We’ve all heard that headline before, right? But it never seems to work out.
The key with goals, and that means all types of goals, is being realistic. And a brand new year is a great time to get started with some practical, achievable financial goals.
So, we’re going to start 2022 with a few simple, sensible financial tips for job seekers and employees in all stages of their careers.
I think we would all agree that the SMART framework is a great place to start when it comes to setting goals.
In this post, we discuss the SMART goal framework for personal finances. We think our job seeker clients will find it helpful.
So what exactly does SMART stand for?
Specific – make each goal clear and specific
Measurable – frame each goal so that you know when you have achieved it
Achievable – you need to take practical action to achieve a goal
Relevant – determine whether your goals relate to your life and are realistic
Time-based – assign a timeframe to each goal so you can track progress
So let’s look at each element individually in the context of an entirely hypothetical, straightforward example. This is an example of a purely personal financial goal and would be over-and-above a corporate retirement vehicle like a 401k.
Ready to get started?
Set a simple, specific financial goal.
This should be as simple as “I’m going to put $50 aside per paycheck this year.” See how simple that was? Now make it easier on yourself and cut that initial goal in half!
Make sure your goal is easy to measure.
Set up a separate bank account, or subaccount, so that you can watch your savings accumulate. You could also buy a favorite stock in a brokerage account with your fixed savings amount. Just put your “mad money” somewhere where you can measure your savings and watch them grow.
If you completed steps one and two correctly, your goal should be achievable.
This is why we cut the original goal in half! If you easily hit this goal, you can consider increasing the amount.
You can start to see the funnel effect of SMART goal setting.
Your goal is now a relevant, reasonable financial plan because it started out specific, measurable, and achievable.
Look at your personal financial goal after six months. Did you hit your goal? Did you keep it simple, measurable, reasonable, and attainable? If so, rinse and repeat for another six months. If not, you may need to readjust a bit.
No matter what, keep your financial goals SMART.
No matter where you are in your career, it’s always a good time to start saving for a rainy day. It’s also a great idea to engage with a recruiter who understands your career goals, objectives, and capabilities.
Are you a business operations, analyst, or IT professional looking for a career change or your next dream job? Would you like to start forming some SMART career goals?
At mCubed Staffing, we help clients just like you find that perfect job every day! We might just have a great employer looking for a great candidate like you right now.
Call us today at (248) 817-2243, or get in touch online. Our expert recruiters are waiting for your call.