F1.2 Identify different types of financial goals, including earning and saving goals, and outline some key steps in achieving them.
Activity 1: A Goal in Mind
Help students set a financial goal for a future purchase of their choice, for example, a musical instrument, a video game, a bicycle, a series of books, etc. Ask them what is needed to achieve their goal in the immediate, short-term, or long-term.
Possible Questions
- What is the monetary value of the item you want? Do you think it is a large expense or not?
- What are some steps you can take to achieve this financial goal? (for example, save money, buying used rather than new).
- What will you do if the plan you have created to reach your financial goal does not work as expected? What adjustments in your plan may you need to make?
Activity 2: Concert for Refugees
Present students with the following learning situation:
Your school would like to organize a concert with local musicians to raise money for the Canadian Council for Refugees. As a group, set a financial goal and then create a budget to manage your expenses.
Ask students the following questions:
- How might we determine a financial goal? Who could help us?
- Who could you consult to help you with the organization of the concert?
- What type of expenses would be involved to put on a concert?
- How much do you estimate it will cost to put on a concert?
- How can we cover the costs to put on a concert?
- What will your budget include?
- How can we ensure that the expenses for the concert (buying drinks, printing tickets, renting a hall, etc.) are not greater than the money raised through the concert? [budget]
- How much after expenses are covered, can be donated to the Canadian Council for Refugees?