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So you want a PSP™,
that cool new purse, or a car. Or, you’re wondering
how you'll cover college expenses after you graduate
from high school. One
way to get or do these things is to set financial
goals. Your goals can be considered
short-term, medium-term, and long-term, and they can improve your finances or
help you pursue a career. Any financial goal you set will help you do and buy
the things you want. Your career goals will help you get ahead, and that means
learning new skills and making more money.
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 Short-term goals will be reached within
the next three months.
Financial: Save $25 by the first of next month to buy my dad a birthday present.
Career: Read about types of careers I might be interested in by the end of next
month. |
 Medium-term goals will take between
three months to one year to reach.
Financial: Save $400 in 12 months to take college prep exams.
Career: In eight months, learn how
to organize dad’s business documents
and write checks to his suppliers. |
 Long-term goals take more than one year
to reach.
Financial: Save $2,000 by the beginning of my senior year for a down payment
on a car.
Financial: Save $10 per week during the next three years for college or trade
school expenses.
Career: By January of my sophomore year, have a list of all the right courses
and tests required to get into engineering school and a list of possible engineering
colleges. |
Notice all
the examples have a time frame (such as “by the
beginning of my senior year”). The financial
goals have dollar figures (such as “$10 per week”).
These two things make goals SMART! Goals must be specific
and realistic to be reached successfully. Here’s
how to set goals the SMART way.
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| Specific |
"I want a used car teens
like to drive with less than 60,000 miles on it,” rather than, “Hey,
I sure need to get some wheels!” |
| Measurable |
“I want to get a B+ in algebra” rather
than, “I better get my grades up.” |
| Attainable |
“I’ll share the driving
with my friends to lower my cost of gas,” rather than, “I’ll
drive everywhere at anytime!” |
| Realistic |
"I’ll improve my grade
in reading by one letter grade,” rather than, “I’m
going for straight As!” |
| Time-frame |
“I’ll have enough
money for my expenses by September of my freshman year of college,” rather
than, “I want to have money to spend when I’m in college.” |
With SMART goals, you can figure out what you need to do or save so you can
get what you want. Your goals will help you draw up an action plan and track
your progress.
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