Episode•January 10, 2023•9 min

Tiffany's Take: Smart Goals | Ep. 190

In this episode, Tiffany shares her tips on how to set SMART goals. Making goals that are Specific, Measurable, Achievable, Relevant and Time-bound is a great way to make sure you're always moving forward in your life - and it's especially important when it comes to your money! Every Tuesday, Tiffany answers one of your submitted questions. To submit a question for an upcoming episode, visit here: https://www.moneytalkwitht.com/asktiffany Connect with Tiffany on Social Media Facebook: Money Talk With Tiff Twitter: @moneytalkwitht Instagram: @moneytalkwitht LinkedIn: Tiffany Grant This podcast uses the following third-party services for analysis: Podcorn - https://podcorn.com/privacy OP3 - https://op3.dev/privacy

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Key Takeaways

1
Use the SMART framework to create effective financial goals
S - Specific: Be clear on what you want to accomplish and how it improves your finances
M - Measurable: Quantify goals with numbers so you can track progress and success
A - Achievable: Set realistic expectations based on your current situation
R - Realistic: Ensure the steps to reach your goal are practical given your circumstances
T - Time-bound: Give yourself a deadline to encourage follow-through and accountability
2
Start with your values when setting goals
Identify what matters most to you before constructing goals
Use your values to guide what financial goals you should pursue
Goals aligned with your values are more meaningful and motivating
3
Break down large goals into smaller, achievable steps
If your ultimate goal feels too big, create intermediate milestones
Example: Instead of aiming to be a millionaire immediately, first target a salary increase
Celebrate reaching smaller goals and then set new ones
4
Use 'I will' statements when writing goals
Phrasing goals as 'I will' creates commitment and accountability
Avoid vague language like 'going to' - be definitive about your intentions

Intro

In this Tiffany's Take episode, Tiffany Grant breaks down how to create SMART financial goals as part of a January series on goal setting.
Tiffany Grant is a financial coach, accredited financial counselor, and host of the Money Talk with Tiff podcast.

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– Introduction to SMART Goals

Tiffany explains this episode continues last week's discussion on goal setting and is part of a January series on the topic.

SMART is an acronym: Specific, Measurable, Achievable, Realistic, and Time-bound.

– S - Specific

Goals must be clear, not vague or generic.

You can't get what you want if you don't know what you want.
– Tiffany Grant

Ask yourself how this goal will put you in a better financial situation.

– M - Measurable

Quantify your goal with numbers to track progress.

Tiffany mentions sharing her own numbers publicly on her blog to stay accountable.

Express your goals in clear numbers so you'll know where you are and when you've succeeded.
– Tiffany Grant

– A - Achievable

Avoid setting expectations too high.

If you're currently making $10 an hour, let's start with something a little more attainable before we get into that million dollar threshold.
– Tiffany Grant

Break big goals into smaller, manageable steps.

– R - Realistic

Ensure the steps to achieve your goal are realistic given your current circumstances.

Unrealistic goals lead to disappointment and giving up.

– T - Time-bound

Set a deadline to encourage follow-through and accountability.

When I set out to be debt-free by 30, that was my time constraint. That made me go hard because the closer I got to 30, the more and more I was like, oh my gosh, I got to make sure I do this.
– Tiffany Grant

– SMART Goal Example: Paying Off Credit Card Debt

Tiffany walks through constructing a SMART goal for paying off $5,000 in credit card debt.

– Complete SMART Goal Statement

I will pay off my $5,000 in credit card debt in 12 months by putting $500 a month plus interest towards it. I will achieve this by cutting my entertainment budget and not using my card during this time.
– Tiffany Grant

Tiffany emphasizes using 'I will' statements for commitment and encourages listeners to customize goals to their own situations.

Resources

Topics

SMART GoalsFinancial Goal SettingDebt PayoffPersonal FinanceAccountabilityNew Year GoalsFinancial Planning Money Management