FP - Setting Financial Goals Lesson

Setting Financial Goals 

No matter what you wish to accomplish - financially, personally, or educationally - it all starts with setting goals. Most successful people write their goals down as this helps them to clarify and focus on their goals. Just making a statement of intention is not enough. Goals of any kind need to be SMART.

SMART: Specific, Measurable, Attainable, Realistic, Time-Bound. Specific: To set a specific goal when you must answer who, what, when, where, which, and why. Measurable: Establish concrete criteria for measuring progress for each goal you make. Attainable: Goals should stretch and challenge you, but still be achievable. Realistic: Your goal and time frame must be realistic for the goal you have set. Time Bound: A time frame for achieving the goal must be a part of the goal to help you focus.

Steps in Setting Financial Goals

We know that goals need to be SMART, but how do we get started with setting the goals? Review the learning object below for some steps to begin.

Steps in Financial Goals: Step 1: List your financial goals. Step 2: Estimate the cost for each goal. Step 3: Set a target date for each goal and be specific. Step 4: Determine how much you need to save. Step 5: Budget for your goals.

Self Assessment 

 IMAGES CREATED BY GAVS