Your Financial Plan: Where It All Begins. The Five-Step Financial Planning Process.

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Presentation transcript:

Your Financial Plan: Where It All Begins

The Five-Step Financial Planning Process

NEEDS  Food for breakfast  Clothes for school  Transportation to school or work  ______________ WANTS  An iPOD  DVD Players  Cell Phone  Fancy Car  ______________

 Saving money over time to make a major purchase.  Waiting to buy a new product until the price goes down.  Waiting to see the latest movie until the crowds get smaller and the lines shorter.

S-M-A-R-T GOAL CRITERIA S pecific M easurable T ime-Limited R ealistic A ttainable Step 1 – Set SMART Goals

S pecific “I want to go to Daytona for Spring Break” is more specific than “I want to go somewhere fun over Spring Break” M easurable “I’ll need $150 for my share of the hotel room for the week” is measurable; “I want to save a bunch of money for the trip” is not. A ttainable “I’ll split the driving with my friends and take $200 more for gas, food, and other spending” is much more attainable than “I want $500 to fly there and $700 for spending money.” R ealistic “I’ll save $60 a month from my paycheck for the next six months” is more realistic than “I’ll buy lottery tickets every week” T ime Bound “I want to save all the money by March 1 st ” gives you a specific date from which to plan backwards, unlike “I want to save all the money by spring.”

SMART Goals S pecific…….. M easurable… T ime-Limited.. R ealistic……. A ttainable….. “Pay for lodging, transportation, meals for a 5- day trip to Washington, D.C.” “$300 through fundraising, $50 from birthday money, save $25 a week.” “If I stick to my plan, I’ll have the money when I need it.” “I still have enough money to live on while I work toward this goal.” “I need to have all the money by 6 months from now.”

 SHORT-TERM GOALS  Within three months  INTERMEDIATE-TERM GOALS  Three months to a year  LONG-TERM GOALS  More than a year Setting SMART Financial Goals

“Most people don’t plan to fail… They simply fail to plan!”

 Individual Assignment: My SMART Goals ▪ On the back of your packet, list 3 personal financial goals (one short, one intermediate, and one long-term) ▪ Determine if each is a want or a need ▪ Include how much each item will cost and how long it will take you to get it