How to Set S.M.A.R.T. Financial Goals

Ladies, it’s time to set some S.M.A.R.T. financial goals that will set you up for success! This blog post was inspired by the many New Year’s Resolutions I have read over the past two weeks. Every financial goal I seen was very broad and lacked detail. So, I am going to walk you through the process of creating a robust financial goal that is specific, measurable, actionable, realistic, and time-sensitive.

As I walk you through the S.M.A.R.T. goal-setting strategy, I will use the following goal as a reference:

“I will save $5,000 in my emergency fund savings account within the next 12 months.”

Ladies, it’s time to set some S.M.A.R.T. financial goals that will set you up for success! This blog post was inspired by the many New Year’s Resolutions I have read over the past two weeks. Every financial goal I seen was very broad and lacked detail. So, I am going to walk you through the process of creating a robust financial goal that is specific, measurable, actionable, realistic, and time-sensitive.

As I walk you through the S.M.A.R.T. goal-setting strategy, I will use the following goal as a reference:

“I will save $5,000 in my emergency fund savings account within the next 12 months.”

S = Specific

Be specific and detailed as possible when you are setting your financial goal(s).

The goal I set above states how much I plan to save ($5,000) and where I plan to save it (emergency fund savings account). 

M = Measurable

Set your goal in a way that you are able to track and determine when and if you have reached your goal.

By including a numerical value ($5,000) in my emergency fund savings account, I can track my progress throughout the year very easily. 

A = Actionable

Create an actionable goal by implementing sub-goals into your plan. These sub-goals should be action-taking steps that will ensure you hit your target.

Sub-goal #1: I will save $417 a month for 12 months. This will ensure I have over $5,000 in my emergency fund account by month 12. 

Sub-goal #2: I will set up an automatic transfer from my checking account to my savings account (emergency fund) each payday. 

R = Realistic

When you are setting your financial goal, make sure this goal is feasible to your current standard of living. DO NOT create an overly ambitious financial goal unless you have created a plan on how to execute it!

Before I set how much I am saving each month ($417), I need to be sure I am able to accomplish this goal while staying current on all other monthly expenses. 

T = Timeline / Time Limit

Give yourself a timeline or time limit to achieve your goal. If you do not give yourself a deadline, you are more than likely going to prolong the process of achieving said goal.

I gave myself 12 months to save $5,000 in my emergency fund account.

Please post any questions or comments you may have below.  The P+P blog is an open forum for like-minded women and serves as a place we can inspire and educate one another.

All the Best, 

Tara Jones 


Tara Jones