Goal Setting Tips
To be able to reach your goal, here’s a goal setting tips for you to start with!
Be S.M.A.R.T. But before I drill down to what SMART is, let’s discuss first the following:
- Why goal setting is important?
Sometimes we don’t realize how important it is to set up goals. So, how important is goal setting? Goal setting is your drive to fulfill that desire of yours be that a career, family, finances, or leisure. This helps you motivate to reach your goals, a drive that guides you to focus, an action that leads you to new behaviors and sustains you to move forward to a brighter life.
From my personal experience, I always set up short-term/long-term goals. To give you an example, here’s my goal was like:
- I want my savings this year to reach 100k for my initial emergency funds.
- I want to open my in-laws an HMO (start small like cooperatives have a good deal of HMO offerings)
- I want my siblings to be insured
- I want to save up to 400k within 5 years to be able to go on pilgrimage when I reach 40.
- I want to open another account and set-up emergency funds
With these goals, I was motivated and once I fulfilled them, it is so self-satisfactory like I won a lotto jackpot. Also, we don’t just stop at setting it up. We should be committed and not lose focus to reach our goals. There may be circumstances that are unavoidable, we just need to tweak and adapt with the times keeping in mind our goal whether we may encounter hurdles along the way and slows down our pace. It is part of a learning experience.
2. The benefits of goal setting.
What are the benefits of goal setting?
- Compass. Goal setting gives you a sense of direction. It leads you where you want to be.
- Focus. It gives you focus whatever life throws at you.
- Light. It serves as your light to lead on that path.
- Decision making. It gives you clarity on what priorities to take. To help you decide if this will help you reach your goal or is this a detour.
- Fulfillment. This gives you self-fulfillment. A check on my bucket list.
- Purpose. It gives you a sense of purpose in life. A drive to go on with life.
- Control. It gives you control of your life.
With this reason and benefits, we now know what goal setting is.
To be able to set up goals, here are some goal setting tips for you. Goal setting should be S.M.A.R.T.
What does S.M.A.R.T stand for?
Let’s give an example: “My goal is to reach 100k on my savings this year for my initial emergency fund.”
SPECIFIC – Goals should be very specific or significant. In the above goal example above, it stated a very specific amount i.e. 100k.
MEASURABLE – Goals should be meaningful. It is something that can be identified exactly like to jumpstart an emergency fund.
ATTAINABLE – Goals should be action-oriented. With careful planning, it is attainable and not impossible.
RELEVANT – Goals should be rewarding. Choose a goal that is most important to you. This gives you focus and find ways to reach it.
TIMEBOUND – Goals should be trackable. There should be a timeframe like in the example within the year.
Here’s a printable Goal Setting sheet. You can download it and start setting your goals! Goal Setting
Note: If you want financial coaching, you can message @brighterlifephil on Facebook. A worksheet will be provided to you for you to follow. This is free and limited only.