In order to be successful at saving money, so that they can buy the things they want most, people usually set goals. Those who stick with their goals find satisfaction in two ways. They get more of the goods and services they want most. They also feel a lot of self-satisfaction and a sense of accomplishment- like the feeling a sprinter gets from winning a big race, or like a student who gets an A on a difficult test.
This lesson introduces you to the importance of setting goals for saving money and investing for the future. Some goals may be achieved quickly; others will take longer. The good news is: if you consider your options carefully, you’ll probably make the right decisions, decisions that can help you reach the goals you have set.
At the end of this lesson, the student will be able to:
Recognize the importance of setting goals.
Define short-term, medium-term, and long-term goals.
Use math to project savings goals.
Identify the opportunity cost of saving.