January can be a month of mixed emotions. The weather is still dark and gloomy, the Christmas decorations have been put away for another year and there is likely a looming tax bill to pay towards the end of the month. However, the turn of the new year, also brings increased levels of motivation to make positive changes for the year ahead.
This article does not constitute advice. Professional advice should be taken prior to acting on any part of it.
Set SMART goals this new year
If you haven’t heard of SMART before, it refers to a methodology for goal setting.
As many people are aware, when it gets to mid-January and the “I’m going to the gym every day” new year’s resolution is already out the window, goals set at the start of the new year are often unachievable, unrealistic and too demanding.
This is the reason why most resolutions are broken in the first month.
SMART works on the logic that if your goals are set with these boundaries in mind, then you are more likely to stick to them.
S – Specific
M – Measurable
A – Achievable
R – Realistic
T – Timely
Even though “going to the gym every day” is a specific target and also measurable, is it achievable or realistic, and how long do you plan to go to the gym every day for…forever?
A SMART goal would most likely be “I will do my very best to go to the gym 3 times per week, for January”.
SMART goals can be applied to both your personal and your work life.
Creating SMART goals for your finances this year
Better management of finance is a key focus for many new year’s resolutions. Overspending in the holiday season also often spurs on this new mindset.
- Clearing debts
- Saving more money
- Making more money
- Changing jobs
- Starting a business
- Growing your existing business
- Retiring early
- Moving house
- Finally booking that luxury holiday
These are some of the things that feature as new year goals for many people.
Some of these can be tackled and concluded in the short-term or certainly within the next year. Others may require stepping stones to be laid so that the goal can be achieved in the future.
Either way, if any of these feature on your wish list for 2017, and beyond, why not set aside a few minutes to write down your goals with SMART applied?
Breaking down your goals means that you can, not only, quantify whether you are being realistic in your approach.
Also, it means you have a specific way of tracking your performance towards achieving that goal.
For example, “I want to move house before summer”. This is (highly likely) to be a SMART goal as it gives you more or less 6 months to achieve the end result, it has a specific timeframe and it is measurable.
Setting stepping-stones to meet your goals
Many goals require mini-goals to be build in as part of the process. It is unlikely that you will be able to move house by summer unless you have first, sold your house, saved for the deposit, found the house you want to move to, checked your finances, organised the new mortgage, researched delivery companies or storage solutions, and so on and so on.
By setting stepping stone goals, also with SMART applied, then your main goal becomes even more achievable.
So, whilst the evenings are dark, why not think of 5 goals you would like to achieve this year, relating to your finances?
- Write down your goals
- Make them SMART
- Add stepping stone goals
- Make them SMART too
Speak to our team to help you meet your 2017 financial goals
We can help you meet your 2017 financial goals if we know what they are. Speak to one of our team and we can create a bespoke financial plan for this year, including assessing your mortgages, savings and retirement plan.
Tel: 01403 780 770
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