# Financial Goals Plan: [Household name]

> A plan that turns money wishes into funded goals: each goal gets an
> amount, a date, a priority, a monthly contribution, an account that
> holds the money and a progress record. It shows whether your goals
> fit your budget and what gives way when they do not. Use it on its
> own or as the goals section behind a Personal Financial Plan. The
> calculations use standard time-value-of-money formulas, and the
> approach follows the goal-setting topics in public financial-education
> material (named in section 13), written here in original,
> country-neutral wording. Replace every `[bracketed]` value and every
> row marked *Example*. This is a document format, not financial,
> investment, tax or legal advice; projections are illustrative.

<!--
Guidance: How to use this template
- This template is only for goals that need money. For life goals
  such as habits, health or learning, use Goal Tracker
  (`personal/goal-tracker`), and link the two where a life goal has a
  cost.
- Work in this order: starting point (section 2), goal list (3),
  priorities (4), the maths for each goal (5), then check the total
  against what your budget can afford (6). If the total does not fit,
  change dates, amounts or priorities in section 8 before you start.
- Every goal needs its own account or a clearly labelled pot.
  Money that sits in one general account tends to be spent.
- The worked example uses the fictional Ellison household (Sam,
  Jordan and their child Riley), amounts in USD, plan start 2026-10.
  Goal IDs match the Personal Financial Plan (`personal/financial-plan`).
- Related templates: Budget (`personal/budget`), Net Worth Statement
  (`personal/net-worth-statement`), Emergency Fund Plan
  (`personal/emergency-fund-plan`), Debt Payoff Plan
  (`personal/debt-payoff-plan`), Retirement Plan
  (`personal/retirement-plan`), Major Purchase Plan
  (`personal/major-purchase-plan`).
-->

## Document control

<!-- Guidance: Keep one goals plan per household and update it at least every quarter. A new version each year keeps a record of what you aimed for and what happened. -->

| Field | Value |
|---|---|
| Document ID | [GOALS-YYYY] |
| Household | [Household name] (*Example:* Sam and Jordan Ellison) |
| Plan start | YYYY-MM (*Example:* 2026-10) |
| Currency | [Code] (*Example:* USD) |
| Amounts are in | [Future money (amount needed on the date) / Today's money]; see section 5 |
| Version | [1.0] |
| Status | [Draft / Agreed / Under review] |
| Owner | [@owner] |
| Approvers/reviewers | [Household members] |
| Last updated | YYYY-MM-DD |
| Next review | YYYY-MM-DD (*Example:* 2026-12-31) |
| Classification | Private: household only |
| Linked documents | [Financial plan ID], [Budget month], [Net worth statement ID] |

### Approvals

| Role | Name | Decision | Date |
|---|---|---|---|
| Household member | [Name] | [Agreed / Agreed with changes] | YYYY-MM-DD |
| Household member | [Name] | [Decision] | YYYY-MM-DD |

### Revision history

| Version | Date | Author | Change summary |
|---|---|---|---|
| 0.1 | YYYY-MM-DD | [@owner] | First list of goals |
| 1.0 | YYYY-MM-DD | [@owner] | *Example:* Six goals agreed with amounts, dates and funding |
| 1.1 | YYYY-MM-DD | [@owner] | *Example:* GOAL-002 achieved; payment moved to GOAL-001 |

## Contents

1. [Purpose and scope](#1-purpose-and-scope)
2. [Starting point](#2-starting-point)
3. [Goal list](#3-goal-list)
4. [Priorities](#4-priorities)
5. [Funding calculations](#5-funding-calculations)
6. [Funding plan and budget check](#6-funding-plan-and-budget-check)
7. [Goal cards](#7-goal-cards)
8. [Trade-offs and scenarios](#8-trade-offs-and-scenarios)
9. [Progress tracker](#9-progress-tracker)
10. [Habits, guardrails and motivation](#10-habits-guardrails-and-motivation)
11. [Review cadence and triggers](#11-review-cadence-and-triggers)
12. [Local equivalents](#12-local-equivalents)
13. [Glossary and references](#13-glossary-and-references)
14. [Standard and licence note](#standard-and-licence-note)

## 1. Purpose and scope

<!-- Guidance: Say in two or three sentences why you are writing goals down and who shares them. Pitfall: listing goals without deciding which ones you will actually fund this year. -->

This plan lists the things we want to pay for in the future, decides
the order in which we fund them, and records the monthly amount that
goes towards each. It covers [the whole household / one person] for
the period [YYYY-MM to YYYY-MM], with longer goals carried forward.

A financial goal in this plan must have five things:

1. **A clear description**: what exactly the money is for.
2. **An amount**: how much is needed, and whether that amount is in
   today's money or in money on the target date.
3. **A date**: when the money must be available.
4. **A funding source**: how much goes in each month, from which part
   of the budget.
5. **A home**: the account or pot where the money is kept.

Goals that lack any of these are wishes. Keep a short "wish list" at
the end of section 3, and promote a wish to a goal when you can fill
in all five.

## 2. Starting point

<!-- Guidance: Goals only make sense against what you already have and what you can afford. Copy the figures from your latest Net Worth Statement and Budget instead of estimating them. -->

| Item | Value | Source |
|---|---|---|
| Take-home monthly income *(Example)* | 8,900 | Budget, 2026-10 |
| Essential monthly spending *(Example)* | 6,000 | Budget |
| Flexible monthly spending *(Example)* | 1,250 | Budget |
| Available each month for goals and extra debt payments *(Example)* | 1,650 | 8,900 minus 6,000 minus 1,250 |
| Workplace retirement contributions through payroll *(Example)* | 1,200 (employee 800, already deducted before take-home pay, plus employer match 400) | Payslips and plan statements (the employer part often appears only on the plan statement) |
| Cash and cash equivalents *(Example)* | 22,200 | Net worth statement NWS-2026-Q3 |
| Net worth *(Example)* | 345,500 | Net worth statement NWS-2026-Q3 |
| High-interest debt *(Example)* | Card B, 3,400 at 22.9% | Card statement |

The available amount is the ceiling. Section 6 checks that the monthly
contributions to all goals do not exceed it.

## 3. Goal list

<!-- Guidance: List every goal you intend to fund, grouped by time horizon. Short term is within about two years, medium term two to ten years, long term more than ten years. Give each goal an ID and keep it for life, even after the goal is achieved. -->

| ID | Goal | Horizon | Target amount | Target date | Amount type | Need or want |
|---|---|---|---|---|---|---|
| GOAL-001 *(Example)* | Emergency fund at six months of essential spending | Short to medium | 36,000 | 2028-08 | Today's money (review yearly) | Need |
| GOAL-002 *(Example)* | Clear credit card B | Short | 3,400 balance plus interest | 2027-03 | Balance owed | Need |
| GOAL-003 *(Example)* | Replace car 2 without borrowing | Medium | 15,000 | 2029-09 | Future money | Need |
| GOAL-004 *(Example)* | Riley's education fund | Long | 60,000 | 2038-09 | Future money | Want, high importance |
| GOAL-005 *(Example)* | Retirement on track (see Retirement Plan) | Long | Set in retirement plan | From 2051-09 (see Retirement Plan) | Today's money | Need |
| GOAL-006 *(Example)* | Family holiday | Short | 2,700 | 2027-07 | Future money | Want |
| [GOAL-NNN] | [Goal] | [Horizon] | [Amount] | YYYY-MM | [Type] | [Need / Want] |

Wish list (not funded yet): [Wish, rough amount, earliest year]
(*Example:* kitchen renovation, about 25,000, not before 2030).

The difference between a need and a want is personal. A useful test:
if this goal were not met, would the household be put at risk, or
would it be disappointed? Risk means need; disappointment means want.

## 4. Priorities

<!-- Guidance: Rank all goals in one list. When money is short, the lowest-ranked goal slows first. Write the reason for the order, so that you can test it next year. -->

| Rank | Goal | Reason for rank |
|---|---|---|
| 1 *(Example)* | GOAL-002 Card B | Costs 22.9% a year; every month it stays costs money |
| 2 *(Example)* | GOAL-001 Emergency fund | Protects every other goal from being raided |
| 3 *(Example)* | GOAL-005 Retirement | Time matters most; employer adds money |
| 4 *(Example)* | GOAL-004 Education | Long horizon, large amount, high importance |
| 5 *(Example)* | GOAL-003 Car | Avoids borrowing at car-loan rates in 2029 |
| 6 *(Example)* | GOAL-006 Holiday | A want, funded from flexible spending, not from goal money |

A simple way to decide the order:

```mermaid
flowchart TD
  S["New or changed goal"] --> Q1{"Is there debt above about 10% interest?"}
  Q1 -- "Yes" --> D["Rank debt payoff first"]
  Q1 -- "No" --> Q2{"Is there a starter emergency fund?"}
  D --> Q2
  Q2 -- "No" --> E["Rank emergency fund next"]
  Q2 -- "Yes" --> Q3{"Is any employer match unclaimed?"}
  E --> Q3
  Q3 -- "Yes" --> R["Raise retirement contributions to get the full match"]
  Q3 -- "No" --> Q4["Rank remaining goals by need, date and size"]
  R --> Q4
```

The 10% figure in the diagram is a household choice used for
illustration, not a rule. Some people rank a lower-rate debt first for
peace of mind; that is a valid reason if it is written down.

## 5. Funding calculations

<!-- Guidance: Use the formulas below, or a spreadsheet, to find the monthly amount for each goal. State the return you assumed and keep it modest. For goals less than about three years away, assume little or no return, because the money should be in cash. -->

### 5.1 Today's money and future money

Prices rise over time (inflation). A goal stated in today's money must
be converted to the amount needed on the target date:

$$
FV_{\text{target}} = PV_{\text{today}} \times (1 + i)^{t}
$$

where $i$ is the yearly price growth you assume for that goal and $t$
is the number of years.

*Example (GOAL-004):* education costs of 44,600 in today's money,
growing at an assumed 2.5% a year for 12 years: 44,600 times
1.025 to the power 12 (1.34489) = 59,982, rounded to a target of
60,000.

### 5.2 Goals with no investment return

For short goals held in cash, ignore interest and divide:

$$
\text{Monthly contribution} = \frac{\text{Target} - \text{Already saved}}{\text{Months remaining}}
$$

*Example (GOAL-006):* (2,700 minus 0) / 9 months (2026-10 to 2027-06)
= 300 a month.

### 5.3 Goals with an assumed return

With an assumed monthly return $r$ (yearly rate divided by 12), $n$
monthly deposits, money already saved $PV$ and target $FV$, the value
at the target date is:

$$
FV = PV(1 + r)^{n} + PMT \times \frac{(1 + r)^{n} - 1}{r}
$$

Solving for the monthly contribution $PMT$:

$$
PMT = \frac{\left(FV - PV(1 + r)^{n}\right) \times r}{(1 + r)^{n} - 1}
$$

*Example (GOAL-003):* target 15,000, already saved 1,000, 36 deposits
from 2026-10 to 2029-09, assumed 4% a year in a savings account
($r$ = 0.04 / 12 = 0.3333%). Growth factor $(1 + r)^{36}$ = 1.12727.
The 1,000 grows to 1,127.27, leaving 13,872.73 to come from deposits.
The annuity factor is (1.12727 minus 1) / 0.003333 = 38.18. PMT =
13,872.73 / 38.18 = 363.34, rounded up to 365 a month, which gives
about 15,064 on the target date.

*Example (GOAL-004):* target 60,000, already saved 9,800, 144
deposits from 2026-10 to 2038-09, assumed 5% a year ($r$ = 0.4167%).
Growth factor $(1 + r)^{144}$ = 1.81985. The 9,800 grows to 17,834.52,
leaving 42,165.48 from deposits; annuity factor 196.76; PMT = 214.29,
rounded up to 215. At the earlier contribution of 200 a month the
fund would reach only about 57,187, a shortfall of about 2,813.

### 5.4 Goals that start later

When one goal ends, its payment can move to the next goal. *Example
(GOAL-001):* the emergency fund receives 300 a month until card B is
cleared in 2027-03 (balance 18,000 + 6 times 300 = 19,800). From
2027-04 the 700 card payment joins it, making 1,000 a month. The
remaining 16,200 then takes 16 full deposits plus 200 in the 17th
month: target reached in 2028-08. Interest is ignored to keep the
example conservative.

Assumptions used in this section:

| Assumption | Value | Why |
|---|---|---|
| Savings account return *(Example)* | 4.0% a year, before tax | Current rate on the car fund account; rates change. Tax on interest is ignored in the examples: if the account is taxable, use the rate after tax |
| Long-term investment return *(Example)* | 5.0% a year, after costs, before tax | Modest assumption for a diversified mix; not a forecast. Tax on gains is ignored; reduce the rate if the account is taxable |
| Education cost growth *(Example)* | 2.5% a year | Household estimate. Education costs have often risen faster than general prices; test 4% to 5% (scenario S-06 in section 8) |
| Emergency fund return | 0% | Conservative |

Common errors when you do these calculations yourself:

- **Mixing yearly and monthly rates.** The formulas in 5.3 use a
  monthly rate and a number of months. Divide the yearly rate by 12 and
  count months, not years; using 4% as the monthly rate gives a
  contribution that is far too small.
- **Forgetting money already saved.** The balance you start with keeps
  growing, so it reduces the monthly amount. Leaving it out makes the
  contribution look larger than it needs to be and can push a goal off
  the list for no reason.
- **Treating a future-money target as today's money.** A target that
  already includes price rises must not be inflated again; a target in
  today's money must be inflated once (5.1) before you use 5.3. Write
  the type in the "Amount type" column of section 3.
- **Using a long-term return for a short goal.** Money needed within
  about three years belongs in cash or deposits, so use the savings
  rate for it, not an investment return.
- **Rounding down.** Round every monthly contribution up to a
  convenient figure. Rounding down a little each month leaves a gap on
  the target date, when it is hardest to fix.

Check every result once with a spreadsheet's future-value function or
a public savings calculator. If the two answers differ by more than a
few units, look first at the rate per period and the number of
periods.

## 6. Funding plan and budget check

<!-- Guidance: Put every goal's monthly amount in one table and compare the total with what the budget can afford. If the total is higher, go to section 8 and change something now; do not hope it will work out. -->

| Goal | Monthly amount | Paid from | Account or pot | Automatic transfer date |
|---|---|---|---|---|
| GOAL-002 Card B (extra payment) *(Example)* | 600 | Goal money | Card B (minimum 100 is in essentials) | 5th of month |
| GOAL-001 Emergency fund *(Example)* | 300 | Goal money | Emergency savings account (ending 1177) | 5th |
| GOAL-003 Car fund *(Example)* | 365 | Goal money | Car replacement savings (ending 1180) | 5th |
| GOAL-004 Education *(Example)* | 215 | Goal money | Education savings account for Riley | 5th |
| General investing *(Example)* | 170 | Goal money | General investment account | 5th |
| **Total from goal money** | **1,650** | | | |
| GOAL-006 Holiday *(Example)* | 300 | Flexible spending | Holiday pot inside checking | 5th |
| GOAL-005 Retirement *(Example)* | 1,200 (employee 800, employer 400) | Payroll, before take-home pay | Workplace plans | Payday |

Budget check: goal money available is 1,650 and goal money allocated
is 600 + 300 + 365 + 215 + 170 = 1,650. The plan fits with nothing
left over, so any unexpected cost must come from the emergency fund
or from flexible spending, never by skipping a goal transfer without a
decision recorded in section 9.

```mermaid
flowchart LR
  P["Take-home pay 8,900"] --> ES["Essentials 6,000"]
  P --> FL["Flexible 1,250"]
  P --> GM["Goal money 1,650"]
  FL --> G6["GOAL-006 Holiday 300"]
  GM --> G2["GOAL-002 Card B 600"]
  GM --> G1["GOAL-001 Emergency 300"]
  GM --> G3["GOAL-003 Car 365"]
  GM --> G4["GOAL-004 Education 215"]
  GM --> INV["Investing 170"]
```

## 7. Goal cards

<!-- Guidance: One card per goal, with the details you need to act and to check progress. Keep cards short; the calculations are in section 5. -->

### GOAL-001 Emergency fund

| Field | Value |
|---|---|
| Why it matters | *Example:* last year a car repair went on card B; never again |
| Target and date | 36,000 by 2028-08 (six months of 6,000 essentials) |
| Saved now | 18,000 |
| Monthly amount | 300 until 2027-03, then 1,000 |
| Account | Instant-access savings, separate bank from everyday account |
| Milestones | 19,800 by 2027-03; 23,800 (about four months) by 2027-07; 36,000 by 2028-08 |
| Detailed plan | Emergency Fund Plan (`personal/emergency-fund-plan`) |

### GOAL-002 Clear credit card B

| Field | Value |
|---|---|
| Why it matters | Highest interest cost in the household |
| Target and date | Balance 0 by 2027-03 |
| Balance now | 3,400 at 22.9% |
| Monthly amount | 700 in total (100 minimum plus 600 extra); final payment 102.81 |
| Interest expected | 202.81 over six months |
| Detailed plan | Debt Payoff Plan (`personal/debt-payoff-plan`) |

### GOAL-003 Replace car 2

| Field | Value |
|---|---|
| Why it matters | Car 2 will be 14 years old in 2029; borrowing would cost about 6% or more |
| Target and date | 15,000 by 2029-09 |
| Saved now | 1,000 |
| Monthly amount | 365 (section 5.3) |
| Account | Car replacement savings, 4% assumed |
| Milestones | 5,500 by 2027-09; 10,200 by 2028-09; 15,000 by 2029-09 (approximate, including interest) |
| Detailed plan | Major Purchase Plan (`personal/major-purchase-plan`) |

### GOAL-004 Education fund

| Field | Value |
|---|---|
| Why it matters | Riley's choices at 18 |
| Target and date | 60,000 by 2038-09 (44,600 in today's money) |
| Saved now | 9,800 |
| Monthly amount | 215 (section 5.3) |
| Account | Education savings account; check local tax-advantaged options (section 12) |
| Risk approach | Diversified investments now; move gradually to lower risk from about 2034 |

### GOAL-005 Retirement

| Field | Value |
|---|---|
| Why it matters | Largest long-term need |
| Target | Set in the Retirement Plan (`personal/retirement-plan`) |
| Monthly amount | 1,200 through payroll: employee 800 (deducted before take-home pay) plus employer match 400 |
| Next step | Check projection and employer match by 2027-01 |

### GOAL-006 Family holiday

| Field | Value |
|---|---|
| Why it matters | Time together after a tight year |
| Target and date | 2,700 by 2027-07 |
| Monthly amount | 300 from flexible spending, 2026-10 to 2027-06 |
| Rule | Spend only what is in the pot; no card balance carried |

## 8. Trade-offs and scenarios

<!-- Guidance: Test what happens if income falls, a cost rises or a goal changes. Decide in advance which goal gives way. Pitfall: cutting the emergency fund contribution first, which leaves every other goal exposed. -->

| Scenario | Effect | Decision agreed in advance |
|---|---|---|
| S-01 *(Example)*: Jordan's allowances fall by 300 a month | Goal money falls to 1,350 | Pause general investing (170) and cut flexible spending by 130 |
| S-02 *(Example)*: Car 2 fails before 2029 | Car fund has less than target | Use car fund plus up to [amount] from emergency fund; refill emergency fund first afterwards |
| S-03 *(Example)*: Bonus of 3,000 | Extra money | 1,500 to the current top-ranked goal, 1,500 to household choice |
| S-04 *(Example)*: Investment returns lower than assumed (3% instead of 5%) for GOAL-004 | Fund reaches about 51,251, 14.6% short of 60,000 | Check yearly; raise the contribution if the projection falls more than 5% short |
| S-05 *(Example)*: Job loss | Income falls sharply | Stop all goal transfers except minimum debt payments; live on essentials from the emergency fund |
| S-06 *(Example)*: Education costs grow 4.5% a year instead of 2.5% (GOAL-004) | Target becomes about 75,636 (44,600 times 1.045 to the power 12); at 5% return the contribution needed rises from 215 to about 294 | Keep 215 now; at each yearly review compare actual fee rises with 2.5% and raise the contribution if they run ahead; from 2028-09 part of the freed 1,000 a month can go here |
| [S-NN] | [Effect] | [Decision] |

Ways to close a gap when goals do not fit, in order of how much they
usually hurt:

1. Move a target date later.
2. Lower a target amount.
3. Fund a want from flexible spending instead of goal money.
4. Increase income (overtime, side work, selling unused items).
5. Drop a goal back to the wish list.

## 9. Progress tracker

<!-- Guidance: Update at each review. Record the balance, not just whether you paid. Mark a goal "at risk" when it is more than one month's contribution behind. -->

| Date | GOAL-001 | GOAL-002 (balance owed) | GOAL-003 | GOAL-004 | GOAL-006 | Status and notes |
|---|---|---|---|---|---|---|
| 2026-09-30 *(Example)* | 18,000 | 3,400 | 1,000 | 9,800 | 0 | Starting point |
| 2026-12-31 *(Example)* | 18,900 | 1,458 | 2,109 | 10,571 | 900 | All on track |
| [YYYY-MM-DD] | [Balance] | [Balance] | [Balance] | [Balance] | [Balance] | [Notes] |

Status values: On track, Ahead, At risk, Paused (with the decision
reference from section 8), Achieved (with date).

How to read the example row for 2026-12-31: the emergency fund has
received three transfers of 300 (18,000 + 900 = 18,900); card B has
fallen to 1,458 after three payments of 700 (section 6 of the Financial
Plan shows the month-by-month interest); the car fund holds about
2,109 (1,000 plus three deposits of 365 plus interest at 4%); the
education fund holds about 10,571 (9,800 plus three deposits of 215
plus growth at the assumed 5%); and the holiday pot holds three months
of 300. Each figure matches the plan, so every goal is "On track".

When a balance falls behind, ask three questions before changing
anything: did the transfer happen, did the return differ from the
assumption, or did the target move? A missed transfer is fixed by a
catch-up payment; a weaker return is fixed at the yearly review, not
in a panic; a moved target is a decision for section 8, recorded with
its reason. Never quietly lower a target to make a goal look on track.

Achieved goals log:

| Goal | Achieved on | What we did with the payment next |
|---|---|---|
| [GOAL-NNN] | YYYY-MM-DD | [Moved to GOAL-NNN] |

## 10. Habits, guardrails and motivation

<!-- Guidance: Goals succeed through boring, automatic habits. Write the few rules you will follow and the small rewards that keep you going. -->

Habits:

- Transfers to every goal run automatically on the day after payday.
- Each goal lives in its own account or a named pot, so balances are
  visible at a glance.
- [A short monthly money check-in on [day], 30 minutes, both of us.]

Guardrails:

- No goal money is moved to another goal without a note in section 9.
- No new borrowing for wants.
- Windfalls follow the S-03 rule in section 8.

Motivation:

- Celebrate milestones with a small, pre-agreed reward that does not
  undo the progress, for example [a family meal out when GOAL-002 is
  achieved].
- Keep a visible chart of the top-ranked goal on [the fridge / phone
  home screen].

## 11. Review cadence and triggers

<!-- Guidance: Short reviews often beat long reviews rarely. Decide dates now and put them in a shared calendar. -->

| Frequency | Activity |
|---|---|
| Monthly | Confirm transfers happened; note any shortfall |
| Quarterly | Update the progress tracker and statuses; adjust if a goal is at risk |
| Yearly | Recalculate targets in today's money, reset assumptions, re-rank goals, new version of this plan |

Early review triggers: change of income, new child, home move, large
unexpected cost, a goal achieved early, a change in interest rates of
more than [1] percentage point on a savings or loan account.

## 12. Local equivalents

<!-- Guidance: Many countries offer special accounts for particular goals, sometimes with tax relief or government top-ups. Use the table to find the local name, then check the rules with the official source. -->

Names only, as of 2026-10; not exhaustive, not advice. Check local
rules before opening any account.

| Goal type | United States | United Kingdom | Canada | Australia | Japan | India |
|---|---|---|---|---|---|---|
| Education | 529 plan | Junior ISA | RESP | [Check local rules] | [Check local rules] | Sukanya Samriddhi Yojana (for daughters) |
| First home | [Check local rules] | Lifetime ISA | FHSA | First Home Super Saver Scheme (check ATO) | [Check local rules] | [Check local rules] |
| General tax-advantaged saving | HSA (health costs) | Cash ISA, Stocks and shares ISA | TFSA | [Check local rules] | NISA | PPF |
| Retirement | 401(k), IRA | Workplace pension, SIPP | RRSP | Superannuation | iDeCo | NPS |

Further countries (names only, as of 2026-10, check local rules):

| Goal type | Singapore | South Korea | Vietnam | Spain |
|---|---|---|---|---|
| Education | Child Development Account (CDA) | [Check local rules] | [Check local rules] | [Check local rules] |
| First home | CPF Ordinary Account (housing use) | [Check local rules] | [Check local rules] | [Check local rules] |
| General tax-advantaged saving | [Check local rules] | ISA | [Check local rules] | [Check local rules] |
| Retirement | CPF, Supplementary Retirement Scheme (SRS) | IRP, pension savings account | Voluntary supplementary pension | Plan de pensiones |

Where a mandatory fund such as CPF can pay for a goal (a home, for
example), record the planned use in the goal card as a funding source,
and note in the Retirement Plan that the same money is no longer
available for retirement.

## 13. Glossary and references

<!-- Guidance: Define the terms used in this plan so every household member can read it. Add any local sources you used for account rules. -->

### Glossary

| Term | Meaning |
|---|---|
| Financial goal | Something you will pay for in the future, with an amount, a date, a funding source and an account |
| Time horizon | How long until you need the money |
| Inflation | The general rise in prices over time |
| Today's money | An amount expressed at current prices |
| Future money | The amount actually needed on the target date, after price rises |
| Sinking fund | Money set aside regularly for a known future cost |
| Annuity factor | The number that converts a regular monthly deposit into a future total, given a return |
| Compound growth | Earning returns on earlier returns as well as on the original amount |
| Windfall | Unexpected one-off money, such as a bonus or tax refund |
| Employer match | Money an employer adds to your retirement account when you contribute |

### References

| Source | Version or date | Use in this template |
|---|---|---|
| Consumer Financial Protection Bureau, "Your Money, Your Goals: A financial empowerment toolkit", consumerfinance.gov | Toolkit page, English version updated 2020-06; checked 2026-10-25 | General idea of a goal-setting tool; public domain; no text reused |
| G20/OECD INFE Core Competencies Framework on Financial Literacy for Adults | 2016 | Competence area name "planning and managing finances", cited by name |
| European Commission and OECD, Financial Competence Framework for Adults in the European Union | 2022-01 | Further reading on setting and prioritising financial goals |
| HM Government, "Individual Savings Accounts (ISAs)", gov.uk | Checked 2026-10-25 | UK account names (Cash ISA, Stocks and shares ISA, Lifetime ISA); OGL v3.0 |
| Canada Revenue Agency, "Tax-free Savings Account (TFSA)", canada.ca | Page dated 2025-10-27 | Canadian account name |
| Time-value-of-money formulas (future value, annuity) | Standard mathematics | Section 5 calculations |

## Standard and licence note

Based on the goal-setting topics in public consumer-finance education,
including the US Consumer Financial Protection Bureau "Your Money,
Your Goals" toolkit (a US federal work in the public domain), and on
standard time-value-of-money formulas, with competence area names from
the G20/OECD INFE Core Competencies Framework on Financial Literacy for
Adults (2016) cited by name. This adaptation does not represent the
official views of the OECD or its Member countries. UK account names
are taken from gov.uk, available under the Open Government Licence
v3.0. The structure, wording, calculations and the fictional Ellison
household example are original. Account names in the local
equivalents table are given as of 2026-10 for identification only;
check current local rules and official sources. This is a document
format, not financial, investment, tax or legal advice. Template
licence: MIT.