- Definition
A financial plan is like a roadmap for your money, showing you how to reach your savings goals.
A student's plan to save $20 a week from their part-time job to buy a $400 gaming console in 20 weeks is a financial plan.
How to teach this in 30 seconds
Try this analogy: A financial plan is like a roadmap for a big goal — you decide where you want to go and map out the exact steps to get there.
Ask your child: If you wanted to buy a new phone, what's your step-by-step plan to get it?
Common mix-up: Many think a financial plan is just 'trying to save money.' A true plan has specific goals and a step-by-step guide on how to achieve them.
Examples
- Creating a budget to save for concert tickets by cutting back on daily snack purchases.
- A plan to put half of all birthday money into a savings account for a future car.
financial plan is a term used in Ontario’s Kindergarten to Grade 8 curriculum.
Where this shows up
The descriptions on this page are SmartStudy’s own original, plain-language writing — not the Ministry’s wording. They are aligned to the Ontario Curriculum, © King’s Printer for Ontario. For the Ministry’s official wording, see the source link below. SmartStudy is an independent service and is not affiliated with, endorsed by, or sponsored by the Government of Ontario or the Ministry of Education. Ontario Curriculum and Resources ↗
