1. © Family Economics & Financial Education – Revised December 2005 – Get Ready to Take Charge of Your Finances – Goals Galore! Funded by a grant from Take Charge America, Inc. to the Department of Health and Human Development at Montana State University – Bozeman Goals Galore! Introducing the concept of SMART Goal Setting

2. © Family Economics & Financial Education – Revised December 2005 – Get Ready to Take Charge of Your Finances – Goals Galore! Funded by a grant from Take Charge America, Inc. to the Department of Health and Human Development at Montana State University – Bozeman 2.17.1.G1 What is a Goal? Goal - something a person intends to accomplish

3. © Family Economics & Financial Education – Revised December 2005 – Get Ready to Take Charge of Your Finances – Goals Galore! Funded by a grant from Take Charge America, Inc. to the Department of Health and Human Development at Montana State University – Bozeman 2.17.1.G1 Types of Goals Short-Term – can be accomplished within 6 months  Improving grades at school  Making the softball team Intermediate-Term – can be accomplished within 6 months to a year  Getting a summer job  Attending college Long-Term – can be accomplished in more than one year  Graduating college  Starting a career  Buying a new car

4. © Family Economics & Financial Education – Revised December 2005 – Get Ready to Take Charge of Your Finances – Goals Galore! Funded by a grant from Take Charge America, Inc. to the Department of Health and Human Development at Montana State University – Bozeman 2.17.1.G1 SMART Goals In order to set goals effectively, they need to be written well SMART  Specific – State exactly what is to be done with the money  Measurable – Write the exact dollar amount  Attainable – Determine how it can be reached  Realistic – Do not set goals for something unrealistic  Time Bound – State when the goal will be met

5. © Family Economics & Financial Education – Revised December 2005 – Get Ready to Take Charge of Your Finances – Goals Galore! Funded by a grant from Take Charge America, Inc. to the Department of Health and Human Development at Montana State University – Bozeman 2.17.1.G1 A goal that focuses on money  Do you have enough money to buy a new TV?  How are you going to pay for college?  How much money to do want to earn from your chosen career? Financial goals will help you achieve both short- term and long-term goals Making decisions is much easier when financial goals have been set What is a Financial Goal?

6. © Family Economics & Financial Education – Revised December 2005 – Get Ready to Take Charge of Your Finances – Goals Galore! Funded by a grant from Take Charge America, Inc. to the Department of Health and Human Development at Montana State University – Bozeman 2.17.1.G1 SMART Financial Goals “I would like to save $1000 from my part-time job to buy a new car for when I start college.” Remember all five parts of a SMART goal  Specific – State exactly what is to be done with the money  Measurable – Write the exact dollar amount  Attainable – Determine how it can be reached  Realistic – Do not set goals for something unrealistic  Time Bound – State when the goal will be met

7. © Family Economics & Financial Education – Revised December 2005 – Get Ready to Take Charge of Your Finances – Goals Galore! Funded by a grant from Take Charge America, Inc. to the Department of Health and Human Development at Montana State University – Bozeman 2.17.1.G1 SMART Financial Goals How can setting SMART goals help a person reach financial goals? It is like following a road map  SMART financial goals provide direction  SMART financial goals allow a person to focus on important things  SMART financial goals help people keep the end result in mind

8. © Family Economics & Financial Education – Revised December 2005 – Get Ready to Take Charge of Your Finances – Goals Galore! Funded by a grant from Take Charge America, Inc. to the Department of Health and Human Development at Montana State University – Bozeman 2.17.1.G1 ASSIGNMENT Complete the assignment on Pg. 6 of your Financial Planning book  First explain what is missing from each goal listed  Second rewrite the goal to fit the criteria of a SMART goal Hint: See pg. 5 of your Financial Planning book for more SMART goal examples! When you are finished, complete Pg. 7 by writing your own personal SMART goals. Write 1 of each -- Short- term, Intermediate and Long-term