Be a busy bee and work on your goals.
If you’re like me, then setting goals and keeping them is not your nature. I have learned the hard way that have specific goals helps me get more down instead of doing several things at once and getting nowhere.
A very productive way to write a goal is to use the SMART method. Basically, it boils down to:
- Specific: Choose a specific goal. Don’t say ’save more’, but instead choose ‘put aside 5% of my paycheck into a savings account.’
- Measurable: How do you know when you reached your goal? If you are saving an emergency fund up, consider setting aside 3-6 months of living expenses.
- Attainable: Work on 1 or 2 goals at a time so you don’t feel overwhelmed.
- Realistic: Make sure your goal is something you can do and truly believe in.
- Time Based: By setting a deadline, you can work backwards and break down the steps into mini goals.
It’s helped me acheive some of my career goals and I’m using it for my financial goals that I update very month.
Photo Credit: Todd Huffman
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This is a common strategy you will find repeated throughout all arenas relating to personal finance. I have never been able to stick to any of the goals I made using the SMART method.
However, I do have to admit that I have found myself adapting this strategy to fit my needs and wants. For example, recently with the new move coming up soon, I knew I had to lower my living expenses across the board by 20 percent somehow.
Slowly, little by little, I did manage to achieve this goal but recently smashed it by trimming my living expenses by more than 50 percent with the upcoming move. This experience inspired me to really evaluate my approach to spending and I do have to thank the SMART goals for it.
One thing I am curious about is what are your SMART goals? It will make for a good post, or even a series of post if you plan something like 20 percent reduction across the board over time.
I try to keep myself accountable by sharing my goals and progress around the first of the month. Here’s my status now:
We would like to pay off my car loan by March 31, 2009.Goal Met.
I’d like to reduce our expenses in July by 10%. Not Met, we did save some money on groceries, though.
Spending: We’re going to limit eating out $100 this month. Goal Met.
Savings: We want to have 6 months worth of expenses saved by July 31, 2009 . We also want to build our house fund.