Future Self Tool
Helping people stay on track for nancial goals
For practitioners
Consumer Financial
Protection Bureau
Future Self Tool
Introduction to the Future Self Tool
Help clients connect with their future selves
to improve their nancial futures
Research shows that people who feel a strong connection to
their “future selves” are more likely to make nancial decisions
that benet them in the long run. People can increase their
connection to their future selves by vividly and realistically
imagining themselves in the future. In turn, this stronger
connection leads to actions that can help secure their nancial
well-being in the years ahead.
This tool is designed to help you motivate and support your
clients toward their longer-term nancial goals through exercises
that strengthen their connection to their future selves. This can
include supporting longer-term nancial resiliency goals such as
building emergency savings.
Read the research behind these exercises at
bit.ly/38VHvqK.
This tool complements goal-setting and other nancial
planning tools by being:
Experiential – contains three interactive exercises that
help clients connect to their future selves ten years from
now. The exercises promote this connection by helping
clients imagine their futures vividly and realistically.
Visions of the future that are overly optimistic or overly
pessimistic don’t motivate people to take action.
Future oriented – is appropriate for clients who are
working to save money, improve credit, or take other
nancial actions to meet nancial goals three or more
years into the future.
Motivational – helps clients feel emotionally connected
to their future selves, which can help them take action
steps toward their long-term nancial goals and
strengthen nancial resiliency.
Consumer Financial
Protection Bureau
FUTURE SELF TOOL 1
Future Self Tool
Introduction to the Future Self Tool continued
Is this tool right for my client?
This tool is not appropriate for clients who are currently experiencing
a nancial crisis.
This tool is appropriate for clients who could use extra motivation
to take meaningful steps towards their longer-term nancial goals
(that is, goals that are at least three years in the future). These goals
could include rebuilding the nancial reserves that support longer-
term nancial resiliency, or it could include longer-term projects like
improving credit or saving for retirement. This tool is not intended
to help your client work on immediate nancial needs or short-term
goals (for example, prioritizing bills or creating a budget).
This tool may be useful at multiple stages of a nancial education or
coaching relationship. For example, it may be useful as part of early
conversations about establishing long-term goals or later sessions
to help motivate clients to take actions to reach those goals. Clients
who have recently emerged from a nancial emergency may also
nd the tool useful in helping to build emergency savings.
Optimally, you will use this tool with clients with whom you work on
a repeat basis (i.e., two or more sessions).
Use the Future Self tool with a client who:
Has a long-term goal (three or more years away) for their nancial
well-being (for example, homeownership, retirement security), or
for their nancial resiliency (building emergency savings after a
nancial shock)
Needs additional motivation toward their goal
Can complete the exercise with you or another nancial
educator (the tool requires facilitation from a professional)
Do not use the Future Self tool with a client who:
•
Is working only on immediate nancial goals at this time
• Is in the midst of experiencing a nancial or other emergency
• Cannot work with an educator to complete the exercises (that is,
the tool should not be given to the client as homework)
Consumer Financial
Protection Bureau
FUTURE SELF TOOL 2
and any information they’ll need (like account
numbers or logins).
Using the Future Self Exercises
Prepare (10 minutes)
Prior to engaging your client in this tool,
you will need to do a little preparation. The
Practitioner Worksheet on the next page will
help you:
Assess your client’s situation — Review your
client’s long-term goals, motivation, and ability
to complete the tool in a session with you.
Choose exercise A, B, or C — Review the exercise
options and consider three factors to help you
choose which one to use with your client.
Identify potential action steps — Next,
identify a few action steps (for example,
making one extra debt payment, opening a
savings account, creating a budget) that your
client can take immediately after the exercise
TIPS:
• It may help you to better understand
the exercises and describe them to
your clients if you do them yourself rst.
Connect (20-30 minutes)
Next, in a session with your client, help them
connect to their Future Self by having them
complete the exercise you selected in the
previous step.
Exercise A. Write a letter from their Future
Self to present day self.
Exercise B. Draw a picture of their
desired future reality.
Exercise C. Have a conversation with their
Future Self.
Each exercise has a set of instructions for how
to use it with your client.
TIPS:
• The exercises ask your client to envision
their life ten years into the future. It is ne
if this is a longer time horizon than that for
their long-term nancial goal (which may
only be three years).
• At the end of the exercise, ask your client
to think of one action they can take in
the next few weeks. Guide your client to
break that action (or goal) into a series of
small, simple, concrete steps, and help
them nd the easiest to take rst.
• Encourage your client to think about their
future in a way that is not too pessimistic
or too optimistic.
Take Action (10-15 minutes)
Finally, help your client take an action step
toward their long-term goal. Research
shows that people are more likely to make
good nancial decisions immediately after
exercises that enhance their connection to
their future selves.
Work through the Take Action worksheet
at the end of this tool with your client to
facilitate a conversation about the exercise
and take the action.
TIP:
• Print this tool single-sided so your
clients can take home the exercise and
Take Action sheets as reminders of
today’s session.
FUTURE SELF TOOL 3
_________________________________________________________________
_________________________________________________________________
_________________________________________________________________
Prepare
Practitioner Worksheet
This worksheet presents four brief steps to help you prepare to use
this tool with your client:
assess your client’s situation for using this tool
choose the most appropriate exercise for your client
identify potential action steps
identify additional information your client may need to take
the action step during a session with you
NOTE that this is primarily to help you prepare for the session.
In a later step, you will work with your client to determine which
action step they will take.
If possible, do this worksheet after a client’s session, in preparation
for the next time you meet with them.
Assess your client’s situation
Check all the statements that are true for your client:
My client has long-term nancial goals (at least three years into
the future). Write their long-term nancial goal(s) below.
My client needs extra motivation to stay on track for the above
goal(s).
We can complete the tool together in an upcoming session.
My client is not in crisis.
If all four statements are checked, move to the next step to choose
an exercise.
Continued on page 5
FUTURE SELF TOOL 4
Prepare
Practitioner Worksheet continued
Continued from page 4
Which exercise is best for my client?
Choose one of the three exercises to help your client connect to their
Future Self:
Exercise A: Write a letter from their Future Self to their
present day self.
This is a ll-in-the-blank letter exercise. It involves reading
and writing.
This exercise is the most structured and usually the most
straightforward for the client to complete and the practitioner
to deliver.
Exercise B: Draw a picture of their desired future reality.
This entails drawing pictures of current and future realities.
This exercise is open-ended so it requires a bit more
imagination from the client than the letter (Exercise A).
However, it may be more engaging for some clients and
easier for those who have limited literacy.
Exercise C: Have a conversation with their Future Self.
This exercise has the client hold a conversation between their
current and future selves.
This exercise is open-ended and may be unfamiliar to
some people. However it can be the most powerful for
strengthening the connection to one’s Future Self. Read
over the instructions for this exercise to become familiar
with its format. It may be useful to refer to the resources on
the empty chair technique on page 16 (after the Take Action
sheet) as well.
When deciding which exercise to choose, consider these factors:
Your client’s preference — All three exercises help strengthen
your client’s emotional connection to their Future Self, but they
involve different activities: writing and reading, drawing, and role
playing. You may want to ask which of these activities your client
is most comfortable with.
Your client’s level of engagement — The exercises vary in
intensity for the client in terms of using their imagination,
producing content, and expressing emotions. The letter usually
requires the least engagement from clients, and the conversation
usually requires the most. The higher intensity exercises can pay
off with a more impactful experience or degree of motivation,
but they may not be effective if clients are not fully engaged.
Your preference — You may also feel more comfortable
facilitating one type of exercise over another.
Continued on page 6
FUTURE SELF TOOL 5
Prepare
Practitioner Worksheet continued
Continued from page 5
Identify potential action steps
What are specic action steps that your client could take immediately
after the exercise to advance their long-term nancial goal? Think of
steps they could complete in ve minutes, such as making a savings
contribution or setting up automatic deposits to savings.
Action Steps
TIPS:
• These action steps may be part of short-term goals that
are related to long-term goals your client has already
identied.
• These exercises can have the most impact if you choose
a one-time action with sustained benets, such as setting
up automatic deposits or payments.
• It may help to consider barriers your client needs to address
when generating possible action steps towards their long-
term goals.
• After the exercise, your client may identify different action
steps than the ones you’ve listed above. If so, you can
discuss all of the options and together determine which is
most appropriate.
What information or materials will you and
your client need in the session to take the
action steps?
Some action steps may require information or materials from your
client, so you will want to identify those materials now. For example,
if a possible action step is to set up automatic contributions to an
employer-based 401(k) plan, they will need the 401(k) plan information.
If action step is
, my client will need:
If action step is , my client will need:
Notes
FUTURE SELF TOOL 6
Connect
EXERCISE A Instructions
A Letter from My Future Self
MATERIALS NEEDED:
Pen
“A Letter from My Future Self” questions sheet and
letter template
In this exercise, you will help your client write a letter from
their Future Self to their Present Self. Your client will answer
a series of ll-in-the-blank questions. You will then use their
answers to complete the letter (template provided), which
your client will read aloud. Send the completed letter home
with your client as a reminder of the exercise.
Read the following to your client:
Sometimes it can be hard to plan for the future because we are so
focused on today. There are trade-offs between what we need and
want today and what we need and want tomorrow. Many people
often prioritize today in a way that can make tomorrow harder. I
want to invite you to do an exercise for thinking about the future that
requires some imagination.
1
Read your client questions 1-17 on page 9 and record their
answers on that page.
Connect
EXERCISE A
A Letter from My Future Self
Answer all the questions below as if the year is __________ [10 years from now]:
1. Imagine yourself in 10 years…how old are you? _______________________________________________
2. Imagine yourself in 10 years…how much are you working [how many hours per week; or too little, too much, the right amount]?_________
3. Imagine yourself in 10 years…what kind of work, if any, do you do? _______________________________________________
4. Imagine yourself in 10 years... Aside from working (if you're working), how else do you spend your time? ______________________________
5. Imagine yourself in 10 years…where do you live? _______________________________________________
6. Why there? _____________________________________________________________________________________________
7. Imagine yourself in 10 years…who are you spending a lot of time with? _____________________________________________________________
8. Imagine yourself in 10 years…who would you like to spend more time with?_______________________________________
9. Imagine yourself in 10 years…where do you want to go on vacations?_______________________________________
10. Why there? _____________________________________________________________________________________________
11. Imagine yourself in 10 years…what activities would you like to do more of? ________________________________________________________
12. Imagine yourself in 10 years…what is your life like overall [happy, challenging, fullling, stressful, etc.]?_______________________________
13. Imagine yourself in 10 years…what is a challenge you had to overcome to get here? _______________________________________
14. How did you overcome it? ____________________________________________________________________
15. Imagine yourself in 10 years…what is the best part of your life? ___________________________________________________________________
16. Imagine yourself in 10 years…what advice do you have for your younger self? ______________________________________________________
17. Why this advice?____________________________________________________________________
FUTURE SELF TOOL 11
Continued on page 8
FUTURE SELF TOOL 7
Connect
EXERCISE A Instructions continued
Continued from page 7
2
Take your client’s answers from page 9 and ll them into the
template on page 10.
______________ Dear
Alex
Hello! This is your “Future Self,”
42
-year old
Alex,
You—my younger self—have had a major impact on my life even
though we never met. I’m writing to tell you about my life and let
you know how you inuenced it. I’m working
full-time
doing
account management
. When I'm not working I
spend time with my family
. I live
in my own home I bought
because
the neighborhood is quiet and schools are good
I spend a lot of time with
my kids
and would like to spend more time with
my friends; it’s hard to nd time to get together
.
I would like to go on vacation to
Florida
because
I want to relax on the beach and take my son to a theme park
. One thing
I would really like to do more of is
make a garden and coach soccer
.
Overall, my life is
busy but good
. To help me get where I am
today, you, my past self, did have to overcome
rebuilding my credit so I could buy my house
. To do that, you,
my past self,
paid off one bill at a time and watched my budget closely
.
The very best part of life today is
seeing my kids do well in school
.
Before I say goodbye, I want to give you some advice based on
what I’ve learned. This is
be patient
because
I know you’ll reach your goals
.
______________________________________________________
Sincerely,
Future
Alex
3
Read the letter aloud:
Ask your client to read the letter aloud (or you can read it to them).
Use the exercise as a jumping off point to help your client establish
or strengthen a connection with their Future Self that helps them
take action.
4
Wrap-up and reect:
Have a conversation with your client about the exercise they just
completed. You can start with questions like:
How was it for you to do this exercise?
Did it change anything about the way you’re thinking or
feeling, either about the future or about what you’re doing
today?
Now move to Take Action.
FUTURE SELF TOOL 8
_______ ______________
______________
__________________________ ____________
___________________________ ____________________________
____________________________________________________
_____________________________________
________________________
____________________________________________________________
______________________
_____________________________
_____________________
____________________
_________________________________________________
___________________________________________________
________________________________
________________________________
________________________________
_______________
Connect
EXERCISE A
A Letter from My Future Self
Answer all the questions below as if the year is _ [10 years from now]: _________
1. Imagine yourself in 10 years…how old are you? _______________________________________________
2. Imagine yourself in 10 years…how much are you working [how many hours per week; or too little, too much, the right amount]? _
3. Imagine yourself in 10 years…what kind of work, if any, do you do? _______________________________________________
4. Imagine yourself in 10 years…Aside from working (if you’re working), how else do you spend your time? ______________________________
_______________________________________________
_____________________________________________________________________________________________
_____________________________________________________________
_______________________________________
_______________________________________
_____________________________________________________________________________________________
________________________________________________________
_______________________________
_______________________________________
____________________________________________________________________
___________________________________________________________________
______________________________________________________
____________________________________________________________________
5. Imagine yourself in 10 years…where do you live?
6. Why there?
7. Imagine yourself in 10 years…who are you spending a lot of time with?
8. Imagine yourself in 10 years…who would you like to spend more time with?
9. Imagine yourself in 10 years…where do you want to go on vacations?
10. Why there?
11. Imagine yourself in 10 years…what activities would you like to do more of?
12. Imagine yourself in 10 years…what is your life like overall [happy, challenging, fullling, stressful, etc.]?
13. Imagine yourself in 10 years…what is a challenge you had to overcome to get here?
14. How did you overcome it?
15. Imagine yourself in 10 years…what is the best part of your life?
16. Imagine yourself in 10 years…what advice do you have for your younger self?
17. Why this advice?
FUTURE SELF TOOL 9
________
Connect
EXERCISE A
A Letter from My Future Self
Sometimes it can be hard to plan for the future because we are so focused on today. There are trade-offs between what we need and want today
and what we need and want tomorrow. Many people often prioritize today in a way that can make tomorrow harder. This exercise can help you
build a bridge from today to tomorrow.
Dear __________________________________
[CLIENT NAME]
Hello! This is your “Future Self,” _______
[Q1]
-year old ___________________________________________
[CLIENT NAME]
. You—my younger self—have had a
major impact on my life even though we never met. I’m writing to tell you about my life and let you know how you inuenced it. I’m
working ______________________
[Q2]
doing
[Q3]
__________________________. When I’m not working, I
[Q4]
____________________________________
___________. I live
[Q5]
______________________________________ because _________________________________________________________
[Q6]
______________________. I spend a lot of time with
[Q7]
__________________________________________and would like to spend more time
with
[Q8]
__________________________________________________________. I would like to go on vacation to ___________________________
[Q9]
because
[Q10]
_________________________________________________________________________________________. One thing I would really
like to do more of is ___________________________________________________________________________________________________
[Q11]
____. Overall, my life is ______________________________________
[Q12]
. To help me get where I am today, you, my past self, did have to
overcome __________________________________________________________
[Q13]
. To do that, you, my past self, ___________________________
[Q14]
___________________________________________. The very best part of life today is ______________________________________________
[Q15]
___________. Before I say goodbye, I want to give you some advice based on what I’ve learned. This is ____________________________
[Q16]
______________________because _______________________________________________________________________________.
[Q17]
Sincerely, Future ______________________
[CLIENT NAME]
FUTURE SELF TOOL 10
Connect
EXERCISE B Instructions
A Picture of My Future Self
MATERIALS NEEDED:
Crayons, markers, or colored pens
Exercise sheet “A Picture of My Future Self”
In this exercise, you will help your client draw a picture of their
Future Self. They will draw their current reality then draw a vision
of their future reality. Send the completed picture home with your
client as a reminder of the exercise.
Read the following to your client:
Sometimes it can be hard to plan for the future because we are so
focused on today. There are trade-offs between what we need and
want today and what we need and want tomorrow. Many people often
prioritize today in a way that can make tomorrow harder. I want to
invite you to do an exercise for thinking about the future that requires
some imagination.
1
Current Reality:
On the left side of the page, I want you to draw your current state of
affairs with this pen. Don’t worry about your artistic skills. You can use
stick gures, symbols, drawings, or words in any combination. (Let
client nish drawing this picture.)
2
Desired Future Reality:
Now, on the right side of the page, draw your desired future reality in
10 years with any of these colors. (Give the client crayons, markers,
or colored pens to draw the picture of their future.) Again,
don’t
worry
about your artistic skills. You can use stick gures, symbols, drawings, or
words in any combination. (Let client nish drawing this picture.)
3
Connecting to the Future:
Even when we have a vision for the future, sometimes it seems unclear
how to get there. Look again at the picture of your future. I want you to
draw three big arrows from your current reality to your future reality.
Now relax (close your eyes or sit back) and ask yourself, what are three
big steps you can take to get to your desired future reality? They can
be general ideas or something very specic. These don’t have to be
steps you can take today because you have time to take them. Write in
your three big steps.
TIP:
• If your client does not know what steps to take, ask about
challenges they see to creating their future reality, and how to
overcome them.
4
Wrap-up and reect:
Have a conversation with your client about the exercise they just
completed. You can start with questions like:
How was it for you to do this exercise?
Did it change anything about the way you’re thinking or feeling,
either about the future or about what you’re doing today?
What are some challenges you may need to overcome on
the way there? How might you overcome these challenges?
Now move to Take Action.
FUTURE SELF TOOL 11
Connect
EXERCISE B Instructions
A Picture of My Future Self
Sometimes it can be hard to plan for the future because we are so focused on today. There are trade-offs between what we need and want today and
what we need and want tomorrow. Many people often prioritize today in a way that can make tomorrow harder. This exercise can help you build a
bridge from today to tomorrow.
Don’t worry about your artistic skills. You can use stick gures, symbols, drawings, or words in any combination. You’ll get guidance on how to
complete this exercise.
Current Reality: Desired Future Reality:
Source: Visual goal setting: upyourcreativegenius.com/draw-your-future
FUTURE SELF TOOL 12
Connect
EXERCISE C Instructions
Conversation with My Future Self
MATERIALS NEEDED:
Notes page, “Conversation with My Future Self”
In this exercise, you will help your client have a conversation with their
Future Self. Your client will hold both sides of a conversation. That is,
they will be themselves both today and in the future. You can use the
notes template on the next page to create a summary your client can
take away with them as a reminder.
Read the following to your client:
Sometimes it can be hard to plan for the future because we are so focused on
today. There are trade-offs between what we need and want today and what
we need and want tomorrow. Many people often prioritize today in a way that
can make tomorrow harder. I want to invite you to do an exercise for thinking
about the future that requires some imagination.
1
Introduce the exercise:
I want to help you focus on the future by helping your “Present Self” have a
conversation with your “Future Self”- that is, who you will be ten years from
today. You will hold both sides of the conversation. First, I will ask you to speak
as yourself today (your Present Self) to your Future Self (yourself ten years in the
future). When you’re nished, I’ll ask you to respond as if you are your Future
Self talking to your Present Self.
TIP:
• It may help some clients shift their perspective from Present Self
to Future Self if they physically look in one direction when they are
speaking as their Present Self and look in the opposite direction when
they are speaking as their Future Self.
2
Conduct the exercise:
Below is a script you can use to start the conversation between your client’s
Present Self and Future Self. We recommend the client speak from each
perspective (Present Self and Future Self) at least twice. You can continue
rounds of conversation as long as it is productive. When your client is nished,
wrap up by helping them reect on the exercise.
During each round, take notes on the next page about what your client says as
their Present Self and Future Self in each round. You can send the notes page
home with your client as a reminder of the conversation.
Round 1: Let’s start with your Present Self talking to your Future Self. What
are your hopes and fears? Tell your Future Self what you think about when you
think about your future.
Future Self, respond to what you just heard, speaking to your Present Self. And
tell your Present Self how you feel about how their nancial decisions affect
you.
Round 2: Okay. Would your Present Self like to respond to your Future Self? How
do you feel about what your Future Self said? Do you want to respond to them?
(When client nishes) I’d like to give your Future Self a chance to respond. (Let
the client continue rounds of conversation until they feel nished.)
3
Wrap-up and reect:
Have a discussion with your client about the exercise they just completed. You
can start with questions like:
How was it for you to do this exercise?
Did it change anything about the way you’re thinking or feeling,
either about the future or about what you’re doing today?
What are some challenges you may need to overcome on the way
there? How might you overcome these challenges?
Now move to Take Action.
FUTURE SELF TOOL 13
Connect
EXERCISE C
Conversation with My Future Self
Sometimes it can be hard to plan for the future because we are so focused on today. There are trade-offs between what we need and want
today and what we need and want tomorrow. Many people often prioritize today in a way that can make tomorrow harder. This exercise can
help you build a bridge from today to tomorrow.
ROUND
1
Present Self
ROUND
2
Present Self
Additional Rounds
1
Future Self
2
Future Self
Additional Rounds
FUTURE SELF TOOL 14
Take
Action
Action Step
Now, use what you experienced in the exercise
and your reections to take a meaningful action
step toward your goal. Think of something you
can accomplish in 5 minutes.
List three potential actions
you could take today:
1
2
3
Circle or put a check mark next to the action you took today!
Alternatively, if you cannot take an action
step today, or you need to take several
steps to get there, you may create an action
plan to accomplish your immediate next
steps.
When will I take my rst step?
What rst step will I take to benet my
Future Self?
How will I accomplish it?
I will follow up with
[Practitioner]
on
[Date]
.
FUTURE SELF TOOL 15
Additional Resources
Research on the Future Self for nancial planning:
bit.ly/38VHvqK.
Apps are available to “age progress” a picture of your client. Seeing what they
may look like in the future may help connect with that Future Self. Consider
that these apps tend to progress a photo about 30 years into the future, so
using these apps may be most appropriate to help make progress toward a
very long-term goal, such as retirement planning. The CFPB does not ofcially
endorse any of these apps, and some may collect personal data on users.
Please make sure you and your client read and agree to an app’s terms and
conditions prior to using.
Visual goal setting is a technique that helps people vividly imagine their
future and is the foundation for Exercise B. For more information, see the
TED Talk here: youtube.com/watch?v=zESeeaFDVSw and Drawing Solutions:
upyourcreativegenius.com/draw-your-future.
The empty chair technique is a way to conduct conversations to facilitate
change. It may help you facilitate Exercise C. For more information, see:
psychologytoday.com/us/blog/in-therapy/201001/cool-intervention-9-the-
empty-chair-1.
This tool includes references to third-party resources or content that consumers may
nd helpful. The CFPB does not control or guarantee the accuracy of the third-party
information. By listing these references, the CFPB is not endorsing and has not vetted these
third parties, the views they express, or the products or services they offer. Other entities
and resources also may meet your needs.
Connect with the CFPB
Questions or comments about this tool?
Give us your feedback at surveys.
consumernance.gov/jfe/form/
SV_9sfvgSQi4lUeghn.
Online
consumernance.gov
By phone
(855) 411-CFPB (2372)
(855) 729-CFPB (2372) TTY/TDD
By mail
P.O. Box 2900
Clinton, IA 52733-2900
Submit a complaint
consumernance.gov/complaint
FUTURE SELF TOOL 16