How to Set Smart Financial Goals


Have you wanted to buy your forever home, but saving up for a down payment seems impossible right now? Perhaps you’ve wanted to be able to afford your dream car. Whatever your ultimate goal is, we are here to tell you that it is within your reach.

What most people lack is a concrete goal or strategy to help them achieve their financial wishes. Reaching your goals doesn’t need to be challenging. It will, however, take organization and discipline to make it to your goals. Good goals provide you with the motivation and strategy to reach your expectations. That is where S.M.A.R.T. goals come in. This term was coined by George T. Doran and has been beneficial to goal-setters for decades in the past.

This article dives into what S.M.A.R.T. goals are and how to bring them to life with your licensed insolvency trustee in Toronto.

What are S.M.A.R.T. goals?

Defining how to approach your finances is the first step in prudent planning. What you should be aiming for is ensuring that your goals are S.M.A.R.T., meaning that they are: Specific, Measurable, Attainable, Relevant, and Time-based. Let’s explore this in more detail below:


You need to flesh out exactly what you want to achieve, buy, or save for. Try to keep your goals as specific as possible because the more you’re in tune with your goals, the more likely they will come true. Consider the W framework: who, what, when, where, and why. This will help make your goal as specific as possible.

For example, if you’re looking to buy a car at the end of the year, try to get into the micro-details. Think about when you want your goal to come true, how you will use your car when you get it, and the best way to own it, for example, financing or leasing.


Metrics and standards go a long way in goal achievement. You need to make sure your plan is measurable to ensure that you can track its progress. Once you’ve clearly defined your goal in the previous step, the next move is testing how to make your goal a reality.

For example, suppose your dream car costs $20,000. You got your current vehicle appraised, and it will sell for around $4,000. Thus, the difference you need to achieve your goal is $16,000. If you wish to own your car in one year, you will need to save $1,333 each month.


Along with measurable and specific goals, another important factor is ensuring your plan is achievable. If it is unattainable or too tricky, then it might be demotivating and even cause some people to give up. Understand what you need to completely reach your goal and determine if you can change parts of your lifestyle to make your goals more attainable.


Another step in the S.M.A.R.T. cycle is to be realistic about your goals. Consider what will change after you achieve your goal. Is it really going to improve your life? Many people tell themselves stories of how much they want something or how much it’ll change their life. Make sure your goal is relevant to your current situation and provides a tangible improvement.

For example, many people would love to buy a Ferrari or Porsche. However, is it the most fuel-efficient option out there? Is it really the best choice for your commute? You might need a more efficient car for your needs or even no car at all.


The more you make your goal time-sensitive, the more likely you are to achieve it. Find a good balance between a time-based goal that gives you a sense of urgency while also being attainable. This will ensure you stay motivated instead of getting overwhelmed by the nearness of your goal.

For example, with the goal of buying a car in mind, how long can you commute to work without your car? Essentially, your time goal needs to align with your lifestyle habits.

How to Achieve Your S.M.A.R.T. Goals

The best way to achieve your S.M.A.R.T. goals is with the help of experienced professionals. Find a counsellor near you to pay off debt or save up money. Credit counsellors can help you with budget planning and assist you in fitting your S.M.A.R.T. goals into your lifestyle. If you’re struggling with debt, choosing a licensed insolvency trustee in Toronto is the best option. They can help you find the best solution for your situation. For some people, bankruptcy, debt consolidation, or consumer proposals may be the right options to explore before creating S.M.A.R.T. goals.

S.M.A.R.T. planning and programming are highly beneficial principles to apply to your life. Not only will you see your financial goals become more reachable, but a thorough understanding of this kind of thinking can set you up with financial literacy and freedom for life. Are you interested in implementing S.M.A.R.T. goals? At Kevin Thatcher & Associates, our team is dedicated to helping individuals regain control of their life. Our friendly staff has the right solution for you, regardless of your financial circumstances so reach out to us any time for a free consultation or to schedule a booking.

To set up a consultation or meet with a licensed insolvency trustee in Toronto, call Kevin Thatcher & Associates at 1-888-702-9801 or contact us here.

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