SMART GOAL CRITERIA Specific Measurable Attainable Realistic Time

S-M-A-R-T GOAL CRITERIA Specific Measurable Attainable Realistic Time Bound 1 -G

SPECIFIC • State exactly what is to be done with the money involved. • Example: I plan to save for a down payment on a new car.

MEASURABLE • To make a goal measurable, write the exact dollar amount the goal is for. • Example: I plan to save $5, 000 for a down payment on a new car.

ATTAINABLE • To make a goal attainable, determine how the goal can be reached, which is often determined by an individual’s budget. • Example: I plan to save $5, 000 for a down payment on a new car by saving $200 from every paycheck.

REALISTIC • Do not set the goal for something unattainable or unrealistic. • Must represent an objective toward which you are both willing and able to work. • Example: If a person is working and barely meeting their immediate needs, saving $5, 000 for a new car is not something they can afford.

TIME BOUND • To make the goal time bound, specifically state when the goal needs to be reached. • This is influenced by how attainable the goal is. • Example: You would have to save for just over 2 years to reach $5, 000 at $200 a month.

Final Goal Statement • I plan to save $5, 000 for a down payment on a new car by saving $200 from every paycheck for two years.

SMART Goals for lodging, transportation, meals Specific……. . “Pay for a 5 -day trip to Washington, D. C. ” through fundraising, $50 from Measurable… “$300 birthday money, save $25 a week. ” I stick to my plan, I’ll have the money Attainable…. . “Ifwhen I need it. ” “I still have enough money to live Realistic……. on while I work toward this goal. ” “I need to have all the money by 6 Time Bound. . months from now. ” 1 -H

What is Missing?

I plan to save $5, 000 for college living expenses in four years. Attainable

I plan to save for a new computer by saving $150 each month for one year. Measurable

I plan to save $2, 500 by saving $105 each month for 2 years. Specific

I plan to save $1, 500 to buy a used car by saving $75 from each paycheck. Time Bound

I plan to save $2, 000 to pay for a new computer by saving my whole paycheck for the next 6 months. Realistic