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the personal life cycle - Coggle Diagram
the personal life cycle
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paying for needs, wants and aspirations
to pay for essential items they need, to pay for optional items they want now; and
a car can be a need, but for young people it is often an aspiration
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Needs relate to items people must have to survive, such as food, drink and a place to live
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When planning finances, people pay for their needs first
life events
There are financial costs associated with many of these events. Some of these costs are needs, such as food and somewhere to live. Other costs are wants, such as spending on hobbies, entertainment and fashion.
In the early stages of an individual's life the cost of needs, wants and aspiration's are met by their parents/guardians and other relatives.
The amount of money people have coming in from earnings, benefits, a pension or
other sources and the financial circumstances
Some unforeseen circumstances are linked to the economic situation, and again they
may be positive or negative.
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As a person moves through their life cycle, their social status changes, not just
because of their age but also because of the life events that they experience
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