September 6, 2021

Goals or SMART Goals?

There's a secret formula to create great financial goals that you will actually stick to. Want to learn more about SMART goals?

5 min read

Qoins Staff


Do you have goals or do you have SMART goals? You know what goals are; the result or achievement toward which effort is directed. But what do you know about SMART goals?

SMART is the acronym for the creation of a goal with the following attributes:

Specific – Does the goal clearly tell someone exactly what you want to achieve?

Measurable – Can you measure the goal in dollars and cents so you know when it is achieved?

Achievable – Is this something that while challenging, is not out of reach?

Realistic or Relevant – Is this goal appropriate, helpful, and applicable to your current stage in life?

Timely or Time bound – What is the due date for achieving this goal?

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Let’s look at a few quick examples.

A goal may be: Save more money. But a SMART goal would be: Save $100 of each paycheck to my vacation fund for the next 12 months in order to pay cash for next year’s vacation.

A goal may be: Pay off car loan early. But a SMART goal would be: Add $50 extra to each car payment for the next 24 months to both save interest and own the car fully sooner.

When you only have goals, it can be easy to procrastinate because you don’t actually have a plan for achieving those goals in measurable ways at frequent intervals. SMART goals allow you to do that.  Also, once you have written out your SMART goals, you may want to prioritize them too.  Depending on what they are, it may not make sense to do them all at once or you may not be able to. So determine which makes the most sense to do first, perhaps based on your values, and then go for it!

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