Case Study: Setting SMART Financial Goals
Matt’s Story
Matt is going into his junior year of high school. He has been studying French since eighth grade. In March, the French club at his school is going to take a week‐long trip to Paris. The trip will cost $1,500 (including airfare and hotel). Matt has $650 in his savings account.
How can he use “S.M.A.R.T.” decision making to reach his goal of going on the trip to Paris?
Use S.M.A.R.T. to help Matt reach his goal of going on the Paris trip. Use the attached worksheet and the following questions:
Specific  What needs to be accomplished?  Who else will be involved?
 When will this take place?
 Why do I want to accomplish this goal?
Measurable
 How will I know I have succeeded?
 How much change needs to occur?
 How many actions will it take?
Attainable
 Do I have, or can I get, the resources needed to achieve the goal?
 Is the goal a reasonable stretch for me? (neither out of reach nor too easy, break down goal into smaller targets/goals)
 Are the actions I plan to take likely to bring success? Relevant
 Is this a worthwhile, meaningful goal for me right now?  Will it delay or prevent me from achieving a more important goal?
 Am I willing to commit to achieving this goal?
Time bound  What is the deadline for reaching the goal?
 When do I need to take action?
 What can I do today?
Copyright © 2013 by FWA of New York Educational Fund. All rights reserved. Discussion Questions Present your team answers to one of the following questions:
1. Is going on this trip a need or a want?
2. Is this a short‐, medium‐, or long‐term goal?
3. Compare this trip to your recent financial decisions and goals. How do your values and priorities match your recent spending and saving actions?
4. How would you prioritize this trip with the other financial goals you have?
5. How do you currently earn money?
6. How would creating a budget help you reach this goal?
7. What expenses could you cut back on?
Copyright © 2013 by FWA of New York Educational Fund. All rights reserved. S.M.A.R.T. Goal Setting Goal: Specific Measurable Attainable Relevant Time‐Bound Copyright © 2013 by FWA of New York Educational Fund. All rights reserved.