Goal Setting Document (Copy to Edit)

	A	B	C	D	E	F
1	1. Save a Copy on your Google Drive to Use and Edit the Sheet! (File -> Make a Copy) 2. You only need to fill in the grey boxes to complete the Goal Setting Document
2	Family Annual Income (Before Taxes):	$50,000
3	Note: If working hourly, multiply hours worked per week by hourly rate, then multiply by 52. Example: 30 hours a week at $20 per hour = 30 x $20 x 52 = $31,200
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5	Step 1: List Your Goals By Priority
6	Primary Goals are goals that should take priority before personal goals. Add 1 personal short term goal (up to a year) and 1 personal medium term goal (Up to 5 years)				https://www.financialplanningassociation.org/oc-pro-bono
7	Goal Function	Goal	Notes
8	Primary Goal #1	Emergency Fund	3-6 months of needs
9	Primary Goal #2	Pay Down Credit Card Debt	Total Debt not Minimum Payment
10	Primary Goal #3	Save for Retirement	5-15% of family income
11	Personal Short-Term Goal #1	Ex. Save for Vacation
12	Personal Medium-Term Goal #2	Ex. Save for Car Downpayment
13	List Other Goals for the Future (These goals will not be included for Steps 2 and 3)
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15	Step 2: Turn Your Goals into SMART Goals
16	What is a SMART goal? SMART is an acronym that means: Specific, Measurable, Attainable, Relevant, and Timebound. Imagine you’ve set a goal to save money. This goal is vague and there’s no way to tell when success has been reached. Instead you should make the goal SMART:
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18	SMART Goal Elements	Related questions	Example
19	S = Specific	What are you saving for?	Create an emergency fund
20	M = Measurable	How much do you want to save?	$5,000
21	A = Attainable	Is this realistic? Is it doable?
22	R = Relevant	Is this worth saving for/important to you?	Yes, for unexpected costs
23	T = Timebound	When will you meet the goal? (months)	12
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25	Using the example above, convert your goals into SMART Goals
26	S = Specific	Emergency Fund	Pay Down Credit Card Debt	Save for Retirement	Ex. Save for Vacation	Ex. Save for Car Downpayment
27	M = Measurable	$5,000	$4,000	10%	$750	$2,000
28	A = Attainable (Check if Yes)
29	R = Relevant	Yes, for unexpected costs	Yes, to save on interest	Yes, to achieve financial independence	Yes, to spend time with famiy	Yes, for transportation
30	T = Timebound (Months)	36	18	Ongoing until Retirement	12	36
31	Monthly Savings Per Goal	$139	$222	$417	$63	$56
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33	Step 3: Review Monthly Savings Plan
34	Using your SMART Goals, you can find the monthly savings required
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36	Goal	Total Savings Needed	Time (Months)	Monthly Savings Needed (Savings / Months)	Can you start saving for this goal?
37	Emergency Fund	$5,000	36	$139
38	Pay Down Credit Card Debt	$4,000	18	$222
39	Save for Retirement	10% Gross Income Per Year	Every Year Until Retirement	$417
40	Ex. Save for Vacation	$750	12	$63
41	Ex. Save for Car Downpayment	$2,000	36	$56
42				Amount to save for goals per month:	$139
43	Step 4: Reevaluate
44	1. Is your monthly savings plan acheivable? If not, revist Steps 1 & 2 to modify your goals. You could change the timeframe to acheive the goal, total savings required, or even the goal entirely. 2. Every 6 months to 1 year you should revisit this completed spreadsheet to update your income, track progress with your goals, and set new goals Talk to a financial planner in a free one-on-one meeting to review your goals: https://www.financialplanningassociation.org/oc-pro-bono
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