intangible qualities of the family that contribute to their overall well-being. Education, Skills, Attitude, Knowledge, Strength, and Time. b. Non-human resources or material resources are tangible family possessions that are available for usage. These are essential for the achievement of most goals. Money or salary, Rent, Goods, House, Car, Household equipment, and others. These also include things owned by the community to which the family belongs. Water and Electricity, Hospitals, Schools, Churches, Markets, Parks and Recreational centers, Transport facilities, roads and many more. 3. Use of Resources to Achieve Goals a. Long-term goals are achieved after years of careful planning and work. They are usually achieved one step at a time. You must carefully consider each of the steps involved. b. Short-term goals are met or achieved in a short time. You should evaluate or prioritize the goals you set. Lesson 2: Basic and Social Needs and Sources of Family Income 1. Basic and Social Needs Maslow’s hierarchy of needs is a motivational theory in psychology comprising a five-tier model of human needs, often depicted as hierarchical levels within a pyramid. The five levels of the hierarchy are physiological, safety, love/belonging, esteem, and self-actualization. Source: https://www.simplypsychology.org/maslow.html a. Physiological Needs: These are biological requirements for human survival, e.g. air, food, drink, shelter, clothing, warmth, reproduction, and sleep. b. Safety Needs: These needs can be fulfilled by the family and society, e.g. police, schools, business, and medical care. c. Love and Belonging: Belongingness refers to a human emotional need for interpersonal relationships, affiliating, connectedness, and being part of a group. d. Esteem: Maslow classified esteem needs into two categories: Esteem for oneself (dignity, achievement, mastery, independence); and The desire for reputation or respect from others (e.g., status, prestige). e. Self-Actualization: The highest level in Maslow's hierarchy, and refers to the realization of a person's potential, self-fulfillment, seeking personal growth, and peak experiences. Maslow (1943) describes this level as the desire to accomplish everything that one can, to become the most that one can be. 2. Sources of Family Income The income of the family can come from or can be derived from the following: a. Wage or Salary: It is the money earned for goods or services rendered that is paid to the father, mother, or any adult who works. b. Profit from Business and Investment: It is the dividend from shares of stocks and bonds. It also includes gains made from operating of business. c. Lease of Property: Proceeds from rental of a family-owned real estate property like an apartment. d. Pension: The income of a retired family member. e. Commission and Bonus: These are the additional income that is over and above the regular salary or wage received as a reward or incentive. Lesson 3: Family Budget Allocation Terms to Remember: Income refers to the money received by the family for the goods and services rendered. Expense refers to the money paid by the family for goods and services that it gets. Budget refers to a plan to spend money for a particular purpose. Family Budget Allocation a. Food: It gets the biggest share in the allocation of your family budget.  b. Utilities: These are paid monthly. These include electricity, water, telephone, and home cable bills. c. Shelter: It could be rented; like an apartment where the family lives. If this is the case, a fixed monthly budget should be allocated. d. Education: It refers to school fees that are paid either on a yearly or semestral basis. e. Savings: It is the money that is set aside for emergency purposes or the future. f. Household Operations: This is an allocated budget for a family member who stays at home or your house helper. This is used when your stay-at-home family member or helper goes to the market or groceries to buy supplies and food. This is also used as payment for home repairs and improvement. g. Medical and Dental Care: These are the expenses for medical and dental appointments as well as the medicines needed by the family. These also include vaccinations, especially if there is a baby in the family. h. Clothing: This is a basic need of the family. It differs from the occasions, status, and development of the family member. i. Rest and Recreation: These are the activities that provide relaxation and entertainment for the family. j. Social and Moral Obligations: These include celebrations or events like birthdays, and anniversaries, among others. Efficient Management of Family Resources Set family guidelines in managing family resources. Here are some things that you can do: a. Identify the goals of the family. b. Make a plan to help you in achieving your family goals. c. Know how much money is required to achieve your goals. d. Make a final decision on what to prioritize. e. Allocate the money for all items. f. Assess the output of the plan undertaken with the budget. Lesson 4: Understanding Needs and Wants a. Needs: Things that we need to survive. b. Wants: These are those that make our life comfortable and enjoyable. Guidelines for smart and responsible spending. a. Never buy using a credit card. b. Always buy the right size and amount of product. c. Never buy items that are not on your shopping list. d. Make sure you are full when you go shopping. e. Refrain from frequent shopping. Lesson 5: Application of Family Budget Plan a. Fixed Expenses: Expenses that are paid regularly on more or less the same amount. Examples: Tax, Rent, Electric bills, Water bills, Loans, SSS b. Flexible Expenses: Expenses that come irregularly or are paid in varying amounts. Examples: Food, Medical, Donations, Gifts, Entertainment. Sample Budget Plan: Note: Percentage distribution may vary. In making the family budget, it helps to know the actual family income. Determine also the fixed and flexible expenses and make a list of priorities. Situation: The family income of Andi is 20,000 pesos. Her mom allocated 35% for food. How much is the allocated amount for food? To find the allocated amount Allocated Amount = Family income x Allocation Rate or Percent (Rate) a. Given: Family Income = 20000 Allocation Rate = 35% Note: Change the Allocation Rate into decimal. So 35% is 0.35 b. Solution: Allocated Amount = 20000 x 0.35 = 7000 Therefore the allocated amount is 7000.