Financial Tracking and Goal Setting for Success
Discover effective strategies for managing your finances, tracking your money, and setting financial goals. Learn key terms like budget, income, expenses, and savings. Explore tools and methods for tracking your money for financial success. Unlock the secrets to achieving financial stability and growth.
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Presentation Transcript
FINANCIAL TRACKING AND GOAL SETTING
How to keep track of your money Key terms Budget Income Expenses Savings Financial literacy Needs Wants Goal Bank Statement Time and effort Tracking for financial success | 2
How to keep track of your money Key terms Your task: 1. When instructed, turn over your card. 2. Find the person with the matching term or definition and stand beside them. before the time runs out. 3. You must search in silence! Tracking for financial success | 3
Zak Ash
Health bars Money: how much Zak and Ash have Happiness: how positive Zak and Ash are feeling Kudos: how much praise or respect Zak and Ash get from others
How to keep track of your money Worksheet Video one Your task: 1. Observe Zak and Ash s financial behaviours. 2. Note their positive and negative financial behaviours on your worksheet. 3. In pairs, share your answers and complete the remaining answers. 4. Give feedback to the group. Play video one
How to keep track of your money Researching budgeting tools Cash Spreadsheets and online tools Prepaid Debit Cards with Apps Budgeting tools App based Banks Traditional Banks Budgeting Apps (open banking)
How to keep track of your money Budgeting apps and open banking Did you know? Open Banking lets you share your banking data (such as transactions and balances) with approved apps and services. You decide what information can be shared and with whom. Apps can then analyse your finances and provide personalised money tips and recommendations. Your bank uses secure technology to protect your shared information.
How to keep track of your money Researching budgeting tools Your presentation should include: 1. Name(s) of your budgeting tool. 2. Key features and how they help you budget. 3. Any fees or subscriptions to use it. 4. Target audience (who might find it useful) 5. Unique selling points (you might want to compare it with others). 6. User reviews or testimonials. Tracking for financial success | 10
The benefits of setting financial goals Savings Wealth Money If you set financial goals, you will have more Stability Safety Security Tracking for financial success | 11
The benefits of setting financial goals You will also have more Energy Focus Satisfaction Potential Discipline Confidence Motivation Clarity Direction Purpose Tracking for financial success | 12
The benefits of setting financial goals What are the benefits of setting these goals? Piggy bank or jar for rainy day fund Trainers Console game Console Day out/entry ticket Phone Uni Equipment/tools Driving Lessons Car Moped Bike House Travel/passport Tracking for financial success | 13
The benefits of setting financial goals Worksheet Your task: Read Navneet s story and set out a plan for her to achieve her financial goals. Tracking for financial success | 14
The benefits of setting financial goals Change of Plan Worksheet Change 1: Navneet s mum has been struggling to pay the heating and electric bills, and Navneet wants to help. She increased her housekeeping money to 350 per month. Change 2: Navneet has found that the bus is not getting her to the Nursery on time. She needs to use the train, which will cost her 30 more monthly. Change 3 Navneet has joined a local leisure centre to swim and see her friends in the evenings. It costs 30 per month. Tracking for financial success | 15
The benefits of setting financial goals Actual Planned Source: MoneyHelper Tracking for financial success | 16
How to become financially secure Video two Your task: Watch out for the strategies Zak and Ash use to manage their money. Group discussion: 1. What strategies did the characters use? 2. Why might they not work for everyone? 3. What would be your solution? What do we mean by financial security ? Tracking for financial success | 17
How to become financially secure Spot the warning signs Worksheet Your task: 1. Read through the scenario. 2. Identify the warning signs for each character s situation that suggest they might need help now or in the near future. 3. Advise of any types of financial tracking that might help. Tracking for financial success | 18
How to become financially secure Knowing where to get help Factsheet Your task: Read through the information sheet for Support Agencies. Decide which ones you would recommend for each character and explain why. Write the character s name on a post-it and place it next to the name of the organisation on the board. Tracking for financial success | 19
How to become financially secure Knowing where to get help Tracking for financial success | 20
