T is for Timely - Money Clouds & SMART Goals pt. 6
Giving your goal a deadline is the last step in SMART goal setting. Imagine I set a goal of making 1 million dollars. The way I approach this goal is going to vary widely depending on the time in which I would like to achieve it. Just as having a due date motivates you to finish that project at work. Knowing that you have an end date on your savings goals will push you to save. This is also key in benchmarking your progress.
If you don’t already have an end-date in mind, the Savings Calculator feature in Money Clouds can help you set one. Perhaps I know how much I want to save for a goal, say a trip to the Disneyland for New Years 2017 (we’ll estimate about $2,000 for the total trip cost.) I should also be able to estimate roughly how much money and how often you will be able to save, depending on my overall budget ($200/month for the sake of this exercise.) If you enter those two numbers into the Savings Calculator, it will automatically generate an end-date for you.
The calculator shows that if I save $200 per month, we will reach our $2,000 goal on October 1, 2016. This gives me plenty of time to purchase my plane and park tickets, and to plan the rest of my Disneyland trip.
And that’s it! We’ve covered each of the steps to setting SMART savings goals with Money Clouds. Just because 2016 has already started doesn’t mean it’s too late to set goals for the rest of the year. Tell us, what are your SMART goals?