Set Goals!

Saving worksheet

Having a clear idea of what you want makes it easier to work toward your dreams. From here, try to set some concrete goals to work toward. Using the Saving worksheet, list the things you would like to work toward (either purchasing something like a washing machine, saving for a down payment for a house or car loan, or paying off a credit card). Try and prioritize here—you may want to hold off on some things so you can attain the others sooner. Think about when you would like to achieve the goal and estimate how much you would have to put toward that goal each month. Do this exercise in pencil!

The next tutorial will work with this some more, throwing in the added dynamic of your budget. All these pieces will fit together eventually—don't worry! There are only three variables when you're working on your budget: you can increase your income, decrease your spending, or limit your goals. You just need to go round and round with these things until you find a happy balance that you can live with.

Right now, it's really important to spend some time on your Income/Expense sheet. Go through your check register, bill statements, and receipts if you have them, and pay close attention to what you spend this week so you can make those expense items come as close to reality as possible. That worksheet will be really important in the next tutorial when we create a new spending plan to accommodate your goals.

This is the end of Tutorial 1, Where are you now? If you'd like to receive distance learning credit for completing this session, or if you'd just like to test your knowledge, please take the quiz.

  [ Quiz ] Money $mart Review Questions:  Where would you like to be?