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© Family Economics & Financial Education – Revised April 2011 – Values, Need vs., Wants, and Goal Setting Unit – Setting Financial Goals Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
By educators… for educators
“Goal Out” My Future Letter
Total Points Earned
Name
21 Total Points Possible
Date
Percentage
Class
Part 1: How do you envision your life in five years? Write a letter to your future‐self detailing what you think
your life will be like in five years. When writing your letter address the following categories; where you will
live, what type of transportation you are using, education level achieved, if you have a family or not, how
much money you will make, type of career you have chosen, and what types of activities you enjoy.
Date: ________________
Dear ______________________________________,
Page | 9 1.17.3.A2
© Family Economics & Financial Education – Revised April 2011 – Values, Need vs., Wants, and Goal Setting Unit – Setting Financial Goals Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
By educators… for educators
Sincerely,
_____________________________________________
Page | 10 1.17.3.B1
© Family Economics & Financial Education – Revised April 2011 – Values, Need vs., Wants, and Goal Setting Unit – Setting Financial Goals Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
By educators… for educators
“Goal Out” My Future Letter Rubric
Name: Date:
Directions:
1. Write a letter to your future‐self detailing what you think your life will be like in five years. When
writing your letter address at least five of the following seven categories; where you will live, what
type of transportation you are using, education level achieved, if you have a family or not, how much
money you will make, type of career you have chosen, and what types of activities you enjoy.
2. Grading will be based upon the following rubric.
Exemplary ‐ 3 Satisfactory ‐ 2 Unsatisfactory ‐ 1 Rating Weight Score
Content Essay includes an
account of all
seven categories.
Essay includes
an account of
four to six
categories.
Essay includes an
account of less than
four categories.
3
Writing Skills Sentences are
fluent and
effective. Very
few errors in
mechanics,
punctuation, and
word usage.
Sentences are
generally
controlled.
Minor errors in
mechanics,
punctuation,
and word usage.
Sentences are
generally adequate.
Lapses occur in
mechanics,
punctuation, and
grammar.
2
Presentation
and
Completion
Assignment is
easily read and
neatly
assembled. All
answers have
been attempted.
Presentation
quality is
excellent.
Assignment is
adequate.
Answers may be
missing,
incomplete or
too brief.
Presentation
quality is
adequate.
Assignment is
incomplete. Answers
show lack of
attention.
Presentation is
sloppy.
2
Total Points Earned
Total Points Available 21
Percentage
Page | 12 1.17.3.L1
© Family Economics & Financial Education – Revised April 2011 – Values, Need vs., Wants, and Goal Setting Unit – Setting Financial Goals Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
By educators… for educators
Goal Setting Note Taking Guide
Total Points Earned
Name
Total Points Possible
Date
Percentage
Class
Financial planning is:
A goal is:
A financial goal is:
Why is goal setting is important?
An education goal is: A short‐term goal is: A long‐term goal is:
Page | 13 1.17.3.L1
© Family Economics & Financial Education – Revised April 2011 – Values, Need vs., Wants, and Goal Setting Unit – Setting Financial Goals Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
By educators… for educators
Definition
Term
S M A R T
Why is it important to
set education goals?
A SMART education goal my group developed is:
Why is it important to
set financial goals?
A SMART financial goal my group developed is:
A SMART education goal I have is:
A SMART financial goal I have is:
Page | 15 1.17.3.A3
© Family Economics & Financial Education – Revised April 2011 – Values, Need vs., Wants, and Goal Setting Unit – Setting Financial Goals Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
By educators… for educators
Setting a Financial Goal
Total Points Earned
Name
10 Total Points Possible
Date
Percentage
Class
Directions: Write a financial goal for yourself by following the five elements of financial goal setting.
Specific To be specific, state exactly what is to be done with the money involved in the goal.
o For example: I plan to save for a down payment on a new car.
What specific item are you saving for? (1 point)
Measurable
To make a goal measurable, write the exact dollar amount the goal is for.
o For example: I plan to save $5,000 for a down payment on a new car.
How much would you like to save? (1 point)
Attainable
To make the goal attainable, determine how the goal can be reached, which is often determined by
an individual’s budget.
o For example: I plan to save $5,000 for a down payment on a new car by saving $200 from
every paycheck.
How are you going to reach this goal? (1 point)
Page | 16 1.17.3.A3
© Family Economics & Financial Education – Revised April 2011 – Values, Need vs., Wants, and Goal Setting Unit – Setting Financial Goals Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
By educators… for educators
Realistic Be realistic. Do not set the goal for something unattainable or out of reach.
o If a person is working and barely meeting their immediate needs, saving $5,000 for a new car
is not something they can afford.
Is the goal realistic? Why or why not? (1 point)
Time Bound
To make the goal time bound, specifically state when the goal needs to be reached. This is influenced
by how attainable the goal is.
o Realistically, a person cannot save $5000 for a new car by only taking $200 out of their
paycheck within 6 months.
When will you reach your goal? (1 point)
The final goal example:
o I plan to save $5,000 for a down payment on a new car by saving $200 from every paycheck
for two years.
What is your final goal statement? (5 points)
Page | 17 1.17.3.A4
© Family Economics & Financial Education – Revised April 2011 – Values, Need vs., Wants, and Goal Setting Unit – Setting Financial Goals Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
By educators… for educators
Setting an Education Goal
Total Points Earned Name
10 Total Points Possible Date
Percentage Class
Directions: Write an education goal for yourself by following the five elements of educational goal setting.
Specific To be specific, state exactly what is to be done in your academics to reach a goal.
o For example: I plan to raise my grade in advanced algebra.
What specific item are you striving to achieve? (1 point)
Measurable
To make a goal measurable, write the letter grade or final outcome for the goal.
o For example: I plan to raise my grade from a B‐ to a B+ in advanced algebra.
What guidelines will you set to help you determine that this goal has been met? (1 point)
Attainable
To make the goal attainable, determine how the goal can be reached, which is often determined by an
individual’s current academics.
o For example: I plan to raise my grade from a B‐ to a B+ in advanced algebra by staying after
school on Monday and Wednesday nights for math tutoring.
How are you going to reach this goal? (1 point)
Page | 18 1.17.3.A4
© Family Economics & Financial Education – Revised April 2011 – Values, Need vs., Wants, and Goal Setting Unit – Setting Financial Goals Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
By educators… for educators
Realistic Be realistic. Do not set the goal for something unattainable or out of reach.
o If a person is already staying after school for other activities, are they willing to change their
schedule or is there a different time of day additional help would be available?
Is the goal realistic? Why or why not? (1 point)
Time Bound
To make the goal time bound, specifically state when the goal needs to be reached. This is influenced by
how attainable the goal is.
o Realistically, a person cannot raise their math grade in one academic week.
When will you reach your goal? (1 point)
The final goal example:
o I plan to raise my advanced algebra grade from a B‐ to a B+ by the end of the semester in 9 weeks
by attending math tutoring sessions two nights a week.
What is your final goal statement? (5 points)
Page | 19 1.17.3.A5
© Family Economics & Financial Education – Revised April 2011 – Values, Need vs., Wants, and Goal Setting Unit – Setting Financial Goals Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
By educators… for educators
Setting a Goal
Total Points Earned
Name
19 Total Points Possible
Date
Percentage
Class
Directions: Match the following terms with the statement below. (1 point each)
1. _____ Specific objectives to be accomplished through financial planning
2. _____ Specified as less than one year
3. _____ Enable individuals to prepare for future success in the work place
4. _____The end result of something a person intends to acquire, achieve, do,
reach, or accomplish sometime in the near or distant future.
5. _____Specified as more than one year.
6. _____ A tool used to achieve financial success based upon the development
and implementation of financial goals.
Directions: Refer to the letter you wrote to your future self to answer the following questions:
7. What is one event in your five year plan that will require a long‐term financial or education goal? (1 point)
8. Write one SMART long‐term financial or education goal to help achieve that event. (5 points)
A. Financial planning
B. Short–term goal
C. Long–term goal
D. Goal
E. Education goal
F. Financial goal
Page | 20 1.17.3.A5
© Family Economics & Financial Education – Revised April 2011 – Values, Need vs., Wants, and Goal Setting Unit – Setting Financial Goals Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
By educators… for educators
9. What is one event in your five year plan that will require a short‐term goal? (1 point)
10. Write one SMART short‐term financial or education goal to help achieve that event. (5 points)
11. Why is it important to write down goals? (1 point)
1.17.3.F1
©Family Economics & Financial Educa on—Revised April 2011 —Values, Needs vs. Wants & Goal Se ng Unit —Se ng Financial Goals—Page 1
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Ins tute at The University of
Se ng Financial Goals
Financial planning is defined as a tool to achieve financial success based upon the development and implementa on of financial goals. A goal is defined as the end result of something a person intends to acquire, achieve, do, reach, or accomplish some me in the near or distant future. Financial goals are specific objec ves to be accomplished through financial planning. Both short‐term and long‐term financial goals are a necessary component of an effec ve financial plan. Short‐term goals are specified as less than one year. Long‐term goals are specified as more than one year. Goals should be consistent with personal values and a tudes.
Financial goals should include the following elements: Specific: State exactly what is to be done
with the money involved. Measurable: Write the exact dollar amount. A ainable: Determine how it can be
reached, which is o en determined by the individual’s budget.
Realis c: Do not set the goal for something una ainable or out of reach.
Time Bound: Specifically state when the goal needs to be reached.
Financial goals can be used for saving money, repaying debts, or whatever is necessary depending upon a person’s current and poten al financial situa on and obliga ons. Financial goals must be con nually evaluated and adjusted to account for life changes. A person must not give up if a goal is not reached! If things do not happen as planned, re‐evaluate and re‐define the financial goal to try again. Financial goals are necessary because they give a financial plan specific direc on. Specific goals can help to keep a person focused and on track and provide visualiza on of where the person wants to be in the future. When a person knows what their goals are, their choices in making decisions will become clearer. For example, having a goal of “saving money for a vaca on” is very vague. It does not give enough specific informa on to guide financial behavior. Sta ng “I plan to save $1,800 for a vaca on next year by saving $150 from each month’s paycheck for 1 year” is much more specific for the person to put the plan into ac on.
Goals
SMART Goals Financial Goals
Educa on Goals Educa on goals enable individuals to prepare for future success in the workplace. They also can be both short‐term and long‐term goals. Taking specific classes, ge ng good grades, and par cipa ng in extra‐curricular ac vi es are three examples of how individuals can be er prepare for future careers. Educa on goals prepare individuals to achieve higher educa on thus preparing them with greater opportuni es to earn a higher income. Educa on goals should also be wri en as SMART goals.
Why is se ng goals important?
Why is it important to make sure goals include all five elements of a SMART goal?
“Take Charge of Your Finances” Advanced Level
