F1.3 Identify and describe various factors that may help or interfere with reaching financial goals.
Activity 1: A Thought-Provoking Financial Goal
Divide students into teams. Ask each team to choose a financial goal (a field trip, equipment for the new tennis court, new musical instruments, compost bins for the school, etc.) based on some need that they collectively identify. Invite students to think about different factors that may influence the achievement of their goal (income, expenses, priorities, social factors, etc.). Ask each team to share their financial goal, and their identified factors. As a class, determine if there are other factors that need to be considered. Ask students to identify the steps that can be taken to help eleviate the impact of the factors on achieving the financial goal.
Possible Questions
- What is a financial goal that you are interested in to support your community?
- What factors need to be considered in achieving your financial goal? Which ones are you able to control? Which ones are beyond your control? How do these factors influence your financial plan?
- How can you determine if your plan to reach your financial goal is realistic or not? What steps in the plan have some wiggle room in case obstacles arise?
- What will you do if your plan fails? What can be learned from an unrealized financial goal?
Activity 2: Crossing Barriers
Place students into teams and ask them to brainstorm a list of examples of factors that can hinder the achievement of financial goals (specific examples of unforeseen expenses, decrease in income, etc.). Discuss the teams’ answers as a class, and identify commonalities that can support financial planning.
Ask students to prepare a poster naming the ways that can support financial planning (for example, research, adjusting deadlines, promotion, mobilizing community members, etc.).
Discuss the importance of perseverance and positive motivation, in order to achieve a financial goal and if a factor is hindering the achievement of that goal, as there is always a solution, whether it is financial or not.
Possible Questions
- Which of the factors may interfere with achieving a financial goal? Which would be the easiest to overcome? Which would be the most difficult?
- How can a financial plan help overcome these?
- When is it necessary to change a financial goal? What kinds of changes may be necessary?