Setting and Checking In On SMART Goals
Goal Setting To Help You Reach Your Desired Financial Objectives
Establishing financial goals can be the first step to economic success, but this step is often skipped in favor of a quicker start. There are likely plenty of things you’d like to accomplish that may take time. The SMART Goal method helps keep the goal alive long enough for completion. Here is a review of the components that makes a goal SMART:
(S)pecific: Does the goal state exactly what will be achieved?
(M)easurable: Does the goal have benchmarks to help you measure its progress?
(A)chievable: Is this goal possible to carry out?
(R)ealistic: Can the goal be achieved given the time and resources?
(T)imebound: What is the timeline for goal accomplishment?
It’s also always a good idea to review your goals once or twice per year. Are they still relevant? Is the goal on track for an on-time completion? Does the goal have a plan that works with currently-available resources?
If the answer is no to any of these questions, there is no need for alarm. As financial situations change, whether it be for the better or worse, your goals can be adjusted. Regularly reviewing your aims and progress is an excellent path to achieving your goals.
From Thought to Reality
Writing down your goals can help you focus and be clear about what you want to achieve. You can print this Setting SMART Goals worksheet and give it a try. Once you’ve formed your goals, use this Savings Goal Calculator to help you forecast a strategy to reach your objectives.
Did you know you can personalize your savings account with a particular purpose? For example, if one of your savings goals is to buy a new vehicle, you can open a savings account and name it “New Ride,” “Down Payment,” or even “No Withdrawals Allowed.” Having a particular savings account can help you prioritize specific funds for a specific goal. You can open savings accounts in person, using online banking, and also with mobile banking. Call 315-735-8571 to speak to one of our friendly Financial Service Representatives or schedule an appointment online today.
Bring This Session to a Live Setting
If you would like to schedule our Community Educator for a seminar or workshop for any Financial Friday educational topic, please email your request to FinancialEducation@fsource.org