Setting SMART Savings Goals with Money Clouds
This is the first post in a 6 part series on goal setting.
Goal Setting. We’ve all done it at some point and whether those goals were financial, career oriented, or aimed at improving an aspect of your personal life – the process is pretty much the same. Right? If you were ever forced to sit through an eighth grade Life Skills class (just me?), you’re probably also aware of the SMART goal setting system.
If you’re like me, you know what setting SMART goals means, but have a hard time pinpointing each of the steps and following them through to completion (just me again?) This is especially relevant when it comes to my finances.
Until about a year ago, I had never considered setting specific short term financial goals – I was just saving my money into one big pot and pulling from it as necessary. The problem was that every occasion seemed to be qualify as a “necessity” and I would often be left with a miniscule savings account at the end of the month. I would then get discouraged by my negligible savings balance and become uninspired by the lack of progress my savings balance was reflecting.
The concept Money Clouds is based on is known as Goal Based Saving. This concept says that every dollar you save should be given a specific purpose. It has been promoted countless times by financial experts like Jean Chatzky, Dave Ramsey, and Suze Orman as one of the best ways to save money more frequently and consistently. And saving more money to fund the lives we really want to live is an idea we can all get behind (I know it’s not just me this time.)
Not only does Money Clouds help you set goals,it helps you set SMART goals. I have used the platform pretty consistently for the past year and have seen a dramatic difference in the way I save money.
Over the next 5 posts, I am going to talk about each of the SMART letters, what they really mean and exactly how Money Clouds can help you save