Articles/Reviews > Answers to SMART Goals
|
|
|
|
|
Answers to SMART GoalsEarly in the new year is a great time to set goals. Last week I talked about the importance of setting goals and the importance of writing down what you want to achieve. Research has shown that 3% of the people who had clear written goals who were interviewed 10 years later were earning 10 times as much on average as the other 97% who had not written down their goals.
Many people do not achieve goals because they are not “SMART GOALS”. Another reason some people do not achieve their goals is when things happen that are out of their control (such as losing their job) they do not review that same goal and simply re set it again with a new deadline.
Just as important as writing down goals it is just as important to make goals SMART goals. A smart goal is : -
S Specific What you want to achieve?
M Measurable How will you know when you have achieved your goal?
A Achievable How am I going to achieve this
R Realistic Is this goal achievable?
T Timely A date when you aim to have reached this goal
As my column is predominately about family finance, try the following exercise with your family so you can get the idea of SMART goal setting. Choose which statement is correct to make a SMART goal. The date this goal has been set is 1st March
Which goal is specific?
I am going to buy another car for a maximum of $1000
I am going to save some money to buy a car.
Which goal is measurable?
I am going to have my new car sometime
I am going to have my new car by Christmas day this year.
Which goal Is achievable?
I earn $100 per week so I am going to save $1000 by next week
I am going to save $1000 by setting up an autohomatic payment of $30.00 per week into a savings account and not touch it.
Which goal is realistic?
I have a part-time job that earns $100 per week so I can save $30 per week
I have a part-time job that earns $100 per week so I can save $110 per week.
Which goal has a time deadline?
I will have $1000 saved by sometime this year
I will have the money saved by 1st December this year so I can look for a car for Christmas.
I’ll give you the answers next week. However, it you can’t wait until then email me at sylvia@silbo.co.nz or check out my website for the answer.
Sylvia’s book, Parents: How to stop your kids from going broke is available from www.silbo.co.nz, Paper Plus Stores, and Christian Bookshops. She is also available to speak with community groups and give tips on how to raise financially savvy kids.
|