Free From Broke

A Personal Finance Blog for Regular Folks

Goals

How to Create SMART Financial Goals – Make Them Measurable

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When we last talked about goals I told you that you should make your goals S.M.A.R.T. (Specific, Measurable, Attainable, Relevant, and Time-Bound) to help you in achieving them. We discussed making a goal Specific so that you have one concrete goal to shoot for and you know exactly what you want to accomplish rather than a big general category that’s hard to finish.

Today let’s talk about the next step – making your SMART financial goal Measurable.

You need to make a goal measurable, you need to know exactly how much you are going to achieve.  Without a way to measure your goal, how can you track your financial progress?  How will you know if you are making headway towards the financial goal?
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How to Create SMART Financial Goals – Be Specific

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It’s that time of the year where people decide to start fresh and make new goals (many of which are financial goals). But did you know that according to a 2007 survey by British psychologist Richard Wiseman, 88% of resolutions end in failure?  We tend to try and do too much with little willpower to achieve our resolutions.

One way we can help ourselves to success in our resolutions is to make them S.M.A.R.T. – Specific, Measurable, Attainable, Relevant, and Time-Bound.

Today, let’s focus on Specific.

To achieve your goal, it helps to make it specific.  Many times, we make our goals too general, which makes a goal difficult to follow through on.
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Working Hard For What You Want – New Jetta Ad

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Have you seen the latest commercial for the new Volkswagon Jetta? In the ad (called Moonighting), the main character, Tom, is working as a nurse (? I think) and he sees some ads for the new Jetta.  He then goes through the classified’s and proceeds to take on a number of jobs in order to afford the new car.

Here is what we see Tom doing to earn money:

  • Nurse – what appears to be his regular job.
  • Golf ball collector at a driving range – you know the guy that drives the little car that gets hit with golf balls.
  • Self-defense dummy – you see a group of women beating up on him while he wears padding.
  • Dog walker.
  • Dresses up as a hot dog and hands out ads for a food joint.
  • Bicycle cab driver.
  • Rodeo clown.
  • Nude model.

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Crank Up Your Money Saving Goals With SmartyPig

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SmartyPig Review

One of the more interesting and innovative ways to save up for specific goals is to make use of SmartyPig.  SmartyPig is a free online savings tool that allows you to save for for specific financial goals. Whether you want to save up $500 for back to school shopping, or $5,000 for a family vacation, it is possible to use SmartyPig to reach that goal.  The concept is fairly straightforward, and works simply.

First of all, it is important to note that SmartyPig is not a bank. SmartyPig accounts are held through BBVA Compass (As of Aug 1st, 2010 SmartyPig account will move from West Bank to BBVA Compass, the 15th largest bank in the US).  They are FDIC insured for up to $250,000 (drops to $100,000 on January 1, 2014 unless things change).  You can set up as many goals as you want for yourself and your family.  In order to start at SmartyPig, you need the same items that you would need to open a regular savings account:
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Eating Healthy One Step At A Time

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I think most people want to eat healthy.

But for many it’s too tough to start (especially eating healthy on a budget).  We get into eating habits, that aren’t great, and its just too much to give them up and change our lifestyles.

So what do we do?  We don’t bother; it’s too hard.

Does this help a person?

Nope.  Does this sound like anything else we don’t take care of because its too hard?  Yup, personal finance!  So what’s the answer to eating healthy?  Just like your personal finances, you can start with baby steps and move from there.  Make small changes to your habits, little by little, and build up over time.
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