Financial Goals

Financial Goals
Grade 6 Mathematics
Rosanna Nusseiri

Word Cloud

What would you do if you received one million dollars today?

Word Cloud

What is one thing you would like to save your money for?

Types of Financial Goals

4 types of Financial Goals:

1. Earning Goals

2. Saving Goals

3. Investing Goals

4. Donating Goals

Earning Goals

An earning goal is a specific goal related to how much money you want to earn within a certain time period. This goal involves actively working or finding ways to increase your income through various means.

​Saving Goals

A saving goal is a specific target for how much money you want to save over time. This goal focuses on setting aside a portion of your money for future use rather than spending it right away. Saving goals help you prepare for bigger expenses or future finances.

​Investing Goals

An investing goal is a plan to put money into something, such as stocks or savings accounts to help it grow over time.

​Donating Goals

A donating goal is when you decide to give some of your money to help others, such as charities, causes, or people in need.

Open Ended

What are some ways you can earn money?

Open Ended

Where do you put the money you receive from parents, grandparents, etc.?

Types of Finanial Goals by Time Frame

• Immediate: Achieved within one or two months

• Short-term: Achieved within one or two years

• Long-term: Achieved in more than two years

Multiple Choice

Choose the word that best completes the sentence below.   A ___________ usually requires a lot of time and planning to accomplish, which can take more than 2 years.

• immediate goal

• short-term

• long-term goal
• mid-term goal

Multiple Choice

Choose the word that best completes the sentence below.   A _________ is an aim or purpose.

• goal setting
• goal
• short-term goal
• mid-term goal

Multiple Choice

Choose the word that best completes the sentence below.   A ___________ usually requires some planning and effort over several months to one year.

• short-term goal
• goal
• long-term goal
• immediate goal

Multiple Choice

Choose the word that best completes the sentence below.   An ____________ often does not need much planning or effort. 

• immediate goal

• goal
• long-term goal
• mid-term goal

Types of Finanial Goals by Goal-Setter

• Individual

• Family

• School/Class

• Community

• Organization

Individual Financial Goals

An individual financial goal is something one person wants to save money for.
Examples include:

• Immediate: Saving up to buy a new toy or book.

• Short-term: Saving for a new bike or a fun trip.

• Long-term: Saving money for college or something big in the future.

Family Financial Goals

A family financial goal is something the whole family wants to save for together.
Examples include:

• Immediate: Saving for a new game or home appliance.

• Short-term: Planning and saving for a family vacation.

• Long-term: Saving for college, a house, or a big home project.

School/Class Financial Goals

A school or class financial goal is something students and teachers work together to save for.
Examples include:

• Immediate: Raising money for school supplies.

• Short-term: Saving for a field trip.

• Long-term: Fundraising to improve the school.

Community Financial Goals

A community financial goal is something people in a neighborhood or town work together to save for.
Examples include:

• Immediate: Organizing a clean-up day with supplies.

• Short-term: Raising money for a local event like a fair or parade.

• Long-term: Funding a new park or community center.

Organizational Financial Goal

An organizational financial goal is something a business or group saves money for to reach their goals.
Examples include:

• Immediate: Meeting sales targets or raising money for a project.

• Short-term: Expanding services or hiring new staff.

• Long-term: Opening new locations or investing in big projects.

Multiple Choice

Managing your money is wise.

• True
• False

Multiple Choice

Which type of goal is set by students and teachers for something they need in school?

• School/Class goal

• Individual goal

• Organization goal

• Family goal

Multiple Choice

Saving money for a community event like a parade is an example of a:

• Family goal

• Individual goal

• School/Class goal

• Community goal

Steps in Achieving Financial Goals

A SMART Goal is:
Specific
Measurable
Achievable
Realistic
Time-bound

SMART Goals

Multiple Choice

What is goal setting?

• Picking up a coffee mug and setting it down on a table that says goal.
• Finding something that you want to accomplish and figuring out a plan to reach it.
• Figuring out a plan to not use any money for the rest of your life
• Accomplishing all of your goals in two minutes

Multiple Choice

If it is almost impossible to reach your goal then it is...

• a realistic goal
• an unrealistic goal
• a short-term goal
• a long-term goal

Multiple Choice

What is an example of a realistic goal?

• Never spending any money for the rest of your life
• Saving enough money in a day to buy a plane
• Saving money from doing your chores for the next month to buy the new video game you wanted
• Not saving any money and trying to buy a car

Multiple Choice

Which of these goals is least specific?

• A. Getting at least an A- average.

• B. Winning the chess tournament.

• C. Being nicer to people.

• D. Raising one hundred dollars for your favorite charity.

Multiple Choice

Being able to track your progress encourages you to keep going and to reach your goals.

• False

• True

​Review

• The four types of financial goals are earning saving, investing, and donating.

• Goals can be either immediate, short-term, or long-term.

• There are many types of individuals and groups that can create goals.

• It is important to create SMART goals and track your progress to manage your money.

Questions?

Homework Assignment

​Money Mission: Set and Save!

Using a format of your choice (such as a written paragraph, a poster, a digital presentation, or a mind map), develop and explain one earning goal and one saving goal that you have. Using SMART criteria, outline the steps you will take to achieve each goal.