SMART Goals

Definition

• S: Specific, you know exactly how much money you need.
• M: Measurable, you are able to calculate your finances.
• A: Achievable, it is practical according to your current finances.
• R: Realistic, it can be done reasonably and quickly.
• T: Time-Based, you have a set timeline for when you will achieve this goal.

Examples

• Not SMART Goal: I want to be rich. (Not specific or measurable.)
• SMART Goal: I want to save $500,000 for a down payment on a house within the next 5 years.