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Dream Big: SMART Goals

Molly Mulhern

Tier 1
For Schools

Lesson Plan

Dream Big: SMART Goals

Students will be able to define and write a short-term and long-term SMART financial goal.

Understanding how to set SMART financial goals empowers students to take control of their financial future, make informed decisions, and work towards achieving their dreams, whether it's saving for college, a car, or starting a business.

Audience

11th Grade

Time

30 Minutes

Approach

Interactive discussion, direct instruction, and practical application.

Materials

Smart Goal Setting Slide Deck, SMART Goals Worksheet, and My Financial Future Journal Prompt

Prep

Teacher Preparation

15 Minutes

  • Review the Smart Goal Setting Slide Deck and lesson content.
    - Print copies of the SMART Goals Worksheet (one per student).
    - Prepare to distribute the My Financial Future Journal Prompt.
    - Ensure projector/screen is set up for the slide deck.

Step 1

Introduction to Financial Goals

5 Minutes

  • Begin with a hook: "What's something you really want in the future? A new gadget? A car? College?"
    - Introduce the concept of financial goals and their importance using Smart Goal Setting Slide Deck (Slides 1-2).
    - Facilitate a brief discussion on why setting goals is important for financial well-being.

Step 2

SMART Goal Setting Framework

10 Minutes

  • Introduce the SMART acronym using Smart Goal Setting Slide Deck (Slides 3-7), explaining each letter: Specific, Measurable, Achievable, Relevant, Time-bound.
    - Provide examples of non-SMART vs. SMART financial goals.
    - Distribute the SMART Goals Worksheet and guide students through the first example together.

Step 3

Brainstorm Personal Financial Goals

8 Minutes

  • Ask students to brainstorm one short-term (within 1 year) and one long-term (1+ years) financial goal on their SMART Goals Worksheet.
    - Encourage them to think about what they learned about SMART goals.
    - Circulate and offer assistance, prompting students to make their goals SMART.

Step 4

Create a Goal Action Plan & Wrap-up

7 Minutes

  • Discuss the importance of an action plan for achieving goals using Smart Goal Setting Slide Deck (Slide 8).
    - Have students briefly outline initial steps for their goals on their SMART Goals Worksheet.
    - Distribute the My Financial Future Journal Prompt as an extension activity.
    - Conclude by emphasizing the power of setting clear financial goals. "Remember, planning your finances is planning your future!"
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Slide Deck

Dream Big: Setting SMART Financial Goals

Planning Your Path to Success!

Ask students: "What's something you really want in the future? A new gadget? A car? College?" Write some ideas on the board. Then, introduce the idea that these are often financial goals. This slide serves as a visual for the lesson title.

Why Set Financial Goals?

  1. Provides Direction
    2. Motivates You to Save
    3. Helps You Make Smart Choices
    4. Turns Dreams into Reality!

Engage students: "Why do you think it's important to think about money and goals?" Discuss immediate gratification vs. long-term planning. Emphasize that financial goals provide direction and motivation.

What Are SMART Goals?

A powerful tool to help you achieve your dreams!

Specific
Measurable
Achievable
Relevant
Time-Bound

Introduce the SMART acronym. Explain that it's a tool to make goals clear and achievable. Ask if anyone has heard of SMART goals before, and in what context.

S is for Specific

What exactly do you want to achieve?

  • Who is involved?
  • What do I want to accomplish?
  • Where will this happen?
  • When do I want to achieve this?
  • Why is this goal important?

Explain 'Specific.' Give an example: 'I want to save money' (not specific) vs. 'I want to save $500 for a new gaming console.' Encourage students to think about the 'who, what, where, when, why' for their goals.

M is for Measurable

How will you track your progress? How will you know when the goal is achieved?

  • Include amounts, dates, or other clear indicators.
  • Set milestones to celebrate your progress!

Explain 'Measurable.' How will they know when they've reached their goal? Focus on quantities and clear indicators of progress. Example: '$500' is measurable; 'some money' is not.

A is for Achievable

Is this goal realistic and attainable?

  • Do you have the resources and skills needed?
  • Is it possible to reach this goal?
  • Don't be afraid to challenge yourself, but be realistic!

Explain 'Achievable.' Discuss the importance of setting realistic but challenging goals. Ask: "Is saving $1 million by next week achievable for most of us?" Relate it to their personal resources and effort.

R is for Relevant

Does this goal align with your values and long-term plans?

  • Is it the right time for this goal?
  • Does it fit with your other goals?
  • Is this something you truly want to achieve?

Explain 'Relevant.' Connect the goal to their personal values and long-term aspirations. Why does this goal matter to them? Example: Saving for college is relevant if they plan to attend college.

T is for Time-Bound

When do you want to achieve this goal?

  • Set a clear deadline.
  • Creates a sense of urgency.
  • Helps with planning and prioritizing!

Explain 'Time-bound.' Stress the importance of a deadline. Without a deadline, goals tend to drift. Discuss short-term vs. long-term timeframes for financial goals.

From Goal to Reality: Your Action Plan!

What are the steps you need to take to achieve your SMART goal?

  1. Break it down into smaller, manageable steps.
  2. Set mini-deadlines for each step.
  3. Identify resources you might need.
  4. Stay accountable and track your progress!

Reiterate that setting SMART goals is just the beginning. Action plans are crucial for execution. Ask students to think about one or two immediate steps they could take for a financial goal.

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