Goals Galore!

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© Family Economics & Financial Education – Revised April 2007 – Get Ready to Take Charge of Your Finances – Goals Galore! – Slide 2Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

What is a Goal?

Goal - something a person intends to accomplish

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© Family Economics & Financial Education – Revised April 2007 – Get Ready to Take Charge of Your Finances – Goals Galore! – Slide 3Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Why Set Goals?

Would you set out on a cross-country adventure without a road map?

Setting goals are like a road mapProvide directionFocus on the important thingsKeep the end result in mind

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© Family Economics & Financial Education – Revised April 2007 – Get Ready to Take Charge of Your Finances – Goals Galore! – Slide 4Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Types of Goals

Short-Term – can be accomplished within one yearImproving grades at schoolMaking the basketball teamSaving money to buy a new MP3 player

Long-Term – can be accomplished in more than one yearAttending collegeGetting a great jobBuying a new car

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© Family Economics & Financial Education – Revised April 2007 – Get Ready to Take Charge of Your Finances – Goals Galore! – Slide 5Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Short-Term or Long-Term?

Listen to the goalDecide whether the goal is a short-

term or long-term goalBe able to explain your decision

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© Family Economics & Financial Education – Revised April 2007 – Get Ready to Take Charge of Your Finances – Goals Galore! – Slide 6Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Here Is A Challenge!

Supplies: A pinch of toothpicks and a handful of small marshmallows

Task: Create a free standing tower using your supplies

But….Before you build, work as a team and write down a GOAL to serve as your road map

Ready – Set – Build!

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© Family Economics & Financial Education – Revised April 2007 – Get Ready to Take Charge of Your Finances – Goals Galore! – Slide 7Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Did You Reach Your Goal?

Was your goal specific?How did you measure if you

reached your goal?Was your goal attainable or

possible? Was your goal realistic?How much time did you set aside to

achieve your goal?

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© Family Economics & Financial Education – Revised April 2007 – Get Ready to Take Charge of Your Finances – Goals Galore! – Slide 8Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

SMART GoalsIn order to set goals effectively, they

need to be well writtenEdit the goal you wrote for the tower

using these guidelines:Specific – State exactly what is to be done Measurable – Include how the goal can be

measuredAttainable – Determine steps to reach the goalRealistic – Do not set goals for something

unrealisticTime Bound – State when the goal will be met

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© Family Economics & Financial Education – Revised April 2007 – Get Ready to Take Charge of Your Finances – Goals Galore! – Slide 9Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

Education Goals

Help individuals prepare for success in the workplaceExamples include:

Earning an A on an upcoming quizAttending collegeParticipating in extra-curricular activities

Include both short-term and long-term goals

Provide guidance and directionEnable individuals to reach financial goals

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© Family Economics & Financial Education – Revised April 2007 – Get Ready to Take Charge of Your Finances – Goals Galore! – Slide 10Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

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 2007 – Get Ready to Take Charge of Your Finances – Goals Galore! – Slide 11Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

A goal that guides financial planningDo you have enough money to buy a new pair

of shoes?How are you going to pay the membership dues

for an extra-curricular activity you want to join?

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

Making decisions is easier when financial goals have been set

What is a Financial Goal?

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© Family Economics & Financial Education – Revised April 2007 – Get Ready to Take Charge of Your Finances – Goals Galore! – Slide 12Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

SMART Financial Goals Goal – “I want to buy a new iPod.” SMART Goal –

Specific – I plan to save money for a new iPod. Measurable – I plan to save $100 for a new

iPod. Attainable – I plan to save $100 for a new iPod

by saving $20 from each babysitting job. Realistic – I plan to save $100 for a new iPod by

saving $20 from each babysitting job and putting it into a savings account.

Time Bound- If I save $20 from each babysitting job and I babysit 2-3 times a month, I should have enough for an iPod in 2-3 months

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© Family Economics & Financial Education – Revised April 2007 – Get Ready to Take Charge of Your Finances – Goals Galore! – Slide 13Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

SMART GoalsHow can setting SMART education

and financial goals help a person reach future success?

It is like following a road mapSMART goals provide directionSMART goals allow a person to focus on

important thingsSMART goals help people keep the end

result in mind