Set your “SMART” financial vision for 2022

At the end of last year or per­haps at the start of 2022, many of you made a vision board. Well, get that vision board out! Achiev­ing your financial goals relies first on envisioning them and creating opportunities. But, like anything in life, it takes a solid plan of at­tack to reach the goals you have set for yourself.

Whether you want to pay off debt, build up your savings, save for retirement, or set aside funds to take your dream vacation, set­ting SMART financial goals in 2022 is key to achieving any mon­ey target. SMART goal setting turns undefined intentions into concrete, actionable and attain­able plans.

SMART stands for specific, measurable, achievable, realistic, and time-based. Here are some tips on how to set financial objec­tives using the SMART method:

Specific: State your goal suc­cinctly and clearly. This should be a detailed vision. The more spe­cific your goal is, the more likely you are to plan for it and achieve it.

Measurable: Assign a figure, be­ing as accurate as possible. This could be a numerical number, but it’s a measurement that leaves no doubt about whether or not you’ve achieved your goal.

Achievable: This is where you combine the dream board with re­alism, ensuring that the goal you have set can be reached and isn’t too lofty.

Realistic: Even if it’s within reach, does it make sense? What are the trade-offs? Is this a goal that will benefit your long-term future?

Time-based: How long is it going to take to achieve this goal? The answer (or estimate) will tell you if it’s a short, medium, or long-term goal. Forecasting important factors like your future income, inflation rate, and the potential return on investment becomes more import­ant the longer your time horizon is.

Setting financial goals doesn’t have to be hard, it should be ex­citing! Maintaining a solid bud­get aligned to your goals puts you on a path toward accomplishing your goals!

Atled Financial is here to help if you need a second opinion or want to discuss your financial goals in more detail.

Connect with Delta Jones-Walker and Atled Financial on Facebook, Twitter: @Atled_Financial and LinkedIn! To schedule a complimentary consultation or a presentation to your group or organization, call 219-513-3710 or email [email protected] and mention this column. Topic ideas for this column are welcome!