How can I successfully achieve my goals?

Creating a savings goal is commonly confused with creating a dream. For example, when asked to create a savings goal for a vacation trip or a car, their response is “I want to go to [location]” and “I want to have a [car model]”. This only represents what individuals want (a dream) without creating a reasonable process (savings goal) to achieve the end product.

That being said, we peer educators at the Financial Wellness Extension advocate, within our budgeting presentation, S.M.A.R.T. Goals. When creating a savings goal, it is important that you incorporate all 5 of these components: Specific, Measurable, Agreed Upon, Realistic, and Timely.

Specific: Making your goal well defined where it can be clear to anyone who has a basic knowledge of your project

Measurable: Creating an easy way to keep track of your goals that allow it to be motivational to achieve

Agreed Upon: In cases when your goal involves others, collaborate and make sure that everyone acknowledges the goal

Realistic: This allows your goal to be results-oriented and reasonable seeming accomplishment is within sight

Timely: Create a timeline when this goal will be achieved. Being able to track your progress encourages you to continue and see that the effort is effective

Written by Rex Wang, Financial Wellness Peer Educator, University of Illinois Extension, 2017.

Reviewed by Kathy Sweedler, Consumer Economics Educator, University of Illinois Extension.

How can I successfully achieve my goals?

Creating a savings goal is commonly confused with creating a dream. For example, when people are asked to create a savings goal for a vacation trip or a car, their response is “I want to go to [location]” and “I want to have a [car model]”. This only represents what the individuals want (a dream) without creating a reasonable process (savings goal) to achieve this end product.

That being said, we peer educators at the Financial Wellness for College Students program advocate S.M.A.R.T. Goals. When creating a savings goal, it is important that you incorporate all five of these components: Specific, Measurable, Agreed Upon, Realistic, and Timely.

Specific: Make your goal well defined so that it can be clear to anyone who has a basic knowledge of your project.

Measurable: Create an easy way to keep track of your goals that allow it to be motivational to achieve.

Agreed Upon: In cases when your goal involves others, collaborate and make sure that everyone acknowledges the goal.

Realistic: This allows your goal to be results-oriented and a reasonable-seeming accomplishment.

Timely: Create a timeline when this goal will be achieved. Being able to track your progress encourages you to continue and see that the effort is effective.

Download a handy form to write your own S.M.A.R.T. goals.

Written by: Rex Wang, Financial Wellness Peer Educator, University of Illinois Extension, 2017.

Reviewed by: Kathy Sweedler, Consumer Economics Educator, University of Illinois Extension, 2017.