Financial planning is the foundation of the rest of your adult life, and your decisions today will affect when you retire and the financial security you enjoy. The average person in the United States has nearly $6,000 in credit card debt.
One of the best ways to get your finances on track is to follow SMART financial goal examples. Setting goals provides a measurable mile marker to assess your progress and change course when necessary. Your personal goals will make you happy when you review your monthly bank statement.
If you’re ready to measure progress with your finances, you’ve arrived at the perfect place. Continue reading to learn about five SMART financial goals today!
1. Create Emergency Funds
Emergencies happen, and while you can’t prevent them, you can remain prepared for these unforeseen events. One of the best ways to protect your family and finances is by putting money into an emergency fund.
It’s a good rule of thumb to save three to six months of living expenses for emergencies. You can add your emergency fund to the list of the top SMART financial goal examples to follow.
2. Pay Your Credit Card Debt
A growing bank statement for your credit card is daunting. Setting goals to pay off what you owe quickly is an excellent way to reduce stress, boost your credit score, and reach your personal goals.
Research your top options, like the Snowball method and debt consolidation. The experts at Fontana Financial Planning will guide you toward reaching your goals and building wealth.
3. Maximize Retirement Savings
Compound interest is one of the best tools when setting SMART financial goals. The earlier you put money into a Roth IRA or 401k, the sooner you’ll accrue the money you need to retire.
These accounts help you defer paying taxes on your retirement savings. The interest and regular contributions will help you grow money at an astounding rate.
4. Set a Budget
Setting a budget is one of the essential SMART financial goals to use. Look at your bank statement and identify where your money is being spent.
Look for recurring expenses you can eliminate to add to your savings or find cash you can invest. Your budget will help you reach your personal goals.
5. Boost Your Income
Adding a side hustle or part-time job will help you increase your monthly income and savings. Find something you enjoy that allows you to supplement your income, reach your personal goals, and measure progress.
Use These SMART Financial Goal Examples Today
Setting your finances up for comfort and security is essential to living your best life, and it starts with SMART financial goal examples. Set a budget to determine which expenses you can eliminate, and look for ways to boost your income with side hustles and part-time work. Create an emergency fund to cover your living expenses in an emergency, and start setting goals to pay your credit card debt.
Learning to make money begins with discovering how to make your money work for you. Check out our Financial guides for tips and advice on how to build wealth today!
