setting goals

1. To encourage financial responsibility through goal setting

2. To introduce the disciplines of planning, scheduling and tracking

Introduce goal setting with the following discussion points:

What is a goal? Do students set goals?
What do students think about goals as they relate to money? Why might money-related goal setting be important?
Is anyone saving their money for something in particular? If so, how are they saving?
Is it important that goals be realistic? Why or why not?
It is best to put aside a percentage of your income (10%) before you spend your money. How is this achieved? Is this a common practice for anyone?

Get a goal

Length: 45 minutes – 1 hour
Materials: Saver Sheet Student Handout, magazines, flyers/catalogues

In this activity, students will set up their own savings goal using the Saver Sheet Student Handout. To start, brainstorm a “class goal” and fill out a Saver Sheet Student Handout together. To do this, draw, describe or paste a picture of the goal in the box at the top left of the page. Indicate how much money you need to save up to achieve this goal and mark the amount beside the “TOTAL” on the left-hand side of the Saver Sheet. Fill in the questions under the “Savings Plan.” Next, write in the scale on the thermometer from “Just starting out” (current savings) to “You did it” (final financial goal) as it relates to your goal.
Now, have students come up with their own goal to set, following the same process as previously mentioned.

Extension

Ask students to brainstorm a list of short- and long-term financial goals.
Encourage students to start a goal with their parents on the Make it Count website by accessing My Make it Count.

Collaborative Feedback

Revisit the idea of why goal setting is important. Have anyone’s ideas changed?
After students have been working toward their goal for some time, discuss some of the challenges they met when trying to stay on track.
Collectively discuss individual short- and long-term financial goals.