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A presentation by Luke Erickson, University of Idaho Extension Educator, on how to set and reach financial goals. This includes setting allowances, using accountability partners, writing down our goals and values, helping members of our household do the same, understand money personalities, make household goals SMART goals, and plug spending leaks.
Citation preview
Reach your Financial GoalsLuke Erickson
By the end of this module you should be able tobull Designate a financial
accountability partnerbull Create a list or written and
prioritized goalsbull Make your top five goals
SMART goals
Guilt-free money (Allowance)
bull Worksheet 1
Financial Accountability Partner
bull - Check-in before large purchasesbull - You set the threshold (ex $30)bull - Pros and cons of purchases
Who should be your AP
bull - Spouse parent trusted friend etcbull - Have your best interest in mind
Worksheet
bull Please fill out questions 2 amp 3
What if
Value and goals
bull What is important to youbull Write it downbull Sky is the limitbull Include non-financial goals
Worksheet
Question 4
Household goals
bull Tonighthellipndash Have spouse amp kids write down their goalsndash Equal opportunity to meet goalsndash Find a way to compromise and support each other
fairlybull Take turnsbull Set allowances
The art of compromise
bull Will your lists be the same
Money personalities
bull Balancedbull Youngbull Spontaneousbull Resistantbull Tightwadbull Splurging
Use your strengths
bull Nerds amp Free Spirits
SMART goals example
bull - $50 bike vs $3000 bicyclebull - Balance quality with affordability
SMART goals practicebull Specific Diamondback 2013 Overdrive V with 29-inch
wheelsbull Measurable $39999 on Amazoncom with free shippingbull Agreed Upon Accountability partner agrees that this is a
reasonable large purchasebull Realistic This price is realistic for my budget and suits my
needsbull Time-based If I save up $100 a month I can purchase this
bike in four monthsbull Practice making your own SMART goal
16
SMART Goal Setting WorksheetGoals Rank Amount
NeededBuyDate
Months to Save
StartingDate
Monthly
SavingsNew TV
2 $800 Nov 6 March $100
Therersquos no such thing as NO
bull When you communicate and work together therersquos no such thing as no Itrsquos only a matter of when
bull But you do have to agree ndash Is it a priorityndash Is it fair
18
What would you do with
19
Habits Cost
Item Price Per Year__ 1 Soda a day 60 $21900 1 Candy Bar a day 75 $27375 1 Magazine a week 495 $25740
Spending leaks
bull Worksheet 6
Evaluation
bullSign-up to receive them by email
Newsletter
Guilt-free money (Allowance)
bull Worksheet 1
Financial Accountability Partner
bull - Check-in before large purchasesbull - You set the threshold (ex $30)bull - Pros and cons of purchases
Who should be your AP
bull - Spouse parent trusted friend etcbull - Have your best interest in mind
Worksheet
bull Please fill out questions 2 amp 3
What if
Value and goals
bull What is important to youbull Write it downbull Sky is the limitbull Include non-financial goals
Worksheet
Question 4
Household goals
bull Tonighthellipndash Have spouse amp kids write down their goalsndash Equal opportunity to meet goalsndash Find a way to compromise and support each other
fairlybull Take turnsbull Set allowances
The art of compromise
bull Will your lists be the same
Money personalities
bull Balancedbull Youngbull Spontaneousbull Resistantbull Tightwadbull Splurging
Use your strengths
bull Nerds amp Free Spirits
SMART goals example
bull - $50 bike vs $3000 bicyclebull - Balance quality with affordability
SMART goals practicebull Specific Diamondback 2013 Overdrive V with 29-inch
wheelsbull Measurable $39999 on Amazoncom with free shippingbull Agreed Upon Accountability partner agrees that this is a
reasonable large purchasebull Realistic This price is realistic for my budget and suits my
needsbull Time-based If I save up $100 a month I can purchase this
bike in four monthsbull Practice making your own SMART goal
16
SMART Goal Setting WorksheetGoals Rank Amount
NeededBuyDate
Months to Save
StartingDate
Monthly
SavingsNew TV
2 $800 Nov 6 March $100
Therersquos no such thing as NO
bull When you communicate and work together therersquos no such thing as no Itrsquos only a matter of when
bull But you do have to agree ndash Is it a priorityndash Is it fair
18
What would you do with
19
Habits Cost
Item Price Per Year__ 1 Soda a day 60 $21900 1 Candy Bar a day 75 $27375 1 Magazine a week 495 $25740
Spending leaks
bull Worksheet 6
Evaluation
bullSign-up to receive them by email
Newsletter
Financial Accountability Partner
bull - Check-in before large purchasesbull - You set the threshold (ex $30)bull - Pros and cons of purchases
Who should be your AP
bull - Spouse parent trusted friend etcbull - Have your best interest in mind
Worksheet
bull Please fill out questions 2 amp 3
What if
Value and goals
bull What is important to youbull Write it downbull Sky is the limitbull Include non-financial goals
Worksheet
Question 4
Household goals
bull Tonighthellipndash Have spouse amp kids write down their goalsndash Equal opportunity to meet goalsndash Find a way to compromise and support each other
fairlybull Take turnsbull Set allowances
The art of compromise
bull Will your lists be the same
Money personalities
bull Balancedbull Youngbull Spontaneousbull Resistantbull Tightwadbull Splurging
Use your strengths
bull Nerds amp Free Spirits
SMART goals example
bull - $50 bike vs $3000 bicyclebull - Balance quality with affordability
SMART goals practicebull Specific Diamondback 2013 Overdrive V with 29-inch
wheelsbull Measurable $39999 on Amazoncom with free shippingbull Agreed Upon Accountability partner agrees that this is a
reasonable large purchasebull Realistic This price is realistic for my budget and suits my
needsbull Time-based If I save up $100 a month I can purchase this
bike in four monthsbull Practice making your own SMART goal
16
SMART Goal Setting WorksheetGoals Rank Amount
NeededBuyDate
Months to Save
StartingDate
Monthly
SavingsNew TV
2 $800 Nov 6 March $100
Therersquos no such thing as NO
bull When you communicate and work together therersquos no such thing as no Itrsquos only a matter of when
bull But you do have to agree ndash Is it a priorityndash Is it fair
18
What would you do with
19
Habits Cost
Item Price Per Year__ 1 Soda a day 60 $21900 1 Candy Bar a day 75 $27375 1 Magazine a week 495 $25740
Spending leaks
bull Worksheet 6
Evaluation
bullSign-up to receive them by email
Newsletter
Who should be your AP
bull - Spouse parent trusted friend etcbull - Have your best interest in mind
Worksheet
bull Please fill out questions 2 amp 3
What if
Value and goals
bull What is important to youbull Write it downbull Sky is the limitbull Include non-financial goals
Worksheet
Question 4
Household goals
bull Tonighthellipndash Have spouse amp kids write down their goalsndash Equal opportunity to meet goalsndash Find a way to compromise and support each other
fairlybull Take turnsbull Set allowances
The art of compromise
bull Will your lists be the same
Money personalities
bull Balancedbull Youngbull Spontaneousbull Resistantbull Tightwadbull Splurging
Use your strengths
bull Nerds amp Free Spirits
SMART goals example
bull - $50 bike vs $3000 bicyclebull - Balance quality with affordability
SMART goals practicebull Specific Diamondback 2013 Overdrive V with 29-inch
wheelsbull Measurable $39999 on Amazoncom with free shippingbull Agreed Upon Accountability partner agrees that this is a
reasonable large purchasebull Realistic This price is realistic for my budget and suits my
needsbull Time-based If I save up $100 a month I can purchase this
bike in four monthsbull Practice making your own SMART goal
16
SMART Goal Setting WorksheetGoals Rank Amount
NeededBuyDate
Months to Save
StartingDate
Monthly
SavingsNew TV
2 $800 Nov 6 March $100
Therersquos no such thing as NO
bull When you communicate and work together therersquos no such thing as no Itrsquos only a matter of when
bull But you do have to agree ndash Is it a priorityndash Is it fair
18
What would you do with
19
Habits Cost
Item Price Per Year__ 1 Soda a day 60 $21900 1 Candy Bar a day 75 $27375 1 Magazine a week 495 $25740
Spending leaks
bull Worksheet 6
Evaluation
bullSign-up to receive them by email
Newsletter
Worksheet
bull Please fill out questions 2 amp 3
What if
Value and goals
bull What is important to youbull Write it downbull Sky is the limitbull Include non-financial goals
Worksheet
Question 4
Household goals
bull Tonighthellipndash Have spouse amp kids write down their goalsndash Equal opportunity to meet goalsndash Find a way to compromise and support each other
fairlybull Take turnsbull Set allowances
The art of compromise
bull Will your lists be the same
Money personalities
bull Balancedbull Youngbull Spontaneousbull Resistantbull Tightwadbull Splurging
Use your strengths
bull Nerds amp Free Spirits
SMART goals example
bull - $50 bike vs $3000 bicyclebull - Balance quality with affordability
SMART goals practicebull Specific Diamondback 2013 Overdrive V with 29-inch
wheelsbull Measurable $39999 on Amazoncom with free shippingbull Agreed Upon Accountability partner agrees that this is a
reasonable large purchasebull Realistic This price is realistic for my budget and suits my
needsbull Time-based If I save up $100 a month I can purchase this
bike in four monthsbull Practice making your own SMART goal
16
SMART Goal Setting WorksheetGoals Rank Amount
NeededBuyDate
Months to Save
StartingDate
Monthly
SavingsNew TV
2 $800 Nov 6 March $100
Therersquos no such thing as NO
bull When you communicate and work together therersquos no such thing as no Itrsquos only a matter of when
bull But you do have to agree ndash Is it a priorityndash Is it fair
18
What would you do with
19
Habits Cost
Item Price Per Year__ 1 Soda a day 60 $21900 1 Candy Bar a day 75 $27375 1 Magazine a week 495 $25740
Spending leaks
bull Worksheet 6
Evaluation
bullSign-up to receive them by email
Newsletter
What if
Value and goals
bull What is important to youbull Write it downbull Sky is the limitbull Include non-financial goals
Worksheet
Question 4
Household goals
bull Tonighthellipndash Have spouse amp kids write down their goalsndash Equal opportunity to meet goalsndash Find a way to compromise and support each other
fairlybull Take turnsbull Set allowances
The art of compromise
bull Will your lists be the same
Money personalities
bull Balancedbull Youngbull Spontaneousbull Resistantbull Tightwadbull Splurging
Use your strengths
bull Nerds amp Free Spirits
SMART goals example
bull - $50 bike vs $3000 bicyclebull - Balance quality with affordability
SMART goals practicebull Specific Diamondback 2013 Overdrive V with 29-inch
wheelsbull Measurable $39999 on Amazoncom with free shippingbull Agreed Upon Accountability partner agrees that this is a
reasonable large purchasebull Realistic This price is realistic for my budget and suits my
needsbull Time-based If I save up $100 a month I can purchase this
bike in four monthsbull Practice making your own SMART goal
16
SMART Goal Setting WorksheetGoals Rank Amount
NeededBuyDate
Months to Save
StartingDate
Monthly
SavingsNew TV
2 $800 Nov 6 March $100
Therersquos no such thing as NO
bull When you communicate and work together therersquos no such thing as no Itrsquos only a matter of when
bull But you do have to agree ndash Is it a priorityndash Is it fair
18
What would you do with
19
Habits Cost
Item Price Per Year__ 1 Soda a day 60 $21900 1 Candy Bar a day 75 $27375 1 Magazine a week 495 $25740
Spending leaks
bull Worksheet 6
Evaluation
bullSign-up to receive them by email
Newsletter
Value and goals
bull What is important to youbull Write it downbull Sky is the limitbull Include non-financial goals
Worksheet
Question 4
Household goals
bull Tonighthellipndash Have spouse amp kids write down their goalsndash Equal opportunity to meet goalsndash Find a way to compromise and support each other
fairlybull Take turnsbull Set allowances
The art of compromise
bull Will your lists be the same
Money personalities
bull Balancedbull Youngbull Spontaneousbull Resistantbull Tightwadbull Splurging
Use your strengths
bull Nerds amp Free Spirits
SMART goals example
bull - $50 bike vs $3000 bicyclebull - Balance quality with affordability
SMART goals practicebull Specific Diamondback 2013 Overdrive V with 29-inch
wheelsbull Measurable $39999 on Amazoncom with free shippingbull Agreed Upon Accountability partner agrees that this is a
reasonable large purchasebull Realistic This price is realistic for my budget and suits my
needsbull Time-based If I save up $100 a month I can purchase this
bike in four monthsbull Practice making your own SMART goal
16
SMART Goal Setting WorksheetGoals Rank Amount
NeededBuyDate
Months to Save
StartingDate
Monthly
SavingsNew TV
2 $800 Nov 6 March $100
Therersquos no such thing as NO
bull When you communicate and work together therersquos no such thing as no Itrsquos only a matter of when
bull But you do have to agree ndash Is it a priorityndash Is it fair
18
What would you do with
19
Habits Cost
Item Price Per Year__ 1 Soda a day 60 $21900 1 Candy Bar a day 75 $27375 1 Magazine a week 495 $25740
Spending leaks
bull Worksheet 6
Evaluation
bullSign-up to receive them by email
Newsletter
Worksheet
Question 4
Household goals
bull Tonighthellipndash Have spouse amp kids write down their goalsndash Equal opportunity to meet goalsndash Find a way to compromise and support each other
fairlybull Take turnsbull Set allowances
The art of compromise
bull Will your lists be the same
Money personalities
bull Balancedbull Youngbull Spontaneousbull Resistantbull Tightwadbull Splurging
Use your strengths
bull Nerds amp Free Spirits
SMART goals example
bull - $50 bike vs $3000 bicyclebull - Balance quality with affordability
SMART goals practicebull Specific Diamondback 2013 Overdrive V with 29-inch
wheelsbull Measurable $39999 on Amazoncom with free shippingbull Agreed Upon Accountability partner agrees that this is a
reasonable large purchasebull Realistic This price is realistic for my budget and suits my
needsbull Time-based If I save up $100 a month I can purchase this
bike in four monthsbull Practice making your own SMART goal
16
SMART Goal Setting WorksheetGoals Rank Amount
NeededBuyDate
Months to Save
StartingDate
Monthly
SavingsNew TV
2 $800 Nov 6 March $100
Therersquos no such thing as NO
bull When you communicate and work together therersquos no such thing as no Itrsquos only a matter of when
bull But you do have to agree ndash Is it a priorityndash Is it fair
18
What would you do with
19
Habits Cost
Item Price Per Year__ 1 Soda a day 60 $21900 1 Candy Bar a day 75 $27375 1 Magazine a week 495 $25740
Spending leaks
bull Worksheet 6
Evaluation
bullSign-up to receive them by email
Newsletter
Household goals
bull Tonighthellipndash Have spouse amp kids write down their goalsndash Equal opportunity to meet goalsndash Find a way to compromise and support each other
fairlybull Take turnsbull Set allowances
The art of compromise
bull Will your lists be the same
Money personalities
bull Balancedbull Youngbull Spontaneousbull Resistantbull Tightwadbull Splurging
Use your strengths
bull Nerds amp Free Spirits
SMART goals example
bull - $50 bike vs $3000 bicyclebull - Balance quality with affordability
SMART goals practicebull Specific Diamondback 2013 Overdrive V with 29-inch
wheelsbull Measurable $39999 on Amazoncom with free shippingbull Agreed Upon Accountability partner agrees that this is a
reasonable large purchasebull Realistic This price is realistic for my budget and suits my
needsbull Time-based If I save up $100 a month I can purchase this
bike in four monthsbull Practice making your own SMART goal
16
SMART Goal Setting WorksheetGoals Rank Amount
NeededBuyDate
Months to Save
StartingDate
Monthly
SavingsNew TV
2 $800 Nov 6 March $100
Therersquos no such thing as NO
bull When you communicate and work together therersquos no such thing as no Itrsquos only a matter of when
bull But you do have to agree ndash Is it a priorityndash Is it fair
18
What would you do with
19
Habits Cost
Item Price Per Year__ 1 Soda a day 60 $21900 1 Candy Bar a day 75 $27375 1 Magazine a week 495 $25740
Spending leaks
bull Worksheet 6
Evaluation
bullSign-up to receive them by email
Newsletter
The art of compromise
bull Will your lists be the same
Money personalities
bull Balancedbull Youngbull Spontaneousbull Resistantbull Tightwadbull Splurging
Use your strengths
bull Nerds amp Free Spirits
SMART goals example
bull - $50 bike vs $3000 bicyclebull - Balance quality with affordability
SMART goals practicebull Specific Diamondback 2013 Overdrive V with 29-inch
wheelsbull Measurable $39999 on Amazoncom with free shippingbull Agreed Upon Accountability partner agrees that this is a
reasonable large purchasebull Realistic This price is realistic for my budget and suits my
needsbull Time-based If I save up $100 a month I can purchase this
bike in four monthsbull Practice making your own SMART goal
16
SMART Goal Setting WorksheetGoals Rank Amount
NeededBuyDate
Months to Save
StartingDate
Monthly
SavingsNew TV
2 $800 Nov 6 March $100
Therersquos no such thing as NO
bull When you communicate and work together therersquos no such thing as no Itrsquos only a matter of when
bull But you do have to agree ndash Is it a priorityndash Is it fair
18
What would you do with
19
Habits Cost
Item Price Per Year__ 1 Soda a day 60 $21900 1 Candy Bar a day 75 $27375 1 Magazine a week 495 $25740
Spending leaks
bull Worksheet 6
Evaluation
bullSign-up to receive them by email
Newsletter
Money personalities
bull Balancedbull Youngbull Spontaneousbull Resistantbull Tightwadbull Splurging
Use your strengths
bull Nerds amp Free Spirits
SMART goals example
bull - $50 bike vs $3000 bicyclebull - Balance quality with affordability
SMART goals practicebull Specific Diamondback 2013 Overdrive V with 29-inch
wheelsbull Measurable $39999 on Amazoncom with free shippingbull Agreed Upon Accountability partner agrees that this is a
reasonable large purchasebull Realistic This price is realistic for my budget and suits my
needsbull Time-based If I save up $100 a month I can purchase this
bike in four monthsbull Practice making your own SMART goal
16
SMART Goal Setting WorksheetGoals Rank Amount
NeededBuyDate
Months to Save
StartingDate
Monthly
SavingsNew TV
2 $800 Nov 6 March $100
Therersquos no such thing as NO
bull When you communicate and work together therersquos no such thing as no Itrsquos only a matter of when
bull But you do have to agree ndash Is it a priorityndash Is it fair
18
What would you do with
19
Habits Cost
Item Price Per Year__ 1 Soda a day 60 $21900 1 Candy Bar a day 75 $27375 1 Magazine a week 495 $25740
Spending leaks
bull Worksheet 6
Evaluation
bullSign-up to receive them by email
Newsletter
Use your strengths
bull Nerds amp Free Spirits
SMART goals example
bull - $50 bike vs $3000 bicyclebull - Balance quality with affordability
SMART goals practicebull Specific Diamondback 2013 Overdrive V with 29-inch
wheelsbull Measurable $39999 on Amazoncom with free shippingbull Agreed Upon Accountability partner agrees that this is a
reasonable large purchasebull Realistic This price is realistic for my budget and suits my
needsbull Time-based If I save up $100 a month I can purchase this
bike in four monthsbull Practice making your own SMART goal
16
SMART Goal Setting WorksheetGoals Rank Amount
NeededBuyDate
Months to Save
StartingDate
Monthly
SavingsNew TV
2 $800 Nov 6 March $100
Therersquos no such thing as NO
bull When you communicate and work together therersquos no such thing as no Itrsquos only a matter of when
bull But you do have to agree ndash Is it a priorityndash Is it fair
18
What would you do with
19
Habits Cost
Item Price Per Year__ 1 Soda a day 60 $21900 1 Candy Bar a day 75 $27375 1 Magazine a week 495 $25740
Spending leaks
bull Worksheet 6
Evaluation
bullSign-up to receive them by email
Newsletter
SMART goals example
bull - $50 bike vs $3000 bicyclebull - Balance quality with affordability
SMART goals practicebull Specific Diamondback 2013 Overdrive V with 29-inch
wheelsbull Measurable $39999 on Amazoncom with free shippingbull Agreed Upon Accountability partner agrees that this is a
reasonable large purchasebull Realistic This price is realistic for my budget and suits my
needsbull Time-based If I save up $100 a month I can purchase this
bike in four monthsbull Practice making your own SMART goal
16
SMART Goal Setting WorksheetGoals Rank Amount
NeededBuyDate
Months to Save
StartingDate
Monthly
SavingsNew TV
2 $800 Nov 6 March $100
Therersquos no such thing as NO
bull When you communicate and work together therersquos no such thing as no Itrsquos only a matter of when
bull But you do have to agree ndash Is it a priorityndash Is it fair
18
What would you do with
19
Habits Cost
Item Price Per Year__ 1 Soda a day 60 $21900 1 Candy Bar a day 75 $27375 1 Magazine a week 495 $25740
Spending leaks
bull Worksheet 6
Evaluation
bullSign-up to receive them by email
Newsletter
SMART goals practicebull Specific Diamondback 2013 Overdrive V with 29-inch
wheelsbull Measurable $39999 on Amazoncom with free shippingbull Agreed Upon Accountability partner agrees that this is a
reasonable large purchasebull Realistic This price is realistic for my budget and suits my
needsbull Time-based If I save up $100 a month I can purchase this
bike in four monthsbull Practice making your own SMART goal
16
SMART Goal Setting WorksheetGoals Rank Amount
NeededBuyDate
Months to Save
StartingDate
Monthly
SavingsNew TV
2 $800 Nov 6 March $100
Therersquos no such thing as NO
bull When you communicate and work together therersquos no such thing as no Itrsquos only a matter of when
bull But you do have to agree ndash Is it a priorityndash Is it fair
18
What would you do with
19
Habits Cost
Item Price Per Year__ 1 Soda a day 60 $21900 1 Candy Bar a day 75 $27375 1 Magazine a week 495 $25740
Spending leaks
bull Worksheet 6
Evaluation
bullSign-up to receive them by email
Newsletter
16
SMART Goal Setting WorksheetGoals Rank Amount
NeededBuyDate
Months to Save
StartingDate
Monthly
SavingsNew TV
2 $800 Nov 6 March $100
Therersquos no such thing as NO
bull When you communicate and work together therersquos no such thing as no Itrsquos only a matter of when
bull But you do have to agree ndash Is it a priorityndash Is it fair
18
What would you do with
19
Habits Cost
Item Price Per Year__ 1 Soda a day 60 $21900 1 Candy Bar a day 75 $27375 1 Magazine a week 495 $25740
Spending leaks
bull Worksheet 6
Evaluation
bullSign-up to receive them by email
Newsletter
Therersquos no such thing as NO
bull When you communicate and work together therersquos no such thing as no Itrsquos only a matter of when
bull But you do have to agree ndash Is it a priorityndash Is it fair
18
What would you do with
19
Habits Cost
Item Price Per Year__ 1 Soda a day 60 $21900 1 Candy Bar a day 75 $27375 1 Magazine a week 495 $25740
Spending leaks
bull Worksheet 6
Evaluation
bullSign-up to receive them by email
Newsletter
18
What would you do with
19
Habits Cost
Item Price Per Year__ 1 Soda a day 60 $21900 1 Candy Bar a day 75 $27375 1 Magazine a week 495 $25740
Spending leaks
bull Worksheet 6
Evaluation
bullSign-up to receive them by email
Newsletter
19
Habits Cost
Item Price Per Year__ 1 Soda a day 60 $21900 1 Candy Bar a day 75 $27375 1 Magazine a week 495 $25740
Spending leaks
bull Worksheet 6
Evaluation
bullSign-up to receive them by email
Newsletter
Spending leaks
bull Worksheet 6
Evaluation
bullSign-up to receive them by email
Newsletter
Evaluation
bullSign-up to receive them by email
Newsletter