Wednesday, November 10, 2010

Creating SMARTER Goals

I've heard Gail Vaz-Oxlade say on the new show Princess, that a goal is just a dream until you fill certain parameters of that goal.

A great acronym has been established to turn those dreams into goals.  My number one goal right now is to save a down payment for a home.  Here's how I will turn that dream into a goal and an ultimate reality

Specific - I will save for a down payment and closing costs for a 1 bedroom condo in Toronto.
Measurable - My savings will total $40,000; $35,000 for the down payment and $5,000 for the closing costs.
Attainable - My monthly income is $3,072 with approximately 45% going to essentials, this leaves 55% for long term and short term savings as well as my wants.
Realistic - In order to save $40,000 I will need to save approximately $1,300/month until March 2012.
Time Bound - I will have saved $40,000 by March 2012 (this date coincides with my end date for my current contract).
Evaluate - I will look at my budget each month and determine if I can increase my savings and decrease my spending.
Re-evaluate - At tax time when I receive my refund I will evaluate if that money can be re-invested into savings.

Challenge:  Turn one of your dreams into a goal by making it SMARTER!


  1. It's a great acronym to use. :)

    (I ADORE that show btw!! The one Princess I couldn't believe was Kezia. Awful.)

  2. Sounds like you are definately on the right track. I have find when my goals are "written down" they become a reality as I become more focused on them. Best of luck on your pathway to home ownership!