Financial Goal Setting

Setting Financial Goals (SMART Method)

There are different ways to set financial goals and make plans. One approach you might find helpful is the SMART method, a framework for breaking down a big goal into smaller, more approachable steps. SMART stands for Specific, Measurable, Achievable, Relevant, and Timely.

This method can be a good starting point if you:

• Have a financial goal but aren’t sure how to begin
• Want to make a large goal feel more manageable
• Need a way to check your progress and adjust over time
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How the SMART Method Works

If you decide to try it, the process usually involves:

1. Setting a specific goal. Clearly define what you want to accomplish.
2. Establishing a plan. Identify the steps you’ll take and when you’ll take them.
3. Considering habits. Think about the behaviors you may need to change or adapt to complete those steps.‍
4. Taking action and adjusting. Get started, review your progress, and make changes if needed.

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Ready to Start Setting Some SMART Goals?

Scroll down to try our Interactive Lesson on SMART Goals, or download one of the goal-setting worksheets below. These resources can help you think through your ideas, organize your steps, and keep your goals moving forward.

Interactive Lesson on Setting SMART Goals

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Oppu Financial Goal Setting Worksheet 1:

Helps you sort your financial goals into short-term (1 year), mid-term (5 years), and long-term (10 years) categories.
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UWCA Goal Planning Worksheet:

Helps you name a financial goal you’d like to work toward, set a six-month milestone, list the key actions to take, and assign target dates for each step.
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Setting a SMART Savings Goal Worksheet:

Helps you turn a savings idea into a SMART goal by defining the details, setting a total and weekly savings target, and outlining specific steps to reach it.
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Don’t Lose Your Progress

Create or log in to your free MyMoneyPath account and use our SMART Goal tool to save your progress and set additional SMART goals. You’ll get gentle nudges throughout the year to help you stay on track.

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