Please… Log into Moodle

and complete today’s Bell Ringer

REMINDER: Remember to be checking my website (not Moodle) if you were absent or didn’t get work done the day before

AGENDA:11:30 – 11:45: Bell Ringer

11:45 – 12:15: Financial Planning Notes

12: 15 – 12:20: Break

12:20-1:00: Money Skills Modules; Education Unit Recycle Tests

OUTCOMES:1. Write 3 SMART Goals

Financial Planning Notes

Please download these notes from Moodle

Financial Planning

If you won $1,000.00 in a contest, how would you spend that money??

Financial Planning

1. What is a financial planning?

A process of setting goals, developing a plan to achieve them, and putting the plan into action.

Financial Planning can have a big impact on the quality of your life - today, tomorrow, and the days after tomorrow.

Financial Planning

Step 1: Set SMART Goals. Goals – something you aim for

S - Specific - detailed

M - Measurable - amount of time

A - Attainable - reasonable and achievable

R - Realistic - actually can happen

T - Time Bound - schedule, time frameExamples: Save $25 by the 10th of next month to buy mom a birthday gift.

Save $10 a week for the next six months to buy a dress for prom.Save $2,000 from a summer job for the next three years for a down payment on a

car.

Financial Planning

Step 2: Analyze Information

Take a look at where your finances currently stand. Determine your income and expenses which have a direct impact on your ability to achieve your financial goals.

Financial Planning

Step 3: Create a Plan

Analyze the situation and make the best decision you can. Not all decisions are easy – many things affect your decisions: mood, values, culture, habits, opinions. Six step decision making process:

Identify Goals

Establish Your

Criteria

Examine Your

Options

Weigh Pros and

Cons

Make Your

Decision

Evaluate your

Results

Financial Planning

Step 4: Implement the Plan

Knowing what you should do and actually doing it can be challenging. Tips for staying on track:

Find someone to encourage you Share the goal with others Talk about your plan Leave flexibility in your plan

Financial Planning

Step 5: Monitor and Modify the Plan

Review your plan whenever you have significant changes in your life. Ask yourself

Are my goals still worth achieving?

Is there a new goal to add to my list?

Any existing goals to drop or change?

Assignment

Please open your financial goal assignment back up

Choose one goal from each of the 3 sections to rewrite into a SMART goal Add the SMART goal underneath the

already written goal (change the text color to red so I know which one it is)

UPLOAD when you finish

UPLOAD your notes also

For the Remainder of Class

Click on and read the directions for the Modules on MoneySkills