I started to teach the financial literacy course on 15th May 2016. After the pre-testing, I realised that there is a huge gap in people's understanding and knowledge of how the financial world acts.
So, I would like to start with goals because our whole life is controlled by goals. Many participants of my course of financial literacy are dreaming about travelling. Why not? I also love travelling. Let's try to consider three tips for travelling.
Tip #1. Travel to a near town
As an inhabitant of Ternopil city, I probably want to visit Zbarazh. The bus single ticket costs 15 UAH. The distance is about 24 km. Thus, this goal is easy to achieve.
Tip #2. Travel abroad
Ternopil is situated near the Polish border. That's why many Ukrainians apply for a shopping visa and go travelling and shopping in Poland once a month or even more often. Unfortunately, there are some bureaucracy drawbacks with getting Polish visas, some of the Ukrainian people may not want to visit Poland and choose other directions. I am also not glad to wait and pay my money for such corrupt consulate services. Therefore, I do not achieve this goal.
Tip #3. Travel to another part of the globe
I have some friends who live in Brazil. Sometimes, I think about the journey to Londrina and enjoy the Iguazu waterfall. It's a very expensive trip, but if my motivation to meet with friends is so high, this goal may be achieved.
To sum up these tips, your goal is achievable if it is attainable. In tips #1 and #3 my goals are achievable because I am motivated to do so even it's expensive in the last example. But the tip#2 is not achievable due to lack of motivation.
So motivation as the prime driver defines the possibility of your goal's achievement, the money is the second element to consider how to pay for your goal. Effectively, your goal becomes a financial goal.
The key to achieving your financial goal is to break it down into manageable steps.
Step #1. What's your goal?
For example, my goal is to take part in Taize France.
Step #2. When do you want to complete the goal?
I guess it will be in August 2017.
Step #3. How much money must you save in total?
The overall cost is 450 euros or 13500 Ukrainian grivnas (exchange rate 30 UAH/EUR)
Step #4. How much money should you save monthly?
I suppose my birthday gift will be 3000 UAH or 100 EUR.
I should save then 10500/12=875 UAH per month or 29 EUR approximately.
Step #5. What steps can you take to reach your monthly savings goal?
My lifestyle correction:
5.1. Avoid chocolate (67 UAH per week = 67 * 4 = 268 UAH)
5.2. Avoid coffee (120 UAH per month = 120 * 1 = 120 UAH)
5.3. Do yoga at home instead visit fitness club (320 UAH per month = 320 * 1 = 320 UAH)
5.4. Do not cut my hair (120 UAH per month 120 *1 = 120 UAH)
5.5. One week without meat (60 UAH per week * 1 = 60 UAH)
Total savings per month are 888 UAH. It is enough to cover planning savings 875 UAH.
Step #6. What "wants" can you cut back on to reach your goal?
I am ready to avoid chocolate and coffee which are my favourite food in the morning. Instead of that, I prefer to do yoga in the early morning and do not go to the fitness club. In addition, I plan to pass a week without meat every month. Finally, I suppose I can live without refreshing my hairstyle))
Therefore, my financial goal is to join the Taize France in August 2017 for 450 euros to open my mind and make some friends abroad, to pray for the peace in Ukraine and to enjoy travelling with the good pilgrims.
Why do we need to set our financial goals?
The reason is to try and eliminate bad habits. Now we all have bad spending habits. We allow money just to flow out of our pockets. Deciding to save money for the goal, we start to control our decisions. They are not impulsive and spontaneous anymore. We study to spend money wisely. We are setting up our goals to eliminate bad habits, to create good habits, to put you in control, and to set direction.
When is the best start for saving? - Now!!!
In your goal, make it a positive statement! The positiveness reinforces what you are trying to achieve. Write down the steps and it keeps you activated and interested in what you are trying to achieve.
SMART
S - specific (who, what, when and why)
M - measurable (total costs + savings steps)
A - attainable (desire + finance availability)
R - realistic (feasibility + finance availability)
T - time (when it's planned to achieve)
Don't make your goal too easy or too hard. Make it somewhere in the middle. Write down the goal in the i-phone, i-pad or laptop and set up a reminder. Follow the steps and celebrates every step's reaching and monitor your progress. Finally, you achieve your goal!!!
So, I would like to start with goals because our whole life is controlled by goals. Many participants of my course of financial literacy are dreaming about travelling. Why not? I also love travelling. Let's try to consider three tips for travelling.
Tip #1. Travel to a near town
As an inhabitant of Ternopil city, I probably want to visit Zbarazh. The bus single ticket costs 15 UAH. The distance is about 24 km. Thus, this goal is easy to achieve.
Tip #2. Travel abroad
Ternopil is situated near the Polish border. That's why many Ukrainians apply for a shopping visa and go travelling and shopping in Poland once a month or even more often. Unfortunately, there are some bureaucracy drawbacks with getting Polish visas, some of the Ukrainian people may not want to visit Poland and choose other directions. I am also not glad to wait and pay my money for such corrupt consulate services. Therefore, I do not achieve this goal.
Tip #3. Travel to another part of the globe
I have some friends who live in Brazil. Sometimes, I think about the journey to Londrina and enjoy the Iguazu waterfall. It's a very expensive trip, but if my motivation to meet with friends is so high, this goal may be achieved.
To sum up these tips, your goal is achievable if it is attainable. In tips #1 and #3 my goals are achievable because I am motivated to do so even it's expensive in the last example. But the tip#2 is not achievable due to lack of motivation.
So motivation as the prime driver defines the possibility of your goal's achievement, the money is the second element to consider how to pay for your goal. Effectively, your goal becomes a financial goal.
The key to achieving your financial goal is to break it down into manageable steps.
Step #1. What's your goal?
For example, my goal is to take part in Taize France.
Step #2. When do you want to complete the goal?
I guess it will be in August 2017.
Step #3. How much money must you save in total?
The overall cost is 450 euros or 13500 Ukrainian grivnas (exchange rate 30 UAH/EUR)
Step #4. How much money should you save monthly?
I suppose my birthday gift will be 3000 UAH or 100 EUR.
I should save then 10500/12=875 UAH per month or 29 EUR approximately.
Step #5. What steps can you take to reach your monthly savings goal?
My lifestyle correction:
5.1. Avoid chocolate (67 UAH per week = 67 * 4 = 268 UAH)
5.2. Avoid coffee (120 UAH per month = 120 * 1 = 120 UAH)
5.3. Do yoga at home instead visit fitness club (320 UAH per month = 320 * 1 = 320 UAH)
5.4. Do not cut my hair (120 UAH per month 120 *1 = 120 UAH)
5.5. One week without meat (60 UAH per week * 1 = 60 UAH)
Total savings per month are 888 UAH. It is enough to cover planning savings 875 UAH.
Step #6. What "wants" can you cut back on to reach your goal?
I am ready to avoid chocolate and coffee which are my favourite food in the morning. Instead of that, I prefer to do yoga in the early morning and do not go to the fitness club. In addition, I plan to pass a week without meat every month. Finally, I suppose I can live without refreshing my hairstyle))
Therefore, my financial goal is to join the Taize France in August 2017 for 450 euros to open my mind and make some friends abroad, to pray for the peace in Ukraine and to enjoy travelling with the good pilgrims.
Why do we need to set our financial goals?
The reason is to try and eliminate bad habits. Now we all have bad spending habits. We allow money just to flow out of our pockets. Deciding to save money for the goal, we start to control our decisions. They are not impulsive and spontaneous anymore. We study to spend money wisely. We are setting up our goals to eliminate bad habits, to create good habits, to put you in control, and to set direction.
When is the best start for saving? - Now!!!
In your goal, make it a positive statement! The positiveness reinforces what you are trying to achieve. Write down the steps and it keeps you activated and interested in what you are trying to achieve.
SMART
S - specific (who, what, when and why)
M - measurable (total costs + savings steps)
A - attainable (desire + finance availability)
R - realistic (feasibility + finance availability)
T - time (when it's planned to achieve)
Don't make your goal too easy or too hard. Make it somewhere in the middle. Write down the goal in the i-phone, i-pad or laptop and set up a reminder. Follow the steps and celebrates every step's reaching and monitor your progress. Finally, you achieve your goal!!!
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