Day: November 20, 2015

S.M.A.R.T. Financial Goals for 2016

Smart financial goals 2016
S.M.A.R.T. (Specific, Measurable, Attainable, Realistic, Timely)

Happy Friday! Can you believe that 2016 will be here before you know it. I know we all have goals for the new year, whether it is to be healthier, learn a new skill or become more organized, there is something or thing’s that we are striving to improve in the coming year. One area, I hope you have started to set goals in is your finances. I don’t want you to just set any old goal, I want to you set S.M.A.R.T. goal’s.

S.M.A.R.T.stands for Specific, Measurable, Attainable, Realistic, Timely. Let’s break those letters down a little further so you can :

S-Specific. A specific goal has a better chance of being achieved versus a general goal. For example, I want to save money, is a general goal. A specific goal would be, I want to save $500 in my bank account by March 1, 2016 to go toward my emergency fund. A specific goal answers six “W” questions:

  1. Who? Who is involved?
  2. What? What do I want to accomplish?
  3. Where? Identify a location
  4. When? Establish a timeframe
  5. Which? Identify requirements and constraints.
  6. Why? Specific reasons, purpose or benefits of accomplishing the goal.

M-Measurable. Establish concrete criteria to measure your progress to your goals. When you measure your progress toward your goal, you tend to stay on track. You reach target dates and experience the gratification of achievement that keeps you pressing on in your efforts to reach your goals. To determine if your goal is measurable, ask yourself these questions: How much? How many? How will I know when it is accomplished?

A- Attainable. When you identify what financial goals are most important to you, you begin to figure out way’s that you can make them a reality. You develop the attitudes, the abilities, and skills to reach them. You begin to see previously overlooked opportunities to bring yourself closer to the achievement of reaching those goals.

You can achieve any goal you set, when you plan your steps wisely and set a timeframe that allows you to carry out those steps. Goals that previously seemed unattainable, suddenly seem attainable not because your goals shrunk, but because you grow and expand to match them. When you list your goals, you build your self image. You see yourself as worthy of these goals, and you develop the traits and personality that allow you to possess them.

R- Realistic. To be realistic, a goal has to represent an objective that you are both willing and able to work toward. A goal can be both high an realistic. Only you can determine just how high your goals should be, just make sure that every goal represents substantial progress. A high goal is oftentimes easier to achieve than a low goal, because low goals don’t take much motivation. When it does not take much motivation to accomplish something; then you are more than likely not motivated to accomplish it.

T-Timely. A goal should be rooted and grounded in a timeframe. Without a timeframe attached to it, there is no sense of urgency. If you want to save $500, when do you want to save it by? “Someday” won’t work. Anchor that goal with a timeframe, “By March 1” then you are setting the wheels of your subconscious mind in motion to begin working on that goal.

I have included a FREE S.M.A.R.T. goal financial financial printable, where you can start setting those S.M.A.R.T. goals today.

Additionally, I am hosting a S.M.A.R.T. financial goal workshop Sunday November, 22 at 4:00 PM on Periscope. I hope you can join me. My handle is @TThreadford

S.M.A.R.T. Financial Goal Worksheet