Happy New Year, y’all! It’s officially 2020 which means it’s New Year’s Resolution time. I’m not a fan of setting resolutions but I am a fan of setting goals. What’s the difference? A goal can be SMART – specific, measurable, attainable, relevant, and time-based.
Instead of “my new year’s resolution is to save more money”, how about “my goal this year is to save $10,000”? BOOM! Specific, measurable, attainable, relevant and time-based. Setting SMART goals is a complete game changer. When you have a goal that is SMART, you can break it up into smaller goals to help you reach the big one you set.
For example, if you want to lose 10 lbs in 6 months then you can divide those two and get to the conclusion that you need to lose 1.67 lbs per month for the next 6 months. 1.67 lbs in one month is specific, measurable, attainable, relevant and time-based.
You can also do this with money. If you want to save $5000 this year then you can break it up into 12 monthly goals of $416.67. You know that if you save $416.67 every month this year, you will reach your $5000 goal and that is much more specific and easy to work towards than saying “I want to save more money.”
So on January 1st, 2020, I sat down with my planner and set SMART goals for all areas of my life: personal growth, relationships, health & fitness, family, work, fun & adventure, and of course finances.
Among all those goals there is one in there that is to complete this $10,000 in 2020 savings challenge. I printed this plan, posted it on my desk, and I will save every amount that is indicated over the 26 pay periods this year to reach my goal of saving $10,000 and completing this plan.
I challenge YOU to join me this year in completing this savings plan. You can download it here, print it, post it, and start checking off each amount. It is set up on a bi-weekly basis so every time you get paid, you can check off the amount indicated and end 2020 with $10,000 more in the bank!
This year I challenge you not only to save $10,000 with me, but also to set really SMART goals in every area of your life.
Nothing on this blog should be considered personal actionable advice, research, or an invitation to buy or sell any securities. Consider all risks before investing, including the loss of your hard-earned money. Vee is an Investment Advisor for Warren Street Wealth Advisors, this blog reflects her personal views and not that of Warren Street.
