Section 6.1- Choose a Financial Goal. Section 6.1 Choose a financial goal  Goals: Identify your financial goals.

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Presentation transcript:

Section 6.1- Choose a Financial Goal

Section 6.1 Choose a financial goal  Goals: Identify your financial goals

Section 6.1 Choose a financial goal  Key Terms 1. Budget

How to get what you want !  Most of the things you want in life require money & almost everything you do requires income.  Things you value most are worth working for.  How can you achieve more of what is important to you during your life span? ○ A BUDGET

What is a budget?  Budget- is a plan for dividing income among spending and saving options.  Budgets are based on short and long term financial goals.  The first step in budgeting is to consider the important goals you have set in your life-span plan.

How Short and Long Term Financial Plans impact budgets!  Short term financial goals are things that can be achieved quickly, with limited planning and do not involve large amounts of spending. i.e. $200 I-phone, $50 new shoes  Long term financial goals are always important parts of your life-span plan. i.e. pay for college, buy a home, open a business

Balancing short term spending with long term success.  Controlling your short term spending is one of the most crucial elements to achieving your long term financial goals.  The key is to create and follow a budget that allows you to enjoy yourself now and helps you achieve what you want most over your life.  To make a good budget you need to understand your life goals clearly.