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Funding Your Future: Are your financial goals SMART?

Funding Your Future: Are your financial goals SMART?
Posted at 2:15 PM, Jan 08, 2020
and last updated 2020-01-08 16:15:41-05

Any time you set a goal, whether it's personal or professional, it should always be SMART.

That means it should be specific, measurable, attainable, relevant and time-based.

David Sant, Chief Marketing Officer for Cyprus Credit Union, joined us with a closer look at what each of these terms means.

SPECIFIC
If a goal is vague, such as `I want to make more money`, there`s a good chance you won`t achieve it because it doesn't leave you with much direction. Making a goal very specific such as, `I want to increase my overall savings this year by 2%` gives you a clear course and will help you create a plan to get you there.

MEASURABLE
Having a goal without some form of measurement for success is like having a basketball game without a way to keep score. While you may have a general idea of what`s going on, there`s no way to track exactly how you`re doing. Use a concrete timeline and constantly be checking to see if you are on track.

ATTAINABLE
While saying that you want to build a billion-dollar business is a great dream, it`s probably not attainable right off the bat. Start with small, short-term goals that you can reach quickly. As you continue to progress, you can start setting bigger and longer-termed goals.

RELEVANT
Goals you make need to either be related to your current financial situation or based on where you`d like to be in the future. For example, any short-term goals you make should align with your long-term life plans.

TIME-BASED
If a goal goes on forever without a specific endpoint the chances of reaching it are pretty slim. When first setting your goal, ensure you have a firm timeline in place and have checkpoints to make sure that you are on track along the way.

You can  learn more financial advice at: cypruscu.com.