Goal Setting

Jessica Cox – General Financial Literacy

 Learning Objectives:

 Identify short and long term financial

decisions and the impact they have on
financial planning.
 Define the elements of a financial plan.
 Identify spending habits and their
connection to persona financial values.
 Identify and create short and long term
financial goals.
 Vocabulary

 Goals

 Short Term Goals

 Intermediate Goals

 Long Term Goals

 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
 SMART Goals

S – Specific
 M – Measurable

 A – Attainable

 R – Realistic

 T – Time Limited
 Specific

 Well Defined
 Clear to anyone that has a basic
knowledge of the project.
 Measurable

 Know if the goal is obtainable and

how far away completion is.
 Find out when you have achieved
your goal.
 Attainable

 Should not be so far fetched that

you will never reach your goal.
 Realistic

 Within
the availability of resources,
knowledge, and time
 Time-Bound

 Enough time to achieve the goal.

 Not too much time, which can
affect project performance.
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….. “Ifwhen
I stick to my plan, I’ll have the money
I need it.”

Realistic……. on while I work toward this goal.”

“I still have enough money to live

Time-Limited.. months from now.”

“I need to have all the money by 6

Source: NEFE PowerPoint available online

 Time-bound Goals

 Short Term Goals

 Present to 6 months
 Intermediate Term Goals
 6 months to 5 years
 Long Term Goals
 5 years and longer