5 Steps Toward Meeting Your Goals For The New Year

As 2018 draws near, now is a fantastic time to reflect on the year passed and the goals you would like to accomplish for the year to come. The SMART goal system (Specific, Measurable, Attainable, Realistic, Timely) is one of the most widely known and can be of great assistance when setting and accomplishing your financial goals.

Working towards your goals should be an encouraging and rewarding experience. By following these tips you may be surprised how quickly you are able to see progress.

1. Specific – Having specific goals (i.e. purchase a vehicle, pay-off my Visa card, etc.) can help you stay focused on the task ahead. The more specific the better.
2. Measurable – A SMART goal requires measurement in time, dollar amount or both. You can consider having a pre-set amount to save from each pay cheque or at the end of each month and set-up a recurring payment through your bank to transfer funds to a savings account. Having this measurement tool in place may help encourage you to keep working towards your goals as there will be an end in sight.
3. Attainable – Start small; even a goal to put $20 a month into savings is a great starting point and you can always revise the goal later if you find you have more saving ability. Review your income and expenses and put together a realistic budget that you can stick to. This will help you determine what amount you have to work with when setting your goals.
4. Realistic – Your financial goals should be important to you and relevant to your future. Saving just to save can often seem unrewarding which can make it easier not to follow through. It is helpful to have at least one clear short-term goal you’re working towards, along with some longer-term goals (i.e. saving for a down-payment on a house, saving for retirement, etc.).
5. Timely – Set time limits on reaching your goals. It may be that you have several goals you’re working towards concurrently and new goals added in when one is reached. The more specific your goals are the easier it will be to determine how much will need to be saved, how long it will take to save and calculate the amount you would need to save monthly to reach the goal.

If you’ve found that financial goal setting has been hindered by outstanding debt it may be the right time to seek the assistance of a professional. A Licensed Insolvency Trustee can provide a no obligation appointment to assess your financial situation and discuss a variety of options which may be available to you. This appointment is 100 percent free and can start you on your road to financial health and prosperity.