The First Step In Taking Control Of Your Finances: Let’s Define Your Goals & Be SMART

Motivated To Lay Out Your Financial Goals

Defining Your WANTS vs. NEEDS

We all have wants and needs in life –be it taking that big vacation to Europe (WANT), purchasing groceries (NEED), regularly going out for drinks or meals with friends (WANT), having a roof over your head and a place to call home (NEED), saving money for your retirement (NEED)… you get the idea. What are your wants? What are your needs? Take a moment to jot a few down.

Be SMART In Achieving Your Wants & Needs

“But I can’t seem to save very much after I’ve paid off all of my monthly expenses to better save for my wants and needs.” – you may be saying. Well ladies and gentlemen, it’s time to get your priorities straight and be SMART about your hard earned dollars. 

S- Specific • M-Measurable • A-Attainable • R-Relevant • T-Time Bound

S- Specific

It’s time get specific and prioritize what you really want and need in your life. WHAT are your biggest wants? What are your biggest needs? What type of lifestyle do you want to create for yourself?


You have prioritized and defined what you want and need in your life. Now, when do plan to achieve these financial goals? Provide yourself with a measurable marker.

i.e.: “I plan to save $100 of my paycheck each month for 1 year to take that backpacking trip through Europe I dream of doing.”

As you can see, you have:

• You have defined what you want: that backpacking trip through Europe

• You have provided a measure to achieve your goal:

save $100 every month for 1 year


Is the goal you have created for yourself truly attainable? Be honest with yourself. Do you have the ability to save $100 EVERY month for 1 year to pay for your dream vacation? Or would $50 EVERY month for 2 years be more realistic?


How relevant is your goal to save $50 every month for 2 years?

Let’s do the math: $50 x 24 months (2 years) = $1,200

Will that be enough money to pay for your entire European trip?

T-Time Bound

If you have specified and determined a way to measure your goal, made sure it is attainable and a relevant priority to you, than it is time to set the wheels in motion. Time to make it happen!

Give yourself a start date and a deadline date.

Then GO FOR IT! You’ve got this! We believe in you!

Along the way towards obtaining your goal, take a moment to reflect.

Acknowledge how far you have come and celebrate with mini victories along the way.

Leave a Comment

Your email address will not be published. Required fields are marked *

  • You did an excellent job presenting the process of creating SMART goals. As a business graduate and a leader of business operations, I learned SMART goals in the formal setting. We often forget to apply formal practices to our personal lives. Thanks for making this content available and presenting in very clear fashion!

    • I appreciate your feedback, Ron. I try to present important tips such as SMART goals in a practical fashion. You’re got a pretty incredible site. I’d love to collaborate with you in the future. Would you be interested?