1. Economics Honors Unit 5 – Financial Literacy Introduction
SMART Goals
Economics Honors
Unit 5 – Financial Literacy
Introduction

2. DFGDF
What road are
YOU on?

3. Goal Setting

4. What is a goal?
A written statement of something a person wants or needs to accomplish.
Examples
Graduate from high school
Earn a college degree
Buy a car
Get a job
Lose 15 pounds

5. Specific…….. Measurable… Attainable….. Realistic……. Time-Limited..
SMART Goals
Specific……..
“Pay for lodging, transportation, meals for a 5-day trip to Washington, D.C.”
Measurable…
“$300 through fundraising, $50 from
birthday money, save $25 a week.”
Attainable…..
“If I stick to my plan, I’ll have the money when I need it.”
Realistic…….
“I still have enough money to live on while I work toward this goal.”
Time-Limited..
“I need to have all the money by 6 months from now.”
Source: NEFE PowerPoint available online

6. Time-bound Goals Short Term Goals Present to 6 months Long Term Goals
6 month and longer
THIS WILL VARY

7. goal-setting guidelines
well-written personal and financial goals SHOULD:
be realistic
A student working part-time is not likely to be able to afford a new car every couple of years.
be specific
“I want to save $5,000 for a down payment to buy a house.”
have a timeframe
“I want to pay off my credit card within the next 18 months.”
state the action to be taken
“I want to start an automatic deposit savings account with monthly withdrawals from my checking account.”
teens – lesson 3 - slide 3-B

8. Assignment
You may want to start by brainstorming with a web or free-write, in which you identify a few goals for yourself, and explain how they reflects your needs, wants, values, and priorities.
You will use the second page of your worksheet to create a long-term, meaningful goal. Fill out each section, then, on the back, write a goal statement using the information you provided.
Finally, continuing on the back of the worksheet, develop at least 3 short-term goals you will need to meet in order to eventually accomplish your long-term goal. These should also use the SMART process. You may write them out using SMART or write them as thorough goal statements.