Week 4 – Setting Financial Goals and Priorities

WEEK 4: Setting Financial Goals and Priorities



Money Smart Weekly Conversation Fact: More seniors, age 65 + , are retiring with debt. 19% of retirees have a mortgage on their primary residence and 15% have outstanding credit card balances. (2014 Canadian Financial Capability Survey)




The next step to becoming Money Smart is to begin CONSCIOUSLY taking control of your money.


Identify what’s important to you (what you value) and how you want to live your life.                                                                                                                              
This provides a foundation for beginning to make conscious decisions about how you are going to spend and manage your money.
Money is a tool to help us get what we want out of life.


Write down what is important to you and use your list to help you determine goals and priorities for your money.

Some ideas to help you get started are:

If it’s important for you to… Your goal might be to…
live without money worries

have enough money to pay all my bills each month

buy a new home

spend time traveling

enjoy camping with friends

help your children gain an education

drive a particular kind of vehicle

retire at 55

pay off your credit cards

reduce my expenses or get a second job or start an emergency fund

save money for a down payment

build up savings to take time off work

buy new camping supplies

contribute to an RESP

save up a moderate down payment

start an investment account


This isn’t as complicated as you may think.

A short–term goal might be to pay off debt or buy a new appliance.
A medium–term goal may be to take a cruise or save the down–payment for a new car.
Long–term goals typically include plans for retirement, paying off a home or helping children start out on their own.
The goals you set are yours; you have the power to choose what is important to you and design your goals accordingly.
Most people’s money problems occur because they don’t clearly know what they want to do with their money and, therefore, spend it randomly.

Goals are Dreams with Deadlines…              

Clear goals are the targets you are aiming for and help you to build your plan. After that, it’s a simple process to map out how you will achieve your financial goals.
When setting financial goals, think about how much you need to save and for how long. Then think about how you will accomplish that savings.
For most people, this means putting a set amount aside each month, according to their pay schedule.
This monthly amount is the difference between just having a goal (a dream)… or making your dream a reality.
Be realistic when setting your goals. You can always increase your savings later, but start by planning for success!
It can be strangely motivating to see your plans in black and white, so take some time to write down your financial goals.
Grab a pen and paper and jot them down, type them for yourself on your computer or your phone, or print this page and write them down.

You can use the table below as a guide.

Short Term Goals: (within about a year)
Objective Estimated Cost Target Date Monthly Amount Needed Per Pay
Intermediate Goals: (within five years)
Objective Estimated Cost Target Date Monthly Amount Needed Per Pay
Long Term Goals: (10-15 years or more)
Objective Estimated Cost Target Date Monthly Amount Needed Per Pay

Adapted from http://www.mymoneycoach.ca/money-management/set-financial-goals





Money Smart Week 4 Question: What short term goal(s) and long term goal(s) did you set?


Now, What Do I do?

Email your answer to the Money Smart Week 4 Question and your full name and mailing address to calc@camroselearning.com 
Your name will automatically be entered into a draw for a Samsung Galaxy Tablet. (a $300 Value!)
You can enter your name once each week for a total of 17 chances to win!  
Answer the question anytime before the end of the Challenge on May 28, 2017 and your name will be entered into the draw for a Samsung Tablet. 
So, If you missed answering the any of the questions for the previous week, go to those weeks and answer the question(s) now.
(NOTE! Only residents of City of Camrose and Camrose County are eligible for the draw for the Samsung Galaxy Tablet.)