What is a S.M.A.R.T. goal?
A S.M.A.R.T. goal is a goal that is:
S – Specific
M – Measurable
A – Actionable
R – Realistic
T – Time bound
A good example of a S.M.A.R.T. goal is:
“I want to pay off my student loan of $5,000 by taking on a part time job of 15 hours a week at $25 per hour by September 1, 2019”
We can dissect this sentence to determine if it is a S.M.A.R.T. goal or not.
“I want to pay off my student loan” – This is Specific
“…of $5,000” – This is Measurable
“…by taking on a part time job of 15 hours” – This is Actionable
“…a week at $25 per hour” – This is Realistic
“…by September 1, 2019” – This is Time Bound
A bad example of a S.M.A.R.T. goal is:
“I want to pay off my student loan”
Do you see the difference and how the bad example is a statement in essence a ‘wish’ not an achievable goal.
- Writing down your thoughts and assigning a date is a GOAL!
- Breaking down these goals into manageable chunks is a PLAN!
- Taking an action on this plan and #BAM! Your goal is ATTAINABLE!
If paying off debt is one of your goals, here’s a guide for possible income generating side hustles 12 Side Hustles You Can Start Today.
There are myriad of tools out there to use for tracking financial debt and you can use this as you plan your S.M.A.R.T. goal.
- Mortgage Payment Calculator with Amortization Schedule
- Bi-Weekly Mortgage Calculator
- Mortgage Balance Calculator
- Rent vs. Buy Calculator
- Student Loan Calculator
For fun here’s a link to a printable template that you can print and stick on a wall or your fridge for visuals.
For free, join the LS Insider Community, so we can crush our goals.
Till Next Time,
Happy goal setting!