Money Smart Teens

Unit 4: Set Financial Goals

Setting Financial Goals

Setting clear financial goals is making a plan for what you want and how you plan to get there.  There are two types of financial goals.  Short-term goals are those that you wish to achieve in the next three months.  Long-term goals are those that take more than a year to achieve. 

  • Short-term—$50 dollars to pay cell phone bills each month.
  • Intermediate-term—$20 per week to buy clothes for school.
  • Long-term—$2,000 from a summer job for the next three years for a down-payment on a car. 

Savings Goals

 

Priority

Amount

Time Frame

Pay Cell Phone

____________   

____________   

____________

Emergency Cash Reserve

____________

____________

____________

Savings

____________

____________

____________

Buy a car

____________

____________

____________

Buy Clothes

____________

____________

____________

New Computer

____________

____________

____________

Save for College

____________

____________

____________

New Cell Phone

____________

____________

____________

Summer Vacation

____________

____________

____________

Start an Investment

____________

____________

____________

Other:

____________

____________

____________

 

Download PDF: Working With Goals

A Few Final Thoughts

In a few years, the lessons learned here will become even more important.  You will go to school, get a job, and begin building a life.  It’s now up to you.  By following a few simple steps, you’ll be on your way to a lifetime of financial success: 

Here are a few things to consider: 

  1. Create and follow a financial plan that involves setting goals and saving money.
  2. Create and use a budget to control your spending and save extra for things you want.
  3. Save your money so that it can be invested to make even more money. 
  4. Use credit wisely and know the importance of being creditworthy. 
  5. Open a bank account with a credit union or bank.
  6. Choose a career that helps you reach your goals and support you financially. 

Now it’s time to put these ideas into practice—you’ve got to make these principles part of your life. 

More Information for Money Smart Teens

To help students learn more about money management your credit union has partnered with Trinity Debt Management, a nonprofit credit counseling agency.  If you would like a copy of Credit Start, an informative money management workbook for teens, call 800.785.3844 or download a copy at trinitycredit.org. 

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