Question

Fred loves clothes. His favourite activity is to go shopping at the mall and try on new clothes. He looks forward to the day when he has a job so he can buy all the clothes he wants.
Next week is Fred's birthday and he will receive $75.00 for his Birthday present. He saw a pair of designer jeans at the mall that were $72.00; however, he also needs new shirts, new shorts, and some swim gear for the summer. With $75.00, Fred could purchase all of the things he needs or he could purchase the one pair of designer jeans.

All the kids at school wear the designer jeans. Fred states, "If only I had a pair of these jeans, I would be popular." What should Fred do? Use the financial decisions steps from to come up with the best decision regarding how Fred should spend his Birthday money. Use the steps below to help Fred.

The following 8 steps will help you make good financial decisions:

Put yourself in a calm state. Decisions made from fear or worry are rarely sound. ...
Gather all your information. ...
Clearly state your goals. ...
Research your options. ...
Weigh the potential outcomes. ...
Sleep on it. ...
Make a decision and act on it! ...
Evaluate your results.

Answer 1

According to the principles of financial education, Fred should buy the materials he needs and leave it to buy the pair of designer jeans at another time.

What is financial education?

• It is teaching how to use money in a coherent way.
• It is teaching how to organize finances.
• It is teaching about being economically stable.

One of the main principles of financial education is the use of money in necessary elements. Therefore, we can say that Fred should spend the money he received on the materials he needs, as a pair of designer jeans is not something of extreme necessity.

However, financial education says that we should be happy with the use of money. That means Fred shouldn't give up the urge to own a pair of designer jeans. he will just have to wait a little longer, save money and buy them consciously.

More information about financial education is at the link:

brainly.com/question/10565546