For many people, conversations around saving can be stressful. They are concerned that they aren't saving enough, saving effectively or in some cases not even saving at all. The easiest way to address these concerns. At Invest In Girls, we talk about creating SMART Goals.
What are SMART Goals?
SMART is an acronym.
SPECIFIC: What do you want to achieve? When? Where? Why? Be as clear as you can! Include dollar amounts, dates, locations, and resources need to accomplish your goal.
MEASURABLE: How will you measure your progress? How will you stay motivated? Determine regular amounts weekly, bi-monthly or monthly to set aside to accomplish goals.
ATTAINABLE: Given your financial situation, is your financial goal achievable? What THREE STEPS can you take to reach your goal?
REALISTIC: Is your financial goal relevant and realistic? Does it align with your personal values and interests? What resources are available for you to achieve your goal? It is important for you to review and revise your goals periodically as necessary.
TIMELINE: What does your timeline look like? Are you going to need to make any tradeoffs to reach your goal? What are those tradeoffs? To reach your financial goal, make sure you know the difference between your needs and wants. There is never enough money to fund all of our financial goals at one time – PRIORITIZE! Is your goal NOW (less than one year) SHORT TERM (2S3 years), INTERMEDIATE (4S5), or LONG TERM (5+ years)?
SMART Goals Worksheet
In order to support you working towards your savings goals, we are sharing our worksheet to help you get started.