Defining Your Goals. Focus Questions 1.Why is it important to set financial goals? 2.How important is it to link your values with your goals? 3.What is.

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Presentation transcript:

Defining Your Goals

Focus Questions 1.Why is it important to set financial goals? 2.How important is it to link your values with your goals? 3.What is the difference between a short term goal, medium term goal, and a long term goal?

4.How can you plan for your sharing and savings goals? 5.What exactly is a budget? 6.What can you learn from adults who have achieved financial success? 7.Why should you include sharing and savings in your budget?

Goals and Values A budget is a plan for how to use your money during a given time based on expected income. The best way to start planning a budget is to look at your financial goals.

Short term goals things to be obtained or achieved in the next five years Medium term goals (five to ten years) Long term goals (10 or more years)

Examples of Goals Short term goals a car, college degree Medium term goals advanced degree, buying your first house, studying or volunteering abroad Long term goals Supporting a family, remodeling a home, retiring

Do Your Money Habits Fit Your Goals? A good way to plan realistically is to look at your current money habits and consider how well they fit with your goals.

Planning for Your Sharing Goals These are the things in life that you think are important, that you want to support, and that would benefit the most from your support.

Assessment 1.What is a budget? 2.Does a financial goal always have to include a specific dollar amount? Explain 3.Why is it a good idea to start saving as soon as possible for your long term goals? 4.What is the advantage of linking your financial goals to your values? 5.Describe three examples of short term savings goals and long term savings goals.

Planning for Your Savings Goals To plan for a goal that has a specific dollar amount, consider two things: the amount of time you are willing to wait before reaching the goal and the amount of money you are able to set aside each month

Planning for a college education Saving money during your high school years (summer jobs/part time job) Student Loans Parents’ help Scholarships and Grants Your responsibilities might include meal plan, books, student fees

Planning for Your Spending Goals Track your spending for a week You may discover that much of your paycheck went towards miscellaneous unplanned spending.

Summary People rarely achieve long term financial success unless they pay attention to the details of how they share, save, and spend their money. A thoughtful budget – one that takes into account your financial values – is one key to achieving your financial goals.