How to Set SMART Goals

Posted: December 19th, 2022
Updated: December 30th, 2024

Skyrocketing interest, gouging fuel prices, global uncertainty, there has never been a better time to start planning for the future. Our goal at 3D Financial is not only to provide short-term solutions to life's challenges, but also to provide resources that may aid you in the long-term. There are numerous reasons why you may wish to set goals, but where to begin? As Vince Lombardi once said:

Setting a goal is not simply about spotting the mountain peak; it requires action and a plan to execute. One of the best ways to do this is by setting what are known as S.M.A.R.T. goals, which are: Specific, Measurable, Achievable, Relevant, and Timed. This guide will serve as a walk through for each step of the SMART goal setting process.

Specific

For a goal to succeed, the first step is to have an end goal in mind. This is essential as it provides a destination. More than simply specifying what needs to happen, a plan needs to be created to achieve the goal and people who may be involved need to be responsible for their role in the process. For example, this can take the form of a weekly or monthly savings goal. In these cases, the method of saving, how the money is saved, and when to set funds aside might be determined. You will know that your goal is specific when it answers questions such as these:

1. What is the goal?
2. What steps need to be taken in order to reach the goal?
3. What is the purpose of the goal?
4. Who is responsible for the goal?

This is not a comprehensive list and will vary based on the goals you aim to achieve. For example, if you are aiming to save money, you may also wish to decide where the money might be saved or secured.

Measurable

How will you determine whether the goal is on track? This might be considered the yard stick for the goal; the means of determining if you need to make adjustments in order to reach your goal. This will take different forms based on what the end-goal is, but the best way to measure the goal is by examining the steps outlined in the planning phase and determining if they are being followed.

Another step in ensuring that a goal is measurable is to write it down, or record it in some way that is relevant to you. A goal that is not written down and planned for is simply a wish. Writing down your goal and the steps that are required to achieve it make it easier to track.  

Achievable

Is the goal possible? It's important to set big goals, but it's just as important to set goals that are realistic. When deciding on a goal, you must ask yourself whether what you are trying to do has a clear and attainable path to completion. One of the largest obstacles to goal setting is ensuring that your goal does not end up a lofty stumbling block rather than something attainable.

If your goal seems possible, but not in any measurable timeline, you may wish to set smaller goals that will bring you closer to the larger objective until it can satisfy all components of a SMART goal.

Relevant

Why is this goal relevant to you and why are you looking to achieve this goal? What will achieving the goal do for you both in the short term and in the long term? If the goal does not have any current relevance to your daily life, it ought to be reflected on. You will be more motivated and therefore more likely to achieve goals that are relevant to you.

Timed

When is the end-date? Setting an end goal is essential as it provides a finish line. If your goal is to save money weekly for a long period of time, set a short term target to measure against and increase that figure when you achieve it. Goals cannot be completed if they do not have a timeline for success or failure. Setting a timeline should be realistic and achieveable and, much like the rest of your goal, should not provide a stumbling block. If you have previously struggled with adhearing to past timelines, you might conisder how similar efforts have fared and alter your timeline to what you believe could be realistically achieved in the given timeframe.

Setting SMART goals can help in all aspects of life and can lead to success in the future. They ensure that goals are specific, measurable,  achievable, realistic, and can be achieved in a specific timeframe. Our hope is that you can set good, meaningful goals in your life and achieve greater happiness in doing so.