Finance & Career
Do you have a financial goal? With careful planning, any goal can be achieved. Use these worksheets to identify financial goals and steps to achieve them within one year.
Setting realistic financial goals is a vital part of being on schedule to achieve any objective. Start by setting a short-term goal to build your confidence. Seeing success will drive you to set other achievable goals. Goal setting can also encourage you to set intermediate and long-term goals after seeing initial success. You never know what you can achieve until you actually set a goal. If you do the work, you will see results.
“You can’t know where you are going until you really know where you are right now. That means setting up a budget,” says Lauren Zangardi Haynes, a fiduciary and fee-only financial planner.
Setting up a spending plan or budget is a necessity if you plan to achieve any goal. A budget helps guide you in the right direction to achieve success. Goal setting is key to your overall achievement. Putting in the work upfront will have a huge impact on the result of achieving planned goals.
Remember to think SMART when setting goals.
- S—Specific
- M—Measurable
- A—Action oriented
- R—Reachable
- T—Timebound
Example of a SMART goal: I will save $20 each month for 6 months by making coffee at home rather than going to the coffee shop twice per month. By doing so I will save $120 to spend for my daughter’s birthday gift.
Worksheet 1. Financial Goal Setting (One Year) Sample
Note: In column A, list the top three goals that you would like to achieve within 1 year. Next, in column B, number the most important goal first followed by the second and third goal. Then, refer to examples to complete columns C–H.
(A) Financial Goals | (B) Priority | (C) Amount of Money Required | (D) Target Start Date | (E) Target Finish Date | (F) # of Months Needed to Achieve Goal | (G) Monthly Total | (H) Total Saved within Time Span (F X G) |
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Short-Term Goals (Within 3 Months) | |||||||
Purchase $200 DVD Player | 1 | $200.00 | January 1 | March 31 | 3 | $69.00 | ($69.00 x 3 mo.) $207.00 |
Reduce purchase of chips from gas station ($1.50/day) | 3 | ($1.50 x 7 days) x 4 wks. $42.00/mo. x 3 mo. | $126.00 | ||||
Limit purchase of energy drink to 1 per week ($3.25) | 3 | ($3.25 x 4 wks.) $13.00/mo. x 3 mo. | $39.00 | ||||
Save $.50 per day from loose change for concert ticket | 3 | ($0.50 x 7 days)x 4wks $14.00 x 3 mo. | $42.00 | ||||
Intermediate Goals (3 to 6 Months) | |||||||
Save $600 to replace car tires | 2 | ||||||
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Long-Term Goals ( 6 to 12 Months) | |||||||
Save 1,500 for Wedding Anniversary Trip | 3 | ||||||
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Worksheet 1. Financial Goal Setting (One Year)
Note: In column A, list the top three goals that you would like to achieve within 1 year. Next, in column B, number the most important goal first followed by the second and third goal. Then, refer to examples to complete columns C–H.
(A) Financial Goals | (B) Priority | (C) Amount of Money Required | (D) Target Start Date | (E) Target Finish Date | (F) # of Months Needed to Achieve Goal | (G) Monthly Total | (H) Total Saved within Time Span (F X G) |
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Short-Term Goals (Within 3 Months) | |||||||
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Intermediate Goals (3 to 6 Months) | |||||||
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Long-Term Goals ( 6 to 12 Months) | |||||||
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Download a PDF of Financial Goal Setting Worksheets, FCS-2468.