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June 21, 2021 4 min read
Goal-setting is a very important part of the personal finance process. We all have goals, things we want to accomplish with our money. There is an effective and simple way to write meaningful and attainable goals so you can build a strong money game.
This is known as S.M.A.R.T. Goal-Setting. You may have heard this acronym “S.M.A.R.T” before, today we are going to break it down and walk you through why setting S.M.A.R.T goals are the most effective way to make sure your goals will get you where you want to go.
It is definitely significant to me. I love hockey, it is my favorite sport, therefore reaching my goal should be easy for me.
Estimated total trip cost = $1,225
If I am going to save enough for 5 trips I would need $6,125 saved.
5 games * $1,225= $6,125
Is this attainable for my financial picture? This is something I am going to have to review. If it is not, I would need to to reduce the number of games I am planning to see to make this goal more attainable.
Everyone has their reasons and those reasons yield a result. Make sure your goal lines up with your personal wants and needs.
Have I given myself a timeline? In the original goal of watching hockey. I didn't give myself a timeline on seeing 5 games in 5 cities. Now we need to assign a timeline so I can decide when and how I am going to hit my goal.
That is just one example of writing a S.M.A.R.T. goal, take your own approach and make your goals work for you. In some cases, you may need to adjust or change your goals and how you are managing them, that is normal. Be flexible and give yourself the opportunity to make changes.
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