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Personal Finance 1.02 PPtB(FEFE)
1.
1.17.3.G1 Setting Financial Goals “Take
Charge of Your Finances” Advanced Level
2.
1.17.3.G1
First Reaction… If you don’t know where you are going, how do you expect to get there? © Family Economics & Financial Education – May 2012 – Setting Financial Goals – Slide 2 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
3.
1.17.3.G1
Set Goals! Goal – the end result of something a person intends to acquire, achieve, do, reach, or accomplish sometime in the near or distant future Setting goals is like creating a map for a road trip © Family Economics & Financial Education – May 2012 – Setting Financial Goals – Slide 3 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
4.
1.17.3.G1
How can goal setting benefit you? Creates a path and Helps make the life provides guidance for you want to live a your future reality Helps with Helps create decision making well-being How can goal setting benefit your life? © Family Economics & Financial Education – May 2012 – Setting Financial Goals – Slide 4 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
5.
1.17.3.G1
Is it realistic to write goals for every decision you make? Routine Decisions Major Decisions Daily decisions that Require thought, Explanation don’t require a lot of effort, time, thought personal discipline What to wear in the What to do after high Example school graduation morning Is it realistic to write Important to write goals Goal? goals for routine for major decisions decisions? © Family Economics & Financial Education – May 2012 – Setting Financial Goals – Slide 5 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
6.
1.17.3.G1
To Goal or Not To Goal? Which of the following decisions would you write a goal for? When you will Which extra- When you complete What you curricular will purchase your will eat for activities you a car homework lunch will this evening participate in Underline items in your letter that could be achieved by writing down a goal © Family Economics & Financial Education – May 2012 – Setting Financial Goals – Slide 6 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
7.
1.17.3.G1
How can goal setting help you manage your money? Financial Financial Goals - Planning - Setting financial specific objectives Goal setting is managing money goals will help (or goals) that are important to continuously you make day to accomplished financial planning through life in day spending through financial order to reach decisions planning financial goals Circle items in your letter that could be achieved by writing a financial goal © Family Economics & Financial Education – May 2012 – Setting Financial Goals – Slide 7 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
8.
1.17.3.G1
Elements of a successful goal… Specific Measurable Attainable Realistic Time Bound © Family Economics & Financial Education – May 2012 – Setting Financial Goals – Slide 8 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
9.
1.17.3.G1
S = Specific • End result of goal is clearly defined • Financial goal = state exactly what is to be done with the money Lacey’s Example Current Goal SPECIFIC Goal • I will reduce my debt. • I will reduce the amount I owe on my car loan. © Family Economics & Financial Education – May 2012 – Setting Financial Goals – Slide 9 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
10.
1.17.3.G1
M = Measurable • Determine exactly when you will know that the goal has been met • Financial goal = state the exact dollar amount Lacey’s Example Current Goal MEASURABLE Goal • I will reduce the amount I • I will reduce the amount I owe on my car loan. owe on my car loan by $1,000. © Family Economics & Financial Education – May 2012 – Setting Financial Goals – Slide 10 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
11.
1.17.3.G1
A = Attainable • Create a step-by-step plan outlining exactly how the goal can be reached • Financial goal = Often determined by a spending plan or budget Lacey’s Example Current Goal ATTAINABLE Goal • I will reduce the Lacey has an extra $100 to spend: amount I owe on my •I will reduce the amount I owe on my car car loan by $1,000. loan by $1,000 by paying an extra $100 per week. © Family Economics & Financial Education – May 2012 – Setting Financial Goals – Slide 11 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
12.
1.17.3.G1
R = Realistic How do you determine if a goal is unrealistic? Examine the consequences of that goal Opportunity cost - Trade-off - the value of the next giving up one best alternative that Consider the thing for must be forgone trade-offs and another when making a opportunity costs decision © Family Economics & Financial Education – May 2012 – Setting Financial Goals – Slide 12 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
13.
1.17.3.G1
Example What could Lacey do with the $100 Her next best option This is a trade-off besides spend it on is to save the $100 her car loan? Paying off her car Determine what the Which decision loan is more value (opportunity should Lacey make? important to Lacey cost) of the trade-off than any other use is to her of her money © Family Economics & Financial Education – May 2012 – Setting Financial Goals – Slide 13 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
14.
1.17.3.G1
R = Realistic Lacey’s Example Current Goal REALISTIC Goal • I will reduce the • Lacey has determined that amount I owe on my paying her car loan is more car loan by $1,000 by important than any other use paying an extra $100 of her money. The opportunity per week. cost of paying her car loan is higher than the alternative of saving that money. © Family Economics & Financial Education – May 2012 – Setting Financial Goals – Slide 14 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
15.
1.17.3.G1
T = Time Bound • Specifically state when the goal will be reached • Consider whether your goals are short-term or long-term • Short-term goal – attained in less than one year • Long-term goal – attained in more than one year • Financial goal – make sure to consider your long-term financial needs when setting financial goals Lacey’s Example Current Goal TIME BOUND Goal • I will reduce the amount I owe • I will reduce the amount I owe on on my car loan by $1,000 by my car loan by $1,000 in 10 weeks paying an extra $100 per week. by paying an extra $100 per week. © Family Economics & Financial Education – May 2012 – Setting Financial Goals – Slide 15 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
16.
1.17.3.G1
SMART Financial Goals Summary Specific State exactly what is to be done with the money involved Measurable Write the exact dollar amount Attainable Create a step-by-step plan outlining exactly how the goal can be reached Realistic Think through the trade-offs and opportunity costs to analyze the consequences of your goal to make sure it isn’t unattainable Time Bound Specifically state when the goal will be reached © Family Economics & Financial Education – May 2012 – Setting Financial Goals – Slide 16 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
17.
1.17.3.G1
Show Me the Goal! • Tyra needs help writing a Tyra’s Book of Goals SMART goal Age 16 1.Save money • She has identified all parts of the goal • You need to help her classify each element of a SMART goal • Then, combine the parts of the goal to create a final SMART goal © Family Economics & Financial Education – May 2012 – Setting Financial Goals – Slide 17 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
18.
1.17.3.G1
Remember the parts of a SMART goal… Specific State exactly what is to be done with the money involved Measurable Write the exact dollar amount Attainable Create a step-by-step plan outlining exactly how the goal can be reached Realistic Think through the trade-offs and opportunity costs to analyze the consequences of your goal to make sure it isn’t unattainable Time Bound Specifically state when the goal will be reached © Family Economics & Financial Education – May 2012 – Setting Financial Goals – Slide 18 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
19.
1.17.3.G1
Match each part of Tyra’s goal with the correct SMART goal element Tyra will spend $25 less on entertainment every month in order to save that $25 instead. Tyra will save money for college. Tyra will save money for the next two years. Tyra will save $600. Tyra has determined that the opportunity cost of saving money is more valuable than spending an extra $25 on entertainment every month. © Family Economics & Financial Education – May 2012 – Setting Financial Goals – Slide 19 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
20.
1.17.3.G1
Are you correct? Tyra will save money for Tyra will spend $25 less on college. entertainment every month in order to save that $25 Tyra will save $600. instead. Tyra will spend $25 less on Tyra will save money for entertainment every month college. in order to save that $25 instead. Tyra will save money for the next two years. Tyra has determined that the opportunity cost of saving Tyra will save $600. money is more valuable than spending an extra $25 on Tyra has determined that the entertainment every month. opportunity cost of saving money is more valuable than Tyra will save money for the spending an extra $25 on next two years. entertainment every month. © Family Economics & Financial Education – May 2012 – Setting Financial Goals – Slide 20 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
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What is Tyra’s final SMART goal? Tyra will save money for college. Tyra will save $600. Tyra will save $600 for Tyra will spend $25 less on college. Tyra has decided entertainment every month that she is willing to spend in order to save that $25 instead. $25 less on entertainment every month in order to Tyra has determined that the opportunity cost of saving save $25 per month for money is more valuable than the next two years. spending an extra $25 on entertainment every month. Tyra will save money for the next two years. © Family Economics & Financial Education – May 2012 – Setting Financial Goals – Slide 21 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
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Show Me the Goal! 1. The following goals do not contain all elements of a successful SMART goal 2. Identify the missing SMART goal element(s) for each © Family Economics & Financial Education – May 2012 – Setting Financial Goals – Slide 22 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
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Show Me the Goal! Goal I plan to save $1,500 to buy a used car. I will do this by canceling my home cable service and saving that $75 each month instead. What is missing? Time Bound! Why? • How long it will take to reach this goal has not been identified © Family Economics & Financial Education – May 2012 – Setting Financial Goals – Slide 23 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
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Show Me the Goal! Goal I plan to save $2,500 by automatically depositing $105 from my paycheck into a savings account each month for 2 years. What is missing? Specific! Why? • What the person is saving money for has not been identified © Family Economics & Financial Education – May 2012 – Setting Financial Goals – Slide 24 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
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Show Me the Goal! Goal I plan to save $5,000 for college living expenses in four years. What is missing? Attainable and Realistic! Why? • How the goal will be reached has not been identified • Because of that, it isn’t possible to tell if the goal is realistic or not © Family Economics & Financial Education – May 2012 – Setting Financial Goals – Slide 25 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
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Show Me the Goal! Goal Instead of signing up for a cell phone plan, I will save that money to buy a new computer in one year. I will do this by saving the $50 I would have spent on the cell phone bill every month. What is missing? Measurable! Why? • The amount of the computer has not been identified © Family Economics & Financial Education – May 2012 – Setting Financial Goals – Slide 26 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
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Once you write a goal, how can you ensure that you reach it? • Continually evaluate your goals – What will you do if something gets in the way of reaching your goal? • Make your goals public – Ask a friend or family member to hold you accountable – Use a goal setting website • Reward yourself for reaching your goal © Family Economics & Financial Education – May 2012 – Setting Financial Goals – Slide 27 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
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Help Paul reach his goal Paul would like to purchase a specific new cell phone that costs $100. Help Paul write a SMART goal to save money to purchase the new cell phone. But first you need to learn a little about him… • Works part-time to earn $225/month • He is responsible for all expenses related to his car = $175/month • Remaining $50 of paycheck is used for entertainment and savings • Has $125 in savings to pay for unexpected expenses • He has a goal to keep a minimum of $100 in savings • Paul’s mom is supportive of his decision and will help him stay on track • Remember to consider what Paul will have to NOT spend money on in order to save money for his new phone © Family Economics & Financial Education – May 2012 – Setting Financial Goals – Slide 28 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
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Does Paul’s goal include all elements of a SMART goal? Specific State exactly what is to be done with the money involved Measurable Write the exact dollar amount Attainable Create a step by step plan outlining exactly how the goal can be reached Realistic Think through the trade-offs and opportunity costs to analyze the consequences of your goal to make sure it isn’t unattainable Time Bound Specifically state when the goal will be reached © Family Economics & Financial Education – May 2012 – Setting Financial Goals – Slide 29 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
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Life Happens… Unexpected events = chance cards 1. Choose one: 1 2 3 4 A newer, more expensive cell Paul misses a Paul had to phone is shift at work, purchase $35 announced that Paul’s car needed which worth of supplies costs $150. Paul a minor repair decreases his to complete a has decided that that cost $50. paycheck by final project for he would rather $30. one of his classes. purchase the new phone. 2. Adjust Paul’s goal to make sure he is still successful at reaching his goal! © Family Economics & Financial Education – May 2012 – Setting Financial Goals – Slide 30 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
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Life Happens… Was it hard to reevaluate Paul’s goal to adapt to life changes? What would happen if Paul didn’t reevaluate his goal after unexpected events occurred in his life? © Family Economics & Financial Education – May 2012 – Setting Financial Goals – Slide 31 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
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Summary How can goal What is a setting benefit goal? you? Why is setting What are the financial goals elements of a important? SMART goal? © Family Economics & Financial Education – May 2012 – Setting Financial Goals – Slide 32 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
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Now it’s your turn! Write one SMART financial goal for yourself from your letter Ask your group members if your goal includes all of the elements of a well written goal Based upon feedback from your group, edit your goal © Family Economics & Financial Education – May 2012 – Setting Financial Goals – Slide 33 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
Notas do Editor
Changes to slide 6, 7, 10, 11, 12, 13
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