© Family Economics & Financial Education – Revised December 2005 – Get Ready to Take Charge of Your Finances – Goals Galore!Funded by a grant from Take Charge America, Inc. to the Department of Health and Human Development at Montana State University – Bozeman

Goals Galore!

Introducing the concept of SMART Goal Setting

© Family Economics & Financial Education – Revised December 2005 – Get Ready to Take Charge of Your Finances – Goals Galore!Funded by a grant from Take Charge America, Inc. to the Department of Health and Human Development at Montana State University – Bozeman

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What is a Goal?

Goal - something a person intends to accomplish

© Family Economics & Financial Education – Revised December 2005 – Get Ready to Take Charge of Your Finances – Goals Galore!Funded by a grant from Take Charge America, Inc. to the Department of Health and Human Development at Montana State University – Bozeman

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Types of Goals Short-Term – can be accomplished within 6

months Improving grades at school Making the softball team

Intermediate-Term – can be accomplished within 6 months to a year Getting a summer job Attending college

Long-Term – can be accomplished in more than one year Graduating college Starting a career Buying a new car

© Family Economics & Financial Education – Revised December 2005 – Get Ready to Take Charge of Your Finances – Goals Galore!Funded by a grant from Take Charge America, Inc. to the Department of Health and Human Development at Montana State University – Bozeman

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SMART Goals

In order to set goals effectively, they need to be written well

SMART Specific – State exactly what is to be done with

the money Measurable – Write the exact dollar amount Attainable – Determine how it can be reached Realistic – Do not set goals for something

unrealistic Time Bound – State when the goal will be met

© Family Economics & Financial Education – Revised December 2005 – Get Ready to Take Charge of Your Finances – Goals Galore!Funded by a grant from Take Charge America, Inc. to the Department of Health and Human Development at Montana State University – Bozeman

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A goal that focuses on money Do you have enough money to buy a new TV? How are you going to pay for college? How much money to do want to earn from

your chosen career?

Financial goals will help you achieve both short-term and long-term goals

Making decisions is much easier when financial goals have been set

What is a Financial Goal?

© Family Economics & Financial Education – Revised December 2005 – Get Ready to Take Charge of Your Finances – Goals Galore!Funded by a grant from Take Charge America, Inc. to the Department of Health and Human Development at Montana State University – Bozeman

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SMART Financial Goals

“I would like to save $1000 from my part-time job to buy a new car for when I start college.”

Remember all five parts of a SMART goal Specific – State exactly what is to be done with the

money Measurable – Write the exact dollar amount Attainable – Determine how it can be reached Realistic – Do not set goals for something unrealistic Time Bound – State when the goal will be met

© Family Economics & Financial Education – Revised December 2005 – Get Ready to Take Charge of Your Finances – Goals Galore!Funded by a grant from Take Charge America, Inc. to the Department of Health and Human Development at Montana State University – Bozeman

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SMART Financial Goals

How can setting SMART goals help a person reach financial goals?

It is like following a road map SMART financial goals provide direction SMART financial goals allow a person to

focus on important things SMART financial goals help people keep

the end result in mind

© Family Economics & Financial Education – Revised December 2005 – Get Ready to Take Charge of Your Finances – Goals Galore!Funded by a grant from Take Charge America, Inc. to the Department of Health and Human Development at Montana State University – Bozeman

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ASSIGNMENT Complete the assignment on Pg. 6 of your

Financial Planning book First explain what is missing from each goal listed Second rewrite the goal to fit the criteria of a SMART

goal

Hint: See pg. 5 of your Financial Planning book for more SMART goal examples!

When you are finished, complete Pg. 7 by writing your own personal SMART goals. Write 1 of each -- Short-term, Intermediate and Long-term