Financial Literacy Month Blog 3: Establishing S.M.A.R.T. Goals
By Rachel Brumenschenkel ‘18
Do you find yourself spending too much money on coffee or food? Would you like to start saving more of your paycheck?
Establishing financial goals is one of the first steps you can take to create and stick to a budget. It is important that the goals you set are specific, measurable, attainable, realistic, and time-oriented. You may have heard these goals being called “S.M.A.R.T.” goals.
Why is it important to set S.M.A.R.T. goals? Hannah Edwards, senior biology major who is in the Personal Financial Planning course, said, “It is important to understand and set S.M.A.R.T. goals because you want to make sure your goals are reflecting upon your wants, needs, and availabilities. Especially as we are first stepping into the real world and having more serious financial decisions, you want to make sure you are using this system to set yourself up for long term financial stability. The FIN 125 course is really helping me to prepare for my future financial decisions.”
If you want more information about how to establish S.M.A.R.T. goals, follow the Twitter account @beaSMARTnugget that Hannah and her group created. They are tweeting tips about goal-setting during April. Be sure to look out for flyers around campus that give information about S.M.A.R.T. goals!