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How to set SMART goals
Once you have an idea of what you’re saving for, it’s time to move into the more important part: how are you going to get there? The best way to get a goal to work for you is to make it SMART.
Specific – There’s a big difference between a “holiday” and “a year-long extreme sports adventure”. What exactly do you want? And why? It’s easier to reach your goal if you know exactly what it is.
Measurable – How much money do you need exactly? Set a defined dollar target so that you can measure your progress and see the finish line.
Achievable – Is your goal one you can actually achieve? Think about what the next few years ahead hold for you – is there room in your income, expenses and other goals for a new car, for example? Or will other things take preference?
Realistic – Perhaps you could save $30,000 for a car in the next few years, but is a brand new convertible with all the trimmings wishful thinking? Maybe. Maybe not. Aim high, but be realistic.
Timely – When do you want a new car by? Setting a specific time frame puts a bit of healthy pressure on you to consistently work towards your goal.
Download our SMART Dream Board worksheet (PDF) to make a visual plan of your goals and how to get there.
Brain hack
Ever heard of the Planning Fallacy? This trick of the brain means we can be too optimistic about the time it will take to complete a future task, and end up underestimating it. When it comes to saving, this comes up when we’re unrealistic about how long it will actually take to save our target, or how much we can really afford to save along the way. The result? Falling short or giving up on our goal entirely.
Setting SMART goals is one way to overcome it because it makes you really think through how realistic it is. Or you could use the savings calculator below to see exactly how much you’d need to be able to save to get there in your desired timeframe.
The information set out above is general in nature and has been prepared without taking into account your objectives, financial situation or needs. Before acting on the information, you should consider whether the information is appropriate for you having regard to your objectives, financial situation and needs. By providing this information ANZ does not intend to provide any financial advice or other advice or recommendations. You should seek independent financial, legal, tax and other relevant advice having regard to your particular circumstances.