Connect with us

Hi, what are you looking for?

Money Management

When Setting Financial Goals, Stay S.M.A.R.T.

Nothing makes life easier like acronyms.

Anyone can say “I’m going to do such and such with my money,” but talk is cheap. Just like your annoying friend who says he wants to start a business but has nothing but a vague idea, you can’t propel yourself forward with nothing but a vague notion. In order to really accomplish the financial goals you set for yourself, you gotta plan and strategize. To that end, let’s employ an acronym frequently utilized by life coaches: S.M.A.R.T. That stands for “Specific, Measurable, Action-oriented, Realistic and Time-bound.” For the sake of example, let’s say you want to cut down your weekly grocery bill.

When you’re setting a goal, it needs to be something specific. Don’t just tell yourself “I want to save more money on my grocery bill,” tell yourself “I am going to save at least $50 a week on my grocery bill.” You need hard numbers to work with, a designated finish line.

Speaking of hard numbers, your goal needs to be measurable. If you wanna save money on your grocery bill, you need to devise a system that allows you to track your weekly expenses, and watch it like a hawk.

Next, you need to put that system into action. What, exactly, can you do to cut that weekly bill down? Make cheaper purchases, cut back on the snacks, buy in bulk, look for savings, and so on. The plan needs to have actions you can deliberately take toward the goal.

Possibly the most important aspect of this is realism. You could just say “I just won’t spend any money on groceries this week,” but that’s not a solution, that’s starving yourself. If your plan requires you to take dangerous steps like that, it’s a bad plan.

Finally, you need to set a time frame for yourself. Giving yourself a deadline lights a fire under you, encourages you to workshop the plan and quickly put it into action, rather than getting bored and shelving it.

You May Also Like


In the past year, Peloton, manufacturers of stationary exercise bicycles and treadmills, has been experiencing some severe financial difficulties. The company went through a...


While the ongoing supply chain problems affecting the global economy have had the expected effects, they’ve also had some decidedly unexpected effects. Specifically, many...


As gas prices continue to rise and consumer confidence drops, not to mention the ongoing war in Ukraine, the European economy is taking a...


As the environmental need for electric vehicles becomes more pressing, and the car-buying public becomes more eager for them, automotive manufacturers are getting ready...


This morning, Coinbase CEO Brian Armstrong sent a mass email out to his company informing everyone that, as stock and crypto prices slip and...


Last week, a former cybersecurity expert for Twitter, Peiter “Mudge” Zatko, released a whistleblower report on the social platform. In his report, Zatko cited...


Zelle is a peer-to-peer payment app and service that can be used by individuals to send and receive money, in a similar vein to...


Earlier this week, following the third-term victory of Chinese President Xi Jinping, market shares in Hong Kong experienced a sudden, violent sell-off. Xi’s controversial...