goals

What Are You Saving For?

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I’ve been having some (okay, a lot of) car trouble recently. Fortunately, I had sufficient savings in my emergency fund to take care of some unexpected repairs. But I’m now facing the reality of having to shop for a newer car. So this February, I’m ramping-up the savings and joining over 350,000 Americans in pledging to save for my goal.

“I pledge to save money, reduce debt, and build wealth over time. I will encourage my family and friends to do the same. I wish to reach my savings goal in order to ___________. To reach my goal, I pledge to save $ ____ for ____ months. At the end of this time I will have saved $ ____ to reach my savings goal.”

Studies show that having a plan with specific goals and improving your savings can improve your finances. Participate in America Saves Week by taking the Ohio Saves Pledge or answering the question, What are you saving for?

Take and share your “I’m Saving For…” picture with us! All entries will be eligible to win 2 OSU Basketball tickets for the March 1st game against Purdue or $500! Enter before February 25 in 3 easy steps:

1) Pledge to save online.

2) Take a pic with your I’m Saving For..Sign and post it on any social media with these hashtags:

#livesmartohio to win 2 Ohio State University Basketball tickets for the March 1 game against Purdue!

#imsavingfor to win $500! through the national America Saves campaign; (read eligibility)

3) Tell us you posted to be entered for prizes.

Follow Ohio Saves on Twitter (@moneymattersOH) to see what others are saving for.

Do You Know Your Cash Flow?

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Think about the last time you had a little extra money, whether it was a gift, paycheck, or tax refund.  How did you spend the money? Were you satisfied with the way you spent it, and if you had that money again, would you spend it on the same things?

Worksheet 2-C Sample

In the example above, this person anticipated receiving a hundred bucks  as a birthday present from his parents. We can only guess what he intended to use that money for…paying off debt, saving towards a goal, or having a few more nice things.

It is important that you record these additional sources of income and include them in your spending plan, or they will be gone before you realize it. Look back at your spending over the last couple of weeks (see Dollar Tracker from Lesson 1). Were you surprised to learn where your money goes, or did it match the expenses you anticipated in Lesson 2? Unfortunately for this person, his parents took him out to dinner, and the extra income never entered into his cash flow. However, he still has a better understanding of what he can spend the next month.

Do you know how much money you really have?

Getting Started with Goals

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SMART

Think about your financial goals:

Short term – less than 1 year down the road

Intermediate term –1 to 5 years into the future

Long term – 5 to 10 years from now

 

 

 

Remember, to be effective, financial experts suggest that goals be in writing and be SMART:

Specific – Specify plainly what you want to achieve.

Measureable & Mutual – Plan the amount of time and money it will take to accomplish your goal; make sure everyone is “on board” with your goals.

Attainable & Achievable – Be practical; plan goals that can be achieved on your budget.

Realistic & Relevant – Make sure your goal is doable.

Time bound & Tradeoffs – Set a specific date to achieve the goal: think about what you might need to give up or overcome to meet the goal. Is it worth it to you?

Setting goals gives you something to work toward and direction to your spending.  It’s easy to get busy with day-to-day life and lose track of spending and planning for goals. Goals keep you focused…write your SMART goals and post them where you and your family can be reminded constantly of your dream.

 

Can you guess what the top three savings goals of 2013 were? They were saving for:

  1. an emergency fund
  2. education
  3. to pay off debt

See how your financial goals stack up against this top 10 list  and keep reading to learn how to focus your goals.  Don’t forget to include:

  • Today’s Date
  • Target Date to Reach Goal
  • Total Cost of Goal
  • Amount Already Saved Toward Your Goal
  • Amount to Save Each Month Toward Your Goal
  • Obstacles to Overcome
  • Steps Needed to Reach Your Goal

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Author: Kathryn K Dodrill, MA, CFCS, ExtensionEducator, Family and Consumer Sciences; Ohio State University Extension, Washington County; dodrill.10@osu.edu 

Reviewer: Cindy Shuster. Extension Educator, Family and Consumer Sciences; Ohio State University Extension, Perry County; shuster.24@osu.edu

Welcome to Week 1!

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Welcome to Week 1, where you will begin your journey toward improved financial well-being!

The first important step you will take is setting some financial goals for the future. Maybe you’ve never thought about what you want to do with your money, or maybe you struggle with family members who have their own ideas. This week’s lesson will help you focus on you and your family’s values about money and get you talking.

Begin by reading Lesson 1: Getting Started. In addition to information and worksheets, each lesson has a set of Action Steps to help you apply what you learn to your own situation.

There is also a 2-4 minute video for each week that is available to watch on YouTube,  “What Are Your Financial Goals?”

If you haven’t already done so, please remember to complete the pre-challenge survey before January 18. The following link will take you to the survey.

✔ TAKE ACTION NOW ✔

Start and Keep a Spending Log and/or Dollar Tracker
Complete Worksheet 1-A: Your Thoughts on Money.
Practice “I” Messages.
Complete Worksheet 1-B: What’s Important?
Complete Worksheet 1-C: Thinking about Money and Your Values.
Complete Worksheet 1-D: Goal Setting.

Author:  Kristen Corry, M.S., Extension Educator, Family and Consumer Sciences, Monroe/Noble Counties, Buckeye Hills EERA, corry.10@osu.edu

Reviewer:  Polly Loy, M.S., Extension Educator, Family and Consumer Sciences, Belmont County, Buckeye Hills EERA,  loy.1@osu.edu