1. Setting Financial Goals
“Take Charge of Your Finances”
1.17.3

2. Shake Out My Future Activity
Complete the Shake Out My Future worksheet A1
For each category, roll the die to determine what your final outcome would be
Roll the die and cross out the number that is rolled
For example: In the housing category if you roll a 2 you would cross out the word “Mansion”
Continue until you have rolled the die enough times to have only one option remaining. This will be your final outcome for that category
Record your final outcome in the box next to the category and answer the reflection question

3. Letter
Write a letter to yourself about what you envision your life will be like in five years.
Examples of items you may write about include:
Education
Career
Family
Money

4. Goals
Goal – the end result of something a person intends to acquire, achieve, do, reach, or accomplish sometime in the near or distant future
Financial goals – specific objectives to be accomplished through financial planning
Education goals - enable individuals to prepare for future success in the workplace

5. Goals Short-term goals – specified as less than one year
I plan to raise my English grade from a C+ to a B by the end of this academic year by asking my older brother to peer review my research paper prior to turning it in.
Underline events in your letter that can be achieved with a short-term goal.
Long-term goals – specified as more than one year
By the end of the next academic year I would like to purchase my first car by saving $50 per month from my part time job.
Put parentheses around events that can be achieved with a long-term goal.

6. SMART Goals SMART Goals Specific State exactly what is to be done
Measurable
Include how the goal can be measured
Attainable
Determine steps to reach the goal
Realistic
Do not set goals for something unrealistic
Time Bound
State when the goal will be met

7. Education Goals Help individuals prepare for success in the workplace
Examples include:
Earning an A on an upcoming quiz
Attending college
Participating in extra-curricular activities
Include both short-term and long-term goals
Provide guidance and direction
Enable individuals to reach financial goals

8. SMART Goals SMART Goals Specific Measurable Attainable Realistic
State exactly what is to be done with the education aspect involved
Measurable
Write the grade or class that the goal is for
Attainable
Determine how it can be reached, which is often determined by academic work
Realistic
Do not set goal for something unattainable or unrealistic
Time Bound
Specifically state when the goal needs to be reached

9. 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

10. SMART Goals SMART Goals Specific Measurable Attainable Realistic
State exactly what is to be done with the money involved
Measurable
Write the exact dollar amount the goal is for
Attainable
Determine how it can be reached, which is often determined by the individual’s budget
Realistic
Do not set goal for something unattainable or unrealistic
Time Bound
Specifically state when the goal needs to be reached

11. SMART Financial Goals Specific Measurable Attainable Realistic
State exactly what is to be done with the money involved
Specific
Write the exact dollar amount the goal is for
Measurable
Determine how it can be reached, which is often determined by the individual’s budget
Attainable
Do not set goal for something unattainable or unrealistic
Realistic
Specifically state when the goal needs to be reached
Time Bound

12. SMART Financial Goal Goal – I want to buy a new car SMART goal –
Specific – I plan to save for a down payment on a new car
Measurable – I plan to save $5,000 for a down payment on a new car
Attainable – I plan to save $5,000 for a down payment on a new car by saving $200 from every paycheck
Realistic – It is realistic to save $200 from each paycheck for a down payment on a car because I usually waste the money on unnecessary items instead of saving it
Time Bound – I plan to save $5,000 for a down payment on a new car by saving $200 from each paycheck for two years.

13. What is Missing?
Find the missing element (specific, measurable, attainable, realistic, or time bound) in the following financial goals
Financial Goal #1
I plan to save $5,000 for college living expenses in four years.

14. What is Missing?
Financial Goal #1 Answer:
Attainable

15. What is Missing?
Find the missing element (specific, measurable, attainable, realistic, or time bound) in the following financial goals
Financial Goal #2
I plan to save for a new computer by saving $150 each month for one year.

16. What is Missing?
Financial Goal #2 Answer:
Measurable

17. What is Missing?
Find the missing element (specific, measurable, attainable, realistic, or time bound) in the following financial goals
Financial Goal #3
I plan to save $2,500 by saving $105 each month for 2 years.

18. What is Missing?
Financial Goal # 3 Answer:
Specific

19. What is Missing?
Find the missing element (specific, measurable, attainable, realistic, or time bound) in the following financial goals
Financial Goal #4
I plan to save $1,500 to buy a used car by saving $75 from each paycheck

20. What is Missing?
Financial Goal # 4 Answer:
Time Bound

21. What is Missing?
Find the missing element (specific, measurable, attainable, realistic, or time bound) in the following financial goals
Financial Goal #5
I plan to save $2,000 to pay for a new computer by saving my whole paycheck for the next 6 months

22. What is Missing?
Financial Goal # 5 Answer:
Realistic

23. Conclusion Review the following: Questions? Goals Financial goals
Short-Term goals
Long-Term goals
SMART goals
Questions?

24. Practice Writing Smart Goals
Get into groups of 2-3 to practice writing a group SMART education and financial goal on your Goal Setting note taking guide L1.
Write one SMART education goal and one SMART financial goal for yourself on your Goal Setting note taking guide L1.
Share your goals with your group. Have your group provide constructive feedback to ensure goals have all of the elements of well written goals.
Based upon feedback from your group, edit your goals.