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Presentation transcript:

 Log into Moodle and complete today’s Bell Ringer REMINDER: Remember to be checking my website (not Moodle) if you were absent or didn’t get work done the day before AGENDA: 11:30 – 11:45: Bell Ringer 11:45 – 12:15: Financial Planning Notes 12: 15 – 12:20: Break 12:20-1:00: Money Skills Modules; Education Unit Recycle Tests OUTCOMES: 1. Write 3 SMART Goals

 Please download these notes from Moodle

 If you won $1, in a contest, how would you spend that money??

1. What is a financial planning? A process of setting goals, developing a plan to achieve them, and putting the plan into action. Financial Planning can have a big impact on the quality of your life - today, tomorrow, and the days after tomorrow.

Step 1: Set SMART Goals. Goals – something you aim for  S - Specific - detailed  M - Measurable - amount of time  A - Attainable - reasonable and achievable  R - Realistic - actually can happen  T - Time Bound - schedule, time frame Examples: Save $25 by the 10 th of next month to buy mom a birthday gift. Save $10 a week for the next six months to buy a dress for prom. Save $2,000 from a summer job for the next three years for a down payment on a car.

Step 2: Analyze Information Take a look at where your finances currently stand. Determine your income and expenses which have a direct impact on your ability to achieve your financial goals.

Step 3: Create a Plan Analyze the situation and make the best decision you can. Not all decisions are easy – many things affect your decisions: mood, values, culture, habits, opinions. Six step decision making process: Identify Goals Establish Your Criteria Examine Your Options Weigh Pros and Cons Make Your Decision Evaluate your Results

Step 4: Implement the Plan Knowing what you should do and actually doing it can be challenging. Tips for staying on track:  Find someone to encourage you  Share the goal with others  Talk about your plan  Leave flexibility in your plan

Step 5: Monitor and Modify the Plan Review your plan whenever you have significant changes in your life. Ask yourself  Are my goals still worth achieving?  Is there a new goal to add to my list?  Any existing goals to drop or change?

 Please open your financial goal assignment back up  Choose one goal from each of the 3 sections to rewrite into a SMART goal  Add the SMART goal underneath the already written goal (change the text color to red so I know which one it is)  UPLOAD when you finish  UPLOAD your notes also

 Click on and read the directions for the Modules on MoneySkills