[et_pb_section fb_built=”1″ next_background_color=”#ffffff” _builder_version=”4.16″ _module_preset=”default” background_color=”#e7dff3″ custom_padding=”0px||90px|||” bottom_divider_style=”ramp2″ da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.16″ _module_preset=”default” custom_padding=”||0px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ header_2_font_size=”30px” custom_padding=”||16px|||” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n
by Carmen Chan<\/em><\/p>\n Whether you want to pay off your credit card debt<\/a>, save for retirement, or work on another money objective, setting financial smart goals<\/span> is key to achieving your aspirations. SMART financial goals<\/span> setting turns vague intentions into concrete plans. Instead of saying \u201cI want to pay off my debt\u201d or \u201cI want to save money for the future,\u201d it\u2019s about aiming at crystal clear targets like \u201cI will pay off $5,000 in credit card debt this year\u201d or \u201cI will save $1,000 for a family vacation next Christmas.\u201d Suddenly, broad-stroke hopes are reshaped and set into motion.<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ next_background_color=”#e4f8e0″ _builder_version=”4.16″ _module_preset=”default” background_color=”#ffffff” custom_padding=”||120px|||” bottom_divider_style=”curve2″ da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.16″ _module_preset=”default” custom_padding=”||0px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.16″ _module_preset=”default” custom_padding=”||16px|||” global_colors_info=”{}”]<\/p>\n SMART is an acronym that stands for Specific, Measurable, Attainable, Realistic, and Timely. Whether you\u2019re looking for short-term wins or crafting long-term personal finance roadmaps, you\u2019ll raise your chances of success by simply following the SMART goals template. Here\u2019s a step-by-step guide to each of its important letters:<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_2,1_2″ make_equal=”on” module_class=”custom_row” _builder_version=”4.16″ width_tablet=”80%” width_phone=”80%” width_last_edited=”on|phone” custom_padding=”0px||0px|||” global_colors_info=”{}”][et_pb_column type=”1_2″ module_class=”vertical-align second-on-mobile” _builder_version=”4.16″ animation_direction=”left” custom_css_main_element=”margin: auto;” global_colors_info=”{}”][et_pb_text _builder_version=”4.19.5″ custom_padding=”24px|||||” global_colors_info=”{}”]<\/p>\n The first step is to get specific about your goal. This is always important, especially for lofty ambitions like saving a million dollars. Without specifics on how and when those seven figures will get into the bank, a loose plan like that is destined to get ditched.<\/p>\n Developing a specific goal is a two-pronged approach. First, you need to know what you want and how much of it you want. What you want could be to save money, start an emergency fund, or pay off debt; how much should be a concrete number. Second, you need a reason why you\u2019re doing this. This might not sound like a big deal, but it\u2019s critical.<\/p>\n Ask Yourself: What is my specific goal and why is it important that I achieve it?<\/em><\/p>\n [\/et_pb_text][\/et_pb_column][et_pb_column type=”1_2″ module_class=”first-on-mobile” _builder_version=”4.16″ animation_style=”slide” animation_direction=”right” animation_intensity_slide=”2%” custom_css_main_element=”margin: auto;” global_colors_info=”{}”][et_pb_image src=”https:\/\/nomoredebts.org\/wp-content\/uploads\/2020\/12\/smart-goals_2colm.jpg” alt=”SMART Goals” title_text=”smart-goals_2colm” align_tablet=”center” align_phone=”” align_last_edited=”on|phone” _builder_version=”4.16″ max_height=”500px” max_height_tablet=”600px” max_height_phone=”” max_height_last_edited=”on|phone” custom_margin_tablet=”||-35px||false|false” custom_margin_phone=”||-45px||false|false” custom_margin_last_edited=”on|phone” border_radii=”off|200px|20px|200px|20px” box_shadow_style=”preset2″ global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.16″ _module_preset=”default” custom_padding=”20px|||||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n An example of a specific goal is wanting to save $5,000 this year for an emergency fund (the what) in case your roof needs repairing or to help you stay away from credit cards (the why). Giving your goal personal meaning like this will help keep your eyes on the prize. If you aren\u2019t sure about the numbers, do some research and make an educated guess. What\u2019s most important is having clear direction to get started. You can always change your estimate later!<\/p>\n What to Do When Your Plan to Get Out of Debt Isn\u2019t Working<\/a><\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ next_background_color=”#ffffff” _builder_version=”4.16″ _module_preset=”default” background_color=”#e4f8e0″ custom_padding=”||125px|||” bottom_divider_style=”curve2″ da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.16″ _module_preset=”default” custom_padding=”||0px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.19.5″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n Measurable goals are easy to track because they\u2019re specific to start with. When your goals are measurable, you can make checkpoints along the way that prove you\u2019re making progress. For example, if you\u2019re hoping to save $8,000 within a year, you can set a midway target of at least $4,000 after 6 months. You can even set a daily target. Since there are 365 days in a year, if you save just $22 for all 365 days, then you\u2019ll end up with $8,030!<\/p>\n Ask Yourself: <\/em>Is there a straightforward way to measure my progress towards achieving this goal?<\/p>\n Matching your checkpoints to your pay cheque cycle can make saving even easier by putting the hard work on auto-pilot<\/a>. However you do it, having a tangible number to work with will make measuring your success easy and maybe even fun. You\u2019ll always have a clear idea of how you\u2019re faring and if you need to make any adjustments along the way.<\/p>\n Now that your financial goals are specific, you need to kick your plan into action. For example, let\u2019s say your goal is to save $100 every month to either pay down your credit card debt or put towards a summer holiday fund. Where will you get the funds to pay off $100 in credit card debt, or where will you find that $100 in cash for your summer holiday? Will you keep accumulating the money in a savings account or pay it towards your debt right away?<\/p>\n Ask Yourself: <\/em>Is my goal attainable? Is my action plan to reach it reasonable?<\/p>\n Only you can decide if your financial goal is attainable or not and chart out the actions you need to take to achieve it. Maybe saving that $100 every month is possible if you pack your lunch 4 days a week, stick to a smaller entertainment budget, or tuck away your credit cards for the year to avoid unnecessary spending. If you\u2019re having trouble figuring out an attainable goal for yourself, scale it to your situation. So instead of saving $100 a month, you could try spending 50% less on eating out or another expense. Think of any potential roadblocks that could throw you off course and prepare backup plans just in case.<\/p>\n How a Family of 4 Can Save $70 Every Week<\/a><\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ next_background_color=”#e7dff3″ _builder_version=”4.16″ _module_preset=”default” background_color=”#ffffff” custom_padding=”||120px|||” bottom_divider_style=”ramp2″ da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.0″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n Setting a realistic financial goal means being confident that you can accomplish it. On the other hand, counting on something like a surprise inheritance or winning the lottery<\/a> to achieve your financial wishes will likely lead to disappointment. Keep in mind that many long-term goals \u2013 like saving a cool million<\/a> \u2013 will look unrealistic when you\u2019re right at the starting line. However, breaking these big marathons down into smaller sprints can make a huge difference for your mindset. For example, you could challenge yourself to save as much as you can this month, and once you\u2019ve achieved that goal, try to save a bit more next month. Each checkpoint that you clear will bring you one step closer to your dream.<\/p>\n Ask Yourself: <\/em>Are my goals and action plans realistic? Do I need to break down big goals into smaller, more palatable ones?<\/p>\n More Ways to Fix Unrealistic Financial Goals<\/a><\/p>\n You know what your specific goal is, how to measure your progress, how you\u2019ll achieve it, and if it\u2019s realistic. Now it\u2019s time to set a deadline. After all, telling yourself to achieve something \u201cas soon as possible\u201d could lead you down a twisty, never-ending path to nowhere.<\/p>\n Ask Yourself: <\/em>Does my goal have a timeframe that\u2019s realistic and that will keep me focused?<\/p>\n When setting your goals, sit down with a pen and paper and think through all of your objectives. You could end up with a mix of things to accomplish within 1 year (short-term), within 2-5 years (medium-term), and over 5 years (long-term). Once you\u2019ve figured out a few goals, work them into your monthly budget<\/a> and track your efforts to see how your goals fit into your everyday life. At the end of each month, reflect on the progress you\u2019ve made and decide if any changes or adjustments are needed as you forge ahead.<\/p>\n Use This Interactive Budgeting Spreadsheet to Try Out Different Budget Options<\/a><\/p>\n Last Updated on May 6, 2025 <\/span><\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.16″ _module_preset=”default” background_color=”#e7dff3″ custom_padding=”||110px|||” bottom_divider_style=”curve2″ bottom_divider_color=”#5b25af” da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n If you ever feel overwhelmed with goals to pay off debt or save up money, one of our credit counsellors would be happy to help you. A counsellor can help review your budget and plan or help you make SMART financial goals that fit your needs. Appointments are free, confidential, and non-judgemental. Give us a call at 1-888-527-8999<\/a>, send us an email<\/a>, or chat with us anonymously online<\/a>.<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" Learn how to set SMART financial goals to help achieve your objectives, whether it\u2019s to pay off credit card debt, save for retirement, or another money goal. <\/p>\n","protected":false},"author":3,"featured_media":24537,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"1080","_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"categories":[116],"tags":[],"class_list":["post-23430","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-budgeting-saving"],"yoast_head":"\nHow to Set SMART<\/strong> Financial Goals<\/h2>\n
1. Make Your Goals Specific<\/strong><\/h3>\n
2. Build Measurable <\/strong>Goals<\/h3>\n
3. Motivate Yourself with Attainable<\/strong>, Action-Oriented Goals<\/h3>\n
4. Keep Your Goals Realistic<\/strong><\/h3>\n
5. Stay Focused with Timely<\/strong> Goals<\/h3>\n
When to Seek Help with Your Financial Goals and Money<\/h3>\n