Project #3 directly supports Student Learning Outcomes (
SLO
):
SLO-1: Students will be able to set financial goals;SLO-2: Students will be able to conduct budget analysis and action planning to meet these goals. To learn more about this process, please select SLO.In this assignment, you will:
- Develop 3 financial goals (please see excel file for additional information and example)
- Download & complete Excel File: Project 3: Financial GoalsDownload Project 3: Financial Goals
-Create your three Financial Goals, then answer the six questions under each goal (see excel file)-Make sure these Financial Goals are a specific ($) amount (“go to the gym” is NOT a financial goal)-Make sure these Financial Goals are a specific ($) amount and not a range (ex: $500, NOT $300-$600)(it is easier and clearer to save towards a specific amount)Use the Financial Goals worksheet to fine-tune your goals. -there are two tabs (at the bottom of the excel spreadsheet): Tab 1 – Instructions & helpful hints Tab 2 – Compete the 3 goals (short, intermediate, long), answer each of the six questions
Financial Goals Instructions:
READ THIS PAGE & then click on “FINANCIAL GOALS” tab (page 2)
at the bottom to answer the 6 questions for each of the 3 goals)
Please develop three measurable (dollar amount required), specific (such as taking a vacation, reducing
credit card debt, building emergency reserves, buying a car, etc.), time limited (include specific month
and year) and realistic short term, mid-term, and long-term goals that are of highest priority to you.
Here is an example of a measurable, specific, and time limited goal:
I will have an 8 month emergency reserve of $24000 by June 20xx.
Examples of financial goals (short, intermediate, and long-term):
Short:
Saving ten percent of income every month (short-term), or buy a cell phone.
Int:
Saving to buy a hybrid car in two years (intermediate), or buy a truck.
Long:
Saving to buy a house ten years after graduation (long-term), or buy a condo.
Remember, Financial goals should be S.M.A.R.T. – think about it each answer
S – Specific – what are you saving money for? (be specific)
M – Measurable – what is the desired dollar amount? (be specific)
A – Attainable – how will you reach this goal? (be specific)
R – Realistic – what are you willing to give up, to save this amount? (be specific)
T – Time Specific – what date do you hope to have this money saved? (be specific)
You cannot use words like “less” or “more” or “some” or “try”, these are not measurable financial goals.
Bad example: “eat less candy” or “spend less money”
Better example: “throw an end of semester party”
Short-term goals could be the purchase of: (examples)
-saving for household furniture
-saving for minor home improvements
-saving for a night out
-saving for a trip to Disneyland
-saving (in advance for school books)
-saving for a car down payment
-saving to buy a new cell phone
-etc.
But these short-term financial goals differ from the day-to-day household expenditures.
A short-term financial goal is one that you’d want to achieve in one to two years.
Most investment advisors say your first short-term goals should be getting your finances
in order by eliminating credit card debt and establishing a rainy-day fund (savings).
Intermediate-term and long-term goals include events such as, buying a house, starting a business,
and retiring according to your own schedule.
FYI: People can usually cut back on spending
(common examples: less coffee, less candy, less fast food, less movies, less travel, less speeding (use less gas),
less spending, buying generic name brands, cutting coupons, buying sale items, etc.)
READ THIS PAGE & then click on “FINANCIAL GOALS” tab (page 2)
1
at the bottom to answer the 6 questions for each of the 3 goals)
2
reducing
month
ou.
gas),
3
4
Financial Goals: READ INSTUCTION TAB – Before Answering Questions
Name:
Remember, Financial goals should be S.M.A.R.T. – think about it each answer
S – Specific – what are you saving money for? (be specific)
M – Measurable – what is the desired dollar amount? (be specific)
A – Attainable – how will you reach this goal? (be specific)
R – Realistic – what are you willing to give up, to save this amount? (be specific)
T – Time Specific – what date do you hope to have this money saved? (be specific)
Short Term Goal:
What is your (financial) goal? (this is a $ related goal)
What is the target date for reaching your goal?
What is the estimate cost of your goal? (this is a specific $ amount)
Can you cut back on current spending to put toward your goal? (FYI: Yes)
If yes, where will you cut back, and by how much?
If required, how can you increase income to put money towards your goal?
Intermediate Term Goal:
What is your (financial) goal? (this is a $ related goal)
What is the target date for reaching your goal?
What is the estimate cost of your goal? (this is a specific $ amount)
Can you cut back on current spending to put toward your goal? (FYI: Yes)
If yes, where will you cut back, and by how much?
If required, how can you increase income to put money towards your goal?
Long Term Goal:
What is your (financial) goal? (this is a $ related goal)
What is the target date for reaching your goal?
What is the estimate cost of your goal? (this is a specific $ amount)
1
Can you cut back on current spending to put toward your goal? (FYI: Yes)
If yes, where will you cut back, and by how much?
If required, how can you increase income to put money towards your goal?
2
FYI: “Exercise More” or “Loose Weight” are NOT (Financial Goals)
3
4
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