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Setting Financial Goals

“Take Charge of Your Finances”

1.17.3

1.17.3.G1

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© Family Economics & Financial Education – Revised April 2008 –Values, Needs vs. Wants, & Goal Setting Unit – Setting Financial Goals

Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

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Shake Out My Future Activity

  • Complete the Shake Out My Future worksheet 1.17.3.A1
  • For each category, roll the die to determine what your final outcome would be
  • Roll the die and cross out the number that is rolled
    • For example: In the housing category if you roll a 2 you would cross out the word “Mansion”
  • Continue until you have rolled the die enough times to have only one option remaining. This will be your final outcome for that category
  • Record your final outcome in the box next to the category and answer the reflection question

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© Family Economics & Financial Education – Revised April 2008 –Values, Needs vs. Wants, & Goal Setting Unit – Setting Financial Goals

Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

1.17.3.G1

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3 of 10

Letter to Your Future Self

  • Write a realistic letter to your future self detailing what you would like your life to be like in ten years.
  • Address each of the seven categories (you can put in more if you choose!):
    • where will you live
    • what type of transportation will you have
    • education level achieved
    • if you have a family or not
    • how much money you will make
    • type of career you have chosen
    • what types of activities you will enjoy.

4 of 10

Goals

© Family Economics & Financial Education – Revised April 2008 –Values, Needs vs. Wants, & Goal Setting Unit – Setting Financial Goals

Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

1.17.3.G1

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5 of 10

Goals

  • Short-term goals – specified as less than one year
    • I plan to raise my English grade from a C+ to a B by the end of this academic year by asking my older brother to peer review my research paper prior to turning it in.
      • Underline events in your letter that can be achieved with a short-term goal.
  • Long-term goals – specified as more than one year
    • By the end of the next academic year I would like to purchase my first car by saving $50 per month from my part time job.
      • Put parentheses around events that can be achieved with a long-term goal.

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© Family Economics & Financial Education – Revised April 2008 –Values, Needs vs. Wants, & Goal Setting Unit – Setting Financial Goals

Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

1.17.3.G1

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6 of 10

SMART Goals

© Family Economics & Financial Education – Revised April 2008 –Values, Needs vs. Wants, & Goal Setting Unit – Setting Financial Goals

Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

1.17.3.G1

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7 of 10

Education Goals

  • Help individuals prepare for success in the workplace
    • Examples include:
      • Earning an A on an upcoming quiz
      • Attending college
      • Participating in extra-curricular activities
    • Include both short-term and long-term goals
    • Provide guidance and direction
    • Enable individuals to reach financial goals

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© Family Economics & Financial Education – Revised April 2008 –Values, Needs vs. Wants, & Goal Setting Unit – Setting Financial Goals

Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

1.17.3.G1

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8 of 10

SMART Financial Goals

© Family Economics & Financial Education – Revised April 2008 –Values, Needs vs. Wants, & Goal Setting Unit – Setting Financial Goals

Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

1.17.3.G1

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9 of 10

SMART Education Goal

  • Goal – “I want to attend college.”
  • SMART goal –
    • Specific – I want to attend a four year college
    • Measurable – Because I want to attend a four year college, I will earn a B in algebra
    • Attainable – Because I want to attend a four year college, I will earn a B in algebra this semester
    • Realistic – Because I want to attend a four year college, I will earn a B in algebra this semester to prepare me for the college entrance exam
    • Time Bound – Because I want to attend a four year college, I will earn a B in algebra this semester to prepare me for the college entrance exam when I am a junior in high school

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© Family Economics & Financial Education – Revised April 2008 –Values, Needs vs. Wants, & Goal Setting Unit – Setting Financial Goals

Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

1.17.3.G1

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10 of 10

SMART Financial Goal

  • Goal – I want to buy a new car
  • SMART goal –
    • Specific – I plan to save for a down payment on a new car
    • Measurable – I plan to save $5,000 for a down payment on a new car
    • Attainable – I plan to save $5,000 for a down payment on a new car by saving $200 from every paycheck
    • Realistic – It is realistic to save $200 from each paycheck for a down payment on a car because I usually waste the money on unnecessary items instead of saving it
    • Time Bound – I plan to save $5,000 for a down payment on a new car by saving $200 from each paycheck for two years.

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© Family Economics & Financial Education – Revised April 2008 –Values, Needs vs. Wants, & Goal Setting Unit – Setting Financial Goals

Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

1.17.3.G1

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