Develop Financial Goals

Develop financial goals

When developing goals, try using the SMART method:

Specific: What exactly will you do?
Measurable: How will you know you are successful?
Achievable: Is the outcome within your control?
Relevant: How does this contribute to your role / long-range objectives?
Time-bound: What is the deadline?

Financial goal example:

Imagine you want to buy a new laptop within a year. You determine through research that you need $1,200 for the model you want. You have 12 months to save for your goal, so that means you need to save $100 a month to meet your goal.

Here is the breakdown of this scenario as a SMART goal:

Specific: I will buy this specific laptop that costs $1200.
Measurable: I will meet the goal when I purchase the laptop.
Achievable: I will save $100 each month.
Relevant: I will use this for school related projects.
Time-bound: I will meet my goal in 12 months.