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Reach Your Financial Goals by being SMART

It is common to hear people say that “[their] dream is to buy a house or to have more savings”.  Yet, many people feel their dreams are unattainable or aren’t meant to be. Sometimes you may give up before you even start.  It doesn’t have to be like that. By setting goals, your dreams can become a reality!

Working with a financial counselor is a great way to discuss and set goals. A counselor can give you easy workable tools to help set short and long-term goals that can help you achieve your dream.

The above graphic is a quick look. Let’s take a closer look at each letter.

S- Specific. Your goals need to be as specific as possible to be most effective. If you want to save money just to save money, that’s too broad of a goal. Make it more specific like, “I want to save $300 within six months.”

M- Measurable. This means that you can keep track of it and count the progress you’ve made. Using the goal of saving $300 within six months, this means you will have to save $50 each month, so you can measure this by seeing your bank account balance increase month after month.

A- Achievable. This means that you can actually make it happen. If you only have enough to save $25 a month, it is very unlikely that you’ll save the $300 within six months. And that’s OK. It’s important you do what you can.

R- Relevant. This refers to how important the goal is to your life, your values, and bigger goals. Your goal will be more motivating and achievable if you really feel passionate about it.

T- Time-based. Your goal has to have a start date and an end date. If something won’t be achievable for a few years, you’ll want to break down that goal to smaller goals that are more achievable in a shorter time frame.

Please remember that your goals or circumstances can change. NYLAG financial counselors are here for you to help at any stage in your financial journey. Working with a financial counselor is a great way to discuss and set goals. A counselor can give you easy workable tools to help set short and long-term goals that can help you achieve your dream.

Are you a current client? If you need to revisit or set your goals, please reach back out to your counselor to set an appointment to discuss. If you don’t remember who your counselor is, please send us an email. 

Don’t yet have a counselor? Make an appointment now.

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