PURPOSE: This assignment provides students the tools to improve their personal financial health by developing, tracking, and following through with personal savings goals.
Keeping a budget and paying off credit card bills are great starts to financial security. However, without putting money aside for the future, one may never be able to stop working, or to enjoy activities or vacations he or she wants to experience. In order to accomplish those things, a person needs to set savings goals and stick to them. This assignment provides practice setting a savings goal.
Of course, in some ways setting the goal is the easy part. Keep in mind that in order to achieve this financial goal it must also be added into a monthly budget. That may mean giving up something today in order to achieve the goal. For instance, one 4 dollar coffee drink at a favorite shop each day actually costs 120 dollars a month, and 1440 dollars a year. How much could a person save making his or her own coffee in the morning?
- This assignment provides you the opportunity to practice planning savings goals. You will first set a specific savings goal (making sure it is a SMART goal). You will then calculate how much money you need to save and for how long you need to save in order to reach your goal. Reference the attached worksheet for complete assignment details.