Top 4 SMART Money Goals for the New Year 2019

By | January 19, 2019

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(Last Updated On: May 22, 2019)

2019. Happy New Year! It’s time to sit down and set your money goals for the year.

Why set goals?

Setting goals help to steer us on the right path.

Most of us start our New Year with goals – there are always things that we wish for and want to happen.

goals

Your list of goals might look like this:

-Be healthier and look better

-Save up an emergency fund

-Save up for a fun vacation

-Earn more money by decluttering

But the sad truth is that 25% of people abandon their goals within a week, according to this article.

A shocking 92% do NOT achieve their New Year goals.

It’s well and good to set New Year goals, but how to make sure your goals become real?

You need to use a proven way to get the results you want.

Make a SMART start to goal setting, and take consistent actions over a set time period. This will ensure that your goals can be reached.

You may know that SMART typically stands for:

S: Specific

M: Measurable

A: Achievable

R: Relevant

T: Time-bound

Let’s see how setting SMART goals can help you achieve them.

Here are 4 examples:

SMART Goal #1:

I want to earn more money by decluttering

Specific: I want to earn an extra $800 this coming year.

Measurable: I’ll make money by decluttering and selling my unwanted stuff. I’ll make a phone reminder for a start date and allow 2 hours this week to get the job done.

I’ll look up online sites like eBay and Craigslist and confirm what items I can sell for more money. I will gather my items to sell within 2 weeks.

Achievable: I’ll start listing my items online in at least 2 online sites with the lowest commissions.

I’ll also check for more sites to list my items for free. I’ll also take my electronic items to stores and see if I can trade them in for cash.

I’ll stop impulse buying. I’ll either borrow or do without an essential item for this year. For instance, not buying that newest smartphone. Keep using my “old” smartphone.

Relevant: It’s smart to have more money in my bank. Having an extra $800 means:

• I’ll be better able to pay for unexpected expenses that may suddenly crop up.

• I’ll reduce my risk of being in debt or resorting to taking out a personal loan.

• I’ll develop positive habits that reduces waste and impulse spending.

• I’ll enjoy greater peace of mind knowing I have this safety net.

Time-bound: I’ll start listing 5 items to sell in the first week, and 5 more in each of the following weeks.

I’ll keep at least 3 rooms clutter-free and filled with only items that I really need.

This will work as I’ll do a check every weekend that unwanted items are not creeping in.

SMART Goal #2:

I want to save up an emergency fund

Specific: I want to save an emergency fund of $1,000.

Measurable: I’ll examine my finances the next day – my monthly income and expenses. I’ll also use a budgeting worksheet to make this process easier.

I’ll write down the areas where I can cut my spending.

I’ll think of new side hustles to make more money part-time.

Achievable: Every Sunday, I’ll record the amount of savings I make, and how much extra money I make from my side hustle.

Relevant: I really need to have an emergency fund, because there can be unexpected expenses like doctor’s fees and auto repairs.

Time-bound: I’ll have saved up my $1,000 emergency fund in 18 months’ time, as I have calculated that I can afford to put aside $14 each week.

TIP: Once you’ve crushed your worthy goal of creating an emergency fund, you can use the same saving and side hustle skills to save for other goals like investing or taking a vacation 🙂

SMART Goal #3:

I want to pay off my credit card debt

Specific: I want to pay off $1,500 of credit card debt each year.

Measurable: I’ll examine my finances the next day – my monthly income and expenses. I’ll also use a budgeting worksheet to make this process easier.

I’ll write down the specific areas where I can cut my spending.

I’ll think of new side hustles to make more money part-time.

I’ll need to save and/or make $30 extra each week. This will pay off $1,500 of credit card debt each year.

Achievable: Every Sunday, I’ll record the amount of savings I make, and how much extra money I make from my side hustle. I’ll make sure that I have at least $30 more every week.

Relevant: I really need to pay down my credit card debt, because of the high interest * I am being charged. Having less and less debt will mean I save on my interest payments.

Time: I will pay of my current $3,600 credit card debt in 3.5 years.

*(The above calculations assume an average credit card APR rate of 17.21 percent, according to CreditCards.com).

SMART Goal #4:

I want to save enough money for my vacation

Specific: I’d like to save $500 for my vacation

Measurable: I’ll take a close look at my current finances tomorrow – my monthly income and expenses.
I’ll write down the areas where I can cut my spending.
I’ll think of new side hustles to make more money part-time.

Achievable: Every Saturday I’ll record the amount of savings I make, and how much extra money I’ll make from my side hustle.

Relevant: I would love to go away on a vacation with my friends. After working for 2 years without going away, I need a well-earned break.

Time-bound: I’ll have saved up $500 in 9 months – I’ve calculated that I can put aside $56 every month for the purpose.

Why do SMART goals work?

From the 4 examples set out above, you can see that setting your goals the SMART way makes your goals achievable.

SMART goal setting helps you focus on things that matter, as you need to be clear about these things:

• What exactly do you want to achieve? (Specific)

• What exactly do you need to do, by when? (Measurable & Achievable)

• Why and how are your goals important to you? (Relevant)

• When can you reasonably expect to crush your goals? (Time-bound)

How to stay the course and hit your SMART goals

Be very clear about why and how your goals are important to you. Being clear is instrumental to motivating yourself to stick to your SMART goals till you hit them.

Here are three proven ways to stay on course:

How do you stay on track?

There are different ways to stay on course. Some examples are:

Vision:

Create a vision board or vision screen – look for attractive pictures, whether hard copy or online. Display in prominent places the pictures of your goals e.g. photos of the places you plan to vacation at. Make the pictures a part of your phone or computer home screen.

• Reminders:

Give yourself reminders – you can use phone apps or a digital/hard copy organizer to post reminders for yourself.

• Reward:

Reward yourself for the milestones achieved – always give yourself treats or other rewards to sustain your momentum towards reaching your goals. Treat yourself to a special meal or a present to celebrate your SMART milestones.

Now, if you need something even stronger to keep you powering towards your set goals . . .Scare yourself!

Yes. Scare yourself into staying the course – this is the ultimate way!

Imagine having to face a whole mountain of clutter after 3 years! Not having room to put anything anymore in your house.

Imagine not going away ever, even for a weekend getaway! Can you survive?

Imagine not having an emergency fund, and having to borrow money to fix your car.

Do you want these unpleasant situations to happen?

No?

You know the SMART things you need to do to avoid the real nightmares.

Summary:

Step 1: Write up your SMART goals.
Step 2: Keep yourself rewarded and motivated. Stay savvy.
Step 3: Stay the course and walk the talk.
Step 4: Relish crushing your goals. Rejoice.

Start making and carrying out SMART goals as a way to succeed.

Watch these videos:


https://www.briantracy.com/blog/personal-success/smart-goals/

All the best and good luck! Make all your SMART goals come true ☺
Do share this post and help others to set SMART goals. Subscribe too to receive more useful posts like these and get my Budget Success Planner and SMART Goals Planner. Yours FREE.

What goals are important to you? Do you have similar goals like those above?

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3 thoughts on “Top 4 SMART Money Goals for the New Year 2019

  1. Avery Strowd

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    Reply

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