Financial Goal Setting

Financial goal setting is often considered to be one of the keys to developing financial security. Research indicates that people who set goals are more successful financially.

Planning a goal vision board is a helpful way to provide clarity and focus to written financial goals. Fayette County Family and Consumer Sciences Extension taught goal setting using SMART (Specific, Measureable, Attainable, Relevant, Timed) goal components to Central KY county extension audiences totaling 75 with a potential outreach of 2,000 when shared with friends and family. As a timely option, participants were taught to use Pinterest, a free website where users can upload, save, sort and manage media content known as pins. UK Moneywise and other Extension based financial management tools served as resources to create financial goal vision boards that can be added to and edited over the course of time. 

Following nine workshops, 71% of attendees returned a post survey. The following data helped to evaluate the effectiveness of the program:

• 97% could define the components of SMART financial goals
• 95% identified a short and medium long goal
• 88% understood how to use Pinterest visual boards to reach financial goals
• 83% created at least one specific financial goal for their family
• 58% could develop a vision board
• 88% implemented at least one strategy to reach financial goals
• 95% considered this a very educational program

Statements from those surveyed when asked their most significant program concept: “Setting goals for retirement”; “Using Pinterest to find financial tips”; “Needed the reliable resources provided”; “Setting up monthly goal format”; “Establishing goals for spending!”; “Setting goals to save money and the use of Pinterest”; “Saving more for the future”; “More awareness of where my money is going on a daily basis”; “Checking and organizing the resources I have”; “Organizing my papers”; Keep setting goals!”