2. "If you don't know where you are going, ANY ROAD will take you there."
Cheshire Cat, Alice In Wonderland

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

9. 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

10. the budgeting process
phase 1: Assess your personal and financial situation (needs, values, life situation). phase 2: Set personal and financial goals. phase 3: Create a budget for fixed and variable expenses based on projected income. phase 4: Monitor current spending (saving, investing) patterns. phase 5: Compare your budget to what you have actually spent. phase 6: Review financial progress and revise budgeted amounts.
teens – lesson 3 - slide 3-A

11. Writing Prompt
Write a paragraph identifying one of your long or short- term goals. Explain how it reflects your needs, wants, values, and priorities. Write an action plan to achieve the goal, including tasks, timelines, resources needed, and barriers anticipated.