Prepare and set financial goals for your current and future life situation as per examples below:

DEVELOPING FINANCIAL GOALS

Based on your current situation or expectations for the future, use the SMART format to create a financial goal that you would like to accomplish regarding saving, spending, or sharing your time, talents, or financial resources.

Table Summary: Summary Example

Your Goal

Specific...

$...$Create an emergency fund...

Measurable...

dots of $$1,800$dots

Action$-$oriented...

$...$at a credit union...

Realistic...

$...$by reduced spending on food away from home...

Time$-$based...

$...$within the next six months.

What are your next actions to achieve this financial goal?

$1.$

$2.$

Examples:

Short$-$Term Monetary Goals $($less than one year$)$

Description

Example: pay off credit card debt

Amount

Needed

$$850$

Months to Achieve

$10$

Action to Be Taken Priority

Use money from pay raise

High

Intermediate$-$ and Long$-$Term Monetary Goals

Description Amount Needed Months to Achieve Action to Be Taken Priority

Nonmonetary Goals

Description Example: set up system for personal financial records and documents

financial records and documents

Time

Frame

Next $2-3$

months

Actions to Be Taken

Locate personal and financial records and documents.

Set up spreadsheet for spending, saving, and borrowing categories.

What's Next for Your Personal Financial Plan?

Based on a specific financial goal, calculate the savings deposits necessary to achieve those goals.

Analyze current economic trends that might influence saving, spending, investing, and borrowing decisions.

Create Financial Goal Setting:

Identify and prioritize short$-$term, medium$-$term, and long$-$term financial goals for an individual or family.

Discuss the SMART criteria $($Specific$,$ Measurable, Achievable, Relevant, Time$-$bound$)$ for setting financial goals.

Create a personalized financial goal$-$setting roadmap, including actionable steps and timelines for achieving each goal.