How to Set Financial Goals Lesson

A lesson for students on how to build wealth and navigate your financial future by setting solid and achievable goals with our step-by-step guide. Covers everything from prioritizing objectives and creating SMART goals to budgeting and progress tracking.

Students learn about shaping their financial futures in this insightful lesson, which underscores the importance of understanding and implementing effective financial goal-setting. In this video, they can delve into why it’s crucial to establish solid financial goals as opposed to mere wishes. The tutorial covers various topics such as prioritizing individual financial objectives, whether that involves paying off student loans, purchasing a home, or embarking on investments. Students will gain knowledge about formulating SMART goals, transforming vague desires like saving money into actionable, well-defined plans. The lesson demystifies seemingly daunting financial goals, breaking them down into manageable tasks and highlighting the importance of creating realistic budgets. Students will understand how to allocate funds properly to avoid financial pitfalls, enabling them to take control of their financial destinies.


Use this video lesson on the topic of financial goal setting basics. Learn related concepts of:

  • Financial Literacy
  • Goal Setting
  • Budgeting
  • Career Goals
  • Financial Planning
  • Assessment Strategies


7-12th grades. Middle School. High School. College. Adult Education.


45-60 minutes. It may be necessary to adjust the lesson plan and allocate more or less time to certain topics, depending on the needs and interests of the students.


Hand out the worksheet below (see the GET LESSON button near the bottom of the page).

Show students the video and have and have them complete the worksheet.  Review the questions on the worksheet.  A more comprehensive and detailed lesson plan can be accessed below for further instruction and study.

How to Set Financial Goals

After watching the video, have students tell what the most important things they learned from the video.


Lesson Plan: How to Set Financial Goals


  • Students will be able to understand the importance of setting financial goals.
  • Students will learn how to create SMART financial goals.
  • Students will know how to break down their goals into manageable steps, create a budget, and track their progress.


  • Video: “How to Set Financial Goals”
  • Pen and Paper/Notepad for taking notes
  • Computers/Tablets for research and activities
  • MI Chat chatbot

Introduction (10 minutes):

  • Icebreaker: Ask students to share a financial goal they have (e.g. buying a car, going on a vacation).
  • Video Viewing: Play the “How to Set Financial Goals” video.

Discussion Questions (15 minutes):

  1. Why is it important to set financial goals rather than just having financial wishes?
  2. Why are SMART goals more effective in financial planning?
  3. How can breaking down a goal into smaller steps make it more achievable?
  4. Why is it essential to create a budget when planning financial goals?
  5. How do automatic transfers help in achieving financial goals?
  6. How important is it to track the progress of your financial goals?

Activities (25 minutes):

  • SMART Goals Activity: Divide students into groups and have each group create a SMART financial goal. They should also break the goal down into smaller, manageable steps.
  • Budgeting Activity: Ask students to draft a basic budget plan that aligns with their financial goal, keeping in mind their income and expenses.
  • Role Play: Each group will present their financial goal and budget to the class, explaining their choices and steps to achieve the goal.

MI Chat Chatbot Activity (15 minutes):

  • Interaction with AI: Students will interact with the MI Chat chatbot to reinforce the concepts learned in the video. The chatbot will ask questions related to the importance of financial goals, creating SMART goals, budgeting, and tracking progress.
  • Reflection: After interacting with the chatbot, students will reflect on their responses and any new insights they gained from the interaction.

Quiz (10 minutes):

  • Assessment: Administer a short quiz based on the concepts covered in the video. Questions should cover setting priorities, making SMART goals, creating a budget, and the importance of tracking progress.

Conclusion (5 minutes):

  • Recap: Review the main points of the lesson, emphasizing the importance of setting SMART financial goals, budgeting, and tracking progress.
  • Homework/Assignment: Assign students to set a personal financial goal using the SMART criteria and to develop a basic budget to achieve this goal.

Homework Assignment:

  • Create a document detailing:
    • A Personal SMART Goal: Clearly outlined using the SMART criteria.
    • Budget Plan: Detailing how you plan to allocate your funds to achieve your financial goal.
    • Reflection: A short paragraph reflecting on what you have learned from this lesson and how it will help you in achieving your financial goals.

Example Questions for MI Chat chatbot:

  1. Can you explain what a SMART goal is?
  2. Why is it important to set a specific financial goal?
  3. How can creating a budget help in achieving financial goals?
  4. How does breaking down goals into smaller steps make them more manageable?
  5. Why should you track your progress when working towards a financial goal?
  6. Can you name the seven steps mentioned in the video for setting financial goals?

Additional Notes:

  • Encourage students to actively participate in discussions and ask questions about any concepts they find confusing.
  • Emphasize the importance of regular reflection on financial goals and adjustments if necessary.
  • Encourage students to use the MI Chat chatbot for further clarifications and reflections on financial goals.

Lesson Resources

MI Chat Chatbot Tool

  • How to set financial goals questions with MI Chat chatbot – Use the MI Chat chatbot to test your students’ understanding of the lesson. The MI Chat chatbot is an interactive platform designed to deepen understanding, aligning with specific queries and thoughts. Offering personalized insights, it directs users toward a clearer grasp of topics, ensuring they match their learning pace, knowledge level, and cognitive goals.

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