Setting financial goals

SubjectNSW Commerce YearStage 5 Curriculum Time50

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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.

Australian Curriculum or Syllabus

This activity contributes to the following outcomes.

A student:

  • applies consumer, financial, economic, business, legal, political and employment concepts and terminology in a variety of contexts COM5-1
  • analyses key factors affecting decisions COM5-4
  • evaluates options for solving problems and issues COM5-5
  • develops and implements plans designed to achieve goals COM5-6
  • works independently and collaboratively to meet individual and collective goals within specified timeframes COM5-9

Related Stage 4 outcomes: COM4-1, COM4-4, COM4-5, COM4-6, COM4-9

Related Life Skills outcomes: COMLS-1, COMLS-7, COMLS-12, COMLS-13

Content descriptions

Core 1: Consumer and Financial Decisions

Financial management

Students investigate tools and strategies for effective financial management, including:

  • budgets, e.g. using digital technologies to develop a financial plan
  • savings and superannuation plan

Option 7: Towards independence

Managing finances

Students:

  • explain the responsible management of finances when living independently, including:(ACHEK018) strategies to minimise financial problems, e.g. budgeting, saving, monitoring spending, superannuation

Student learning resources

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Worksheet

Saving and savings goals

 
How to

Setting SMART goals

 
Calculator

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.

  1. Brainstorm a time when students have set a financial goal. Was it to save for something they needed or wanted?
  2. Students complete part 1 of the worksheet.
  3. As a class, read through the how-to-sheet.
  4. Students complete part 2 of the worksheet.
  5. 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.