Setting financial goals
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Introduction
In this activity, students learn how to set SMART financial goals for short- and long-term financial decisions. Understanding how to set and track goals is important learning for all students. It supports students to build their personal capability and sets the foundation for forming life-long habits that will support them to plan for success. This learning provides a foundation for students understanding the importance of establishing long-term goals which they will encounter in the curriculum in later years, including the concept of superannuation.
Achievement standard
By the end of Year 7, students describe the interdependence of consumers and producers in the market. They explain the importance of short- and long-term planning to individual and business success and identify different strategies that may be used. They describe the characteristics of successful businesses and explain how entrepreneurial capabilities contribute to this success. Students identify the reasons individuals choose to work and describe the various sources of income that exist.
When researching, students develop questions and gather data and information from different sources to investigate an economic or business issue. They interpret data to identify trends. They propose alternative responses to an issue and assess the costs and benefits of each alternative. They apply economics and business knowledge, skills and concepts to familiar problems. Students develop and present conclusions using appropriate texts, terms and concepts. They identify the effects of their decisions and the possible effects of alternative actions.
Content descriptions
Economics and Business Knowledge and Understanding
Why and how individuals and businesses plan to achieve short-term and long-term personal, organisational and financial objectives (ACHEK018).
Economics and Business Skills
Apply economics and business knowledge, skills and concepts in familiar and new situations (ACHES025).
Student learning resources
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Saving and savings goals
Setting SMART goals
Moneysmart savings goals calculator
Suggested activity sequence
This sequence is intended as a framework to be modified and adapted by teachers to suit the needs of a class group.
- Brainstorm a time when students have set a financial goal. Was it to save for something they needed or wanted?
- Students complete part 1 of the worksheet.
- As a class, read through the how-to-sheet.
- Students complete part 2 of the worksheet.
- As a class, discuss the following:
- What kinds of hurdles might arise that prevent you from reaching your savings goal?
- How might you address these hurdles?
Note: This activity could be adapted to suit a class fund-raising project.