As the new year begins, many of us set new goals for ourselves, and one of the most popular resolutions is around finances - to earn more and save more money. But how do we go about achieving these financial goals?

Monisha and Shirley from the podcast "Make it Shine, the Money Podcast" suggest using the SMART method.
SMART is an acronym that stands for Specific, Measurable, Achievable, Relevant, and Time-bound. By breaking down our goals into these five categories, we can create a clear plan of action for achieving them. In this article, we'll discuss four common financial goals and ways to achieve them using the SMART method.
1. Earn More Money
One of the most common financial goals is to earn more money. To make this goal specific, we could say, "Earn 15% more this year and put the additional money towards retirement." By setting a specific percentage, we have a measurable goal. To achieve this goal, we could negotiate for a raise or work towards a promotion at our current job. Additionally, we could explore other ways to make money, such as renting out a spare room on Airbnb or taking on side hustles like dog-sitting on Rover.
2. Save More Money
Another common financial goal is to save more money. To make this goal specific, we could say, "Save $10,000 in the next 12 months for a down payment on a house." By setting a specific dollar amount, we have a measurable goal. To achieve this goal, we could make a budget, cut back on unnecessary expenses, and set up automatic savings transfers.
3. Pay off Debt
Many of us also have the goal of paying off debt. To make this goal specific, we could say, "Pay off $20,000 in credit card debt in the next 24 months." By setting a specific dollar amount and time frame, we have a measurable and time-bound goal. To achieve this goal, we could make a budget, prioritize paying off the highest-interest debt first, and consider consolidating debt with a personal loan.
4. Invest More
Finally, another common financial goal is to invest more. To make this goal specific, we could say, "Invest 15% of my income into a diversified portfolio of index funds." By setting a specific percentage, we have a measurable goal. To achieve this goal, we could set up automatic contributions to a retirement account, research different investment options, and consult with a financial advisor.
In conclusion, setting financial goals is a great way to take control of your finances and improve your financial situation. By using the SMART method and breaking down your goals into specific, measurable, achievable, relevant, and time-bound categories, you can create a clear plan of action for achieving them. Whether your goal is to earn more money, save more money, pay off debt, or invest more, with a clear plan and determination, you can make it happen.
So, don't wait any longer, set your financial goals and start working towards achieving them today! Let's make this year shine when it comes to our finances! #NewYearNewGoals #FinancialGoals #SMARTmethod #EarnMore #SaveMore #PayOffDebt #InvestMore. Don't forget to check out Monisha and Shirley's podcast, "Make it Shine, the Money Podcast" for more tips and advice on achieving your financial goals. Remember, persistence and consistency is key!
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