Setting financial goals
Access denied
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.
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
In order to see the resources you must Register or Login if you already have an account.
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.