How Do You Give (2)

How to Set Better Money Goals: An Explanation of S.M.A.R.T. Goals

Let’s discuss how to set S.M.A.R.T. goals! Here’s a brief video which includes Homer Simpson:

A Recap

S.M.A.R.T. is an acronym for:

  • S   –  Specific: you state the task you want to accomplish
  • M  –  Measurable: your progress can be tracked
  • A  –  Attainable: your goal can be realistically achieved with your resources and time
  • R  –  Relevant: your goal excites you and is worthwhile
  • T  –  Time-Oriented: you have a deadline for this goal

Instead of a goal stating, “I want to start saving more money,” an example of a S.M.A.R.T. goal reads like, “I will save $500 in my savings account in one month.”

  • S   –  Specific: you state that you want to save money
  • M  –  Measurable: you can measure if you have $500 in your savings account
  • A  –  Attainable: this goal isn’t too far out of reach like saving $10,000 in one month
  • R  –  Relevant: this goal is motivating you because of your desire to save money
  • T  –  Time-Oriented: you gave yourself a month deadline

If you care to practice making some of S.M.A.R.T. goals, download our free worksheet:

S.M.A.R.T. Values Planning

* For more context on the worksheet, check out the article: Align Your Money with Your Values


Thanks for reading and if you want guidance on how to navigate your personal finances, please get in touch with me or learn more at Well-Rounded Success’ Services on the website.

 

About the AuthorDaniel C. Andrews

Dan Andrews is the Leader & CERTIFIED FINANCIAL PLANNER™ of Well-Rounded Success. Dan enjoys guiding and encouraging individuals through a variety of money subjects with a focus on behavioral finance. Dan’s vision is to impact communities by encouraging individuals to define their own paths, handle their responsibilities, and to give back while on their journeys.

 


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