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MONEY 2020 TM
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Planning for Financial Success
Setting clear goals is the starting point for anything you achieve. You will accomplish what you set your mind to. Completing a project, increasing sales or production on the job and learning to play the piano are all examples of personal goals that require focused attention and planning to accomplish. Achieving financial success is no different than achieving other kinds of goals. The key to success is applying the same goal setting steps to your personal spending and savings behavior.
Steps for Successful Goal Setting
Steps for Successful Goal Setting
- Write down your goals. Be very detailed
- Price your goal. How much money, time and energy will be needed. Remember, every time that you buy something, you are giving up the opportunity to buy something else. This is called opportunity cost. If you gave up two packs of cigarettes a day, for a year you might be able to take a great vacation with the money you save.
- State the exact date for reaching your goals
- Divide and conquer! Divide the amount you need to save by the number of paychecks, or weeks until the deadline.
- Develop a plan for reaching your goals. How much money can you set aside from each paycheck?
- Begin to work toward your goals today! Think of new ways to reach your goals.
Goal Setting
Use this chart to list your personal financial goals
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Needed to Reach by Deadline
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#
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Date Listed
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Date Started
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Goal
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$ Amount Needed
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Target Date
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# of months
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Monthly
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Weekly
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Daily
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| 1. |
07/09
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07/11
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Vacation
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$600
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12/25
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5.5
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$110.72
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$25.45
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$3.63
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2.
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2.
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2.
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2.
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2.
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2.
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2.
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2.
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2.
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2.
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3.
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3.
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3.
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3.
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3.
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3.
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3.
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3.
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3.
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3.
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4.
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4.
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4.
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4.
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4.
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4.
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4.
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4.
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4.
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4.
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| 5. |
5.
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5.
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5.
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5.
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5.
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5.
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5.
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5.
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5.
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Total
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Total Saving for goals
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