Planning for Your Financial Future

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Learn about money personalities, the power of planning, developing a spending plan, setting SMART goals, prioritizing and quantifying goals, and improving cashflow. Access additional resources and support for financial planning.


Uploaded on Dec 08, 2023 | 5 Views


Planning for Your Financial Future

PowerPoint presentation about 'Planning for Your Financial Future'. This presentation describes the topic on Learn about money personalities, the power of planning, developing a spending plan, setting SMART goals, prioritizing and quantifying goals, and improving cashflow. Access additional resources and support for financial planning.. Download this presentation absolutely free.

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  1. Planning for Your Financial Future Planning for Your Financial Future

  2. Agenda Agenda Money Personalities The Power of Planning Developing Your Spending Plan Resources Planning for Your Financial Future 2

  3. Money Personalities

  4. Money Personalities Money Personalities Givers Spenders Investors Savers Planning for Your Financial Future 4

  5. The Power of Planning Setting SMART Goals

  6. Wishes vs. Goals Wishes vs. Goals Planning for Your Financial Future 6

  7. Characteristics of SMART Goals Characteristics of SMART Goals Specif ic Meas urable Achie vable Timeb ound Realis tic Specific Measurable Achievable Realistic Timebound SMART Goals Planning for Your Financial Future 7

  8. Which is a SMART Goal? Which is a SMART Goal? A I want to save enough money to retire. A. I want to save enough money to retire. B. By age 63, I will have $800,000 in my TSP account. To achieve this goal, I will invest $400 per month. By age 63, I will have $800,000 in my TSP account. To achieve this goal, I will invest $400 per month. B Planning for Your Financial Future 8

  9. Activity: SMART Goal Challenge Activity: SMART Goal Challenge Specific: Achievable: Time- boun d: Realistic : Measurable: Achievable: Realistic: Spec ific: Measur able: Time-bound: Planning for Your Financial Future 9

  10. Prioritize and Quantify Goals Prioritize and Quantify Goals Goal Rank When Amount Needed Amount to Save Increase emergency fund 1 1 year $2,400 $200 per month Car down payment 2 3 years $3,600 $100 per month 3 18 years $80,000 $185 per month* Child s education Prioritize your goals Determine how much time and money is needed *Assumes an average 7% rate of return, compounded monthly, in an education savings account. Planning for Your Financial Future 10

  11. Developing Your Spending Plan

  12. Spending Plans Spending Plans Planning for Your Financial Future 12

  13. Four Steps to Developing a Spending Plan Four Steps to Developing a Spending Plan 1 Understand Your Current Situation 2 4 Know Where Your Money Should Go Make Adjustments Create a Plan 3 Planning for Your Financial Future 13

  14. Activity: Spending Plan Worksheet Activity: Spending Plan Worksheet Planning for Your Financial Future 14

  15. Your Action Plan Your Action Plan Plan your financial future: Set SMART goals Establish emergency fund Eliminate debt Save for future Develop your spending plan Track and review your progress Planning for Your Financial Future 15

  16. Improve Your Cashflow Improve Your Cashflow Increase income Decrease living expenses Decrease indebtedness Planning for Your Financial Future 16

  17. Resources

  18. Websites Websites Office of Financial Readiness Sen$e Mobile App finred.usalearning.gov Military OneSource www.militaryonesource.mil Planning for Your Financial Future 18

  19. Additional Support Resources Additional Support Resources Personal Financial Manager (PFM) and Personal Financial Counselor (PFC) Degreed and nationally certified financial professionals Provide no cost personal financial counseling Offer financial education and training Locate a PFM at: Military Installation locator installations.militaryonesource.mil/ Locate a PFC at: PFC locator map finred.usalearning.gov/pfcMap Planning for Your Financial Future 19

  20. Summary and Review

  21. Questions? Questions? Money Personalities The Power of Planning Developing Your Spending Plan Resources Planning for Your Financial Future 21

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