One of the biggest mistakes people make is to set only long-term big-picture goals. Long-term goals provide inspiration, but short and medium term goals create action to get you there.
The usual advice is to set no more than 3-5 goals. Too many goals is useless and leads to confusion, distraction, and eventually failure. It is also important to define whether these goals are a WISH or a NEED. This will also help you prioritise and motivate you.
LETS START OFF BY TAKING THE SMART APPROACH
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SPECIFIC
SPECIFIC
Your goal should be as specific as possible and answer the following questions…WHAT is your goal? HOW OFTEN or HOW MUCH is your goal and WHERE will it take place?
MEASUREABLE
MEASUREABLE
HOW will you measure your goal? Measurement with give your SPECIFIC FEEDBACK to hold you accountable.
ATTAINABLE
ATTAINABLE
Goals should PUSH YOU, but its important that they are actually achievable. Are your goals attainable?
REALISTIC
REALISTIC
Is your GOAL and TIME FRAME realistic for the goals you have established
TIME-BOUND
TIME-BOUND
WHEN specifically will your goal be achieved? This helps you be accountable and helps with motivation.
DECIDE ON YOUR TIME FRAMES
Depending on your focus, current financial position or even your age, here are 2 time line suggestions that you could work with. There is no ‘right’ time frame – it depends entirely on what works for you and keeps you motivated to make progress. The shorter option 2 will require more rapid adjustments.
| TIME FRAME | OPTION 1 | OPTION 2 |
| Long Term | 3+ years | 1 year |
| Medium Term | Annual | Quarterly |
| Short Term | 1 – 3 months | 4-6 weeks |
CREATE YOUR FINANCIAL GOALS NOW
You can either get started on setting some goals now, or you can download the plan and start as soon as possible. There is no time like the present – just GET STARTED!
JUST REMEMBER GOALS ARE MEANT TO BE ADJUSTED!
Don’t hesitate to adjust your goals in the face of new information, advice and experience. As you work towards goals you may find yourself progressing more quickly, or your circumstances may change.
Do not be afraid to acknowledge failure. Failure in a goal is as valuable as success IF you learn from it. You’ll also find that often you are achieving more than you expected. This is an opportunity to stretch yourself and strengthen your goals.