Goals can be set in so many different ways, for different reasons.
You can set goals at different levels including high level or big picture themes that can then be broken down into smaller goals that serve as check-points along the way to achieving that bigger goal.
Today we’re going to look at setting goals in whatever way you feel most comfortable right now. You can set goals that are big picture goals, and we’ll prompt you to set smaller goals too. We also encourage you to set a mix of both practical and tangible goals eg. “Pay my credit card debt” as well as emotional and intangible goals eg. “Feel confident about my finances”.
SMART Goal Setting
When thinking about setting any goal for yourself it’s important to question whether you are setting SMART goals. This is where it helps to break down your bigger more vague goals into smaller and more specific goals. By doing so, you’re setting yourself up for success by matching your desire with possibility and grounding the ability to achieve your outcome in reality. SMART goals are:
Specific
They are clearly defined and not ambiguous. They are also significant in meaning and will stretch you to achieve them.
Measurable
They can be measured in terms of your progress towards achieving them. They are also meaningful and motivate you.
Attainable
They are realistic and not impossible or too big to achieve. They are also agreed-upon where they involve other people and action-oriented.
Relevant
They are values driven and connected to your core purpose and vision. They are realistic and reasonable. They also feel rewarding and will lead to a result.
Time-based
There is a defined deadline of when you would like to achieve your goal. This makes it tangible and easy to track your progress to achievement.
An example of a SMART goal would be “I want to completely pay off my VISA credit card by the end of December 2023.” There is a specific goal “completely pay off my VISA credit card” by a specific time “the end of December 2023” which means that I can measure my progress from where the balance is now towards the zero balance I want it to have by the end of December 2023. It’s attainable as I’ve considered that I need time to pay it off as I don’t have the lumpsum right now and it’s relevant because it fits with my values to not have debt and to build my wealth instead.
I will then set smaller goals to help me reach my bigger goal as well as track my progress such as “I want to pay 20% of my christmas bonus into my VISA credit card in December 2021”. Again this is specific as it speaks to what I want to do and how I want to do it, it’s attainable as I know I will receive a christmas bonus and it’s time-based as it’s centered around a specific event. It’s also relevant and meaningful as it’s connected to a bigger goal I’ve already set which is to pay it off completely.
My Goals
Now it’s your turn. Think back to your vision for your Financially Free self, as well as the vision you imaged earlier for a year from now. If you are able to, think about Life further into the future. What does five years, ten years or thirty years from now look like?
Reflecting on your Life Areas “Reality Check-In” Assignment, what goals can you set for yourself for each area of your Life. When you’re ready, click on “Start Assignment” below to begin.
