Financial Goals - Short, Medium and Long Term
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What students do
- Calculate the monthly amount a goal needs by dividing the target amount by months
- Sort three financial goals into short-, medium-, and long-term time horizons
- Read a bar chart to find why the biggest target isn't always the steepest monthly payment
- Prioritize goals that add up to more than a monthly budget can cover
What it covers
- What makes a goal SMART, specific, measurable, achievable, relevant, and time-bound
- The monthly-amount and goal-timeline formulas
- How to prioritize goals, starting with an emergency fund
Learning targets
- Explain what a financial goal is and set goals that are SMART (Specific, Measurable, Achievable, Relevant, Time-bound)
- Sort financial goals into short-term, medium-term, and long-term time horizons
- Calculate the monthly amount a goal needs (target amount divided by months) and the goal timeline (target divided by monthly amount)
- Prioritize goals you cannot fund all at once and build a plan to reach them
From one teacher to another
A goal that stays a wish never turns into a number, so this lesson makes students do exactly that conversion for a car they actually want. They watch an $18,000 down payment come out cheaper per month than a $9,600 car, purely because of how many months it's spread across, and that surprise is what makes the math finally stick. By the end they can take any goal of their own, run it through the formula, and name exactly what to save this month.
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