How to Set S.M.A.R.T Financial Goals

what are smart goals

We’re already in the second week of 2023 and it is time to set your goals for the rest of the year.

But this is where most of us face an issue!

Have you been stuck in an endless loop of setting a goal but not seeing it through? Do you get stressed out when you find the goal too hard to achieve? Do you give up midway because it is overwhelming?

We hear you and we have a solution! 

Despite your best effort, if most of these goals remain just goals, it is probably because you have not been following the right process!

Time to Set S.M.A.R.T Financial Goals

What if there is a science-backed method to set goals that you can actually achieve? Goals that are practical and measurable?

It is time to get smart about it and set S.M.A.R.T goals i.e., goals that are –

  • Specific
  • Measurable
  • Achievable
  • Relevant
  • Timebound

how to set s.m.a.r.t financial goals


Your goals have to be specific. The less vague and more specific they are, the better are the chances of being able to achieve it. 

For example, if your goal is to ‘save more’, then this is neither specific nor detail oriented. 

What are you saving for? What is the end purpose for the money that you have saved? These are important questions to ask.


If your goal is quantifiable (can be expressed as a quantity or clear numbers) and measured easily, you will be able to check its progress. 

For example, wanting to save more is always a good idea but what does ‘more’ mean here? What amount do you want to save?

If you have a specific number in mind, you have done the right thing!


This is perhaps the most important hurdle to cross. Is your goal achievable? Often, in our enthusiasm for setting goals, we keep them unrealistic and we end up losing motivation.

If your goal is to save money, is this amount achievable with relevant minor changes? Will you have to drastically alter your lifestyle to achieve this goal? Is it even possible?


It is important to set goals that can have a positive impact on your life. Making a plan for the sake of it or peer pressure will only make it harder to achieve. 

When you are inspired, genuinely believe in the goal, and understand the value it will add to your life, there is a higher chance of success.

For example, will the amount you want to save improve your life in some way?


Last but not the least, it is essential that you add a deadline to achieve this goal. Ask yourself how long it will take for you to achieve it. 

For example, how long will it take for you to save the amount that you want to?

This timeline will help you plan out all necessary steps, prevent procrastination, and keep you motivated. 

How to Set S.M.A.R.T Goals – Example

If your goal is to ‘save more’, here’s how you can turn it into a S.M.A.R.T goal –

examples of s.m.a.r.t financial goals

In Conclusion

Goal-setting is a popular activity that all of us dive into quite enthusiastically. But how many of us actually follow-through and achieve these goals?

In most cases, the problem is not because of lack of effort. If the goals themselves are unrealistic, it will be hard to work towards them as well.

If you set S.M.A.R.T goals, you give yourself a better chance of achieving them. You will have greater focus and more clarity. You can also use your time and resources more productively.

So this year, why not give this method of setting goals a try? If you have already done so, how has that worked out for you? Let us know in the comments below!

In the meantime, if any of your financial goals need a little extra help, you can always rely on instant personal loans from moneyview. Visit the website or download the app to know more!