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| You want to save money to take a summer vacation in Hawaii. Would saving money to pay for this trip require a long term financial goal or a short term financial goal? |
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| A ___?____ term goal is one that requires saving for more than one year. |
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| You want to buy a pair of tennis shoes that cost $145. If you want to buy the shoes within the next 6 months how much will you need to save each month to meet this goal? You would need a short term goal. What would your plan be to meet this goal? |
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| You would need to save $24.17 a month for the next 6 months. |
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| Two years is __?__ months. |
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| A plan for managing money in such a way that a person will meet short term and long term financial goals over time is called _______________ ______________. |
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Which of the following is an example of a short term goal?
*saving to buy a skateboard
*saving to buy a car
*saving to retire |
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| saving to buy a skateboard |
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| Marcus makes approximately $250 a month at his part time job. He wants to buy a new bike within the next 4 months. The bike costs $1200. Is this a realistic short term financial goal for Marcus? |
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| No --$1200 divided by 4 is $300. Marcus would need to save $300 a month for 4 months to meet his goal. He only makes $250 a month. His goal is not realistic. |
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When making financial goals be sure they are _?_.
a) silly
b) realistic
c) not important |
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| Janet has a year to save $1000 she needs to set up her apartment when she goes to college. How much does she need to save each month in order to meet this goal? |
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| She needs to save $83.34 each month for the 12 months. |
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| A short term goal is one that requires saving money and can be reached ________ __ ________. |
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| Over the next 10 months Joe wants to save $1500 for a new computer. What should be his plan? |
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Definition
| Joe needs to save $150 a month to have $1500 to buy a new computer. |
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| Josh wants to save $125 a month to buy a new sound system for his car. He makes $100 a month at his part time job. Is Josh's goal realistic? |
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| no -- Josh does not make enough money to save $125 a month. |
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Which of the following is a long term financial goal?
*saving for a new outfit
*saving to buy a car
*saving for Justin Bieber
concert tickets |
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It will take me 8 months to reach my financial goal. This is a __?__ term goal.
a) long b) short |
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