The Key to Setting Financial
Goals
Goal setting is motivational and spurs productive, positive action.
In fact, American psychologist Edwin Locke first introduced
Goal Theory in 1968. His report concluded that workers are
consistently more motivated in their jobs when they are striving to reach
specific goals. Goal setting also can be a catalyst for improvement in
managing finances.
To get squared away, most people understand they need to spend less
and save more. But without clear objectives, it’s challenging to know
how much to set aside. In addition, staying motivated and accountable
practically is impossible if you don’t know exactly your desired end
result.
But how do you set goals that will stick? Those with weight loss or
fitness goals might put an aspirational photo on the fridge as a visual
reminder. Over the years, vision boards—collages of images illustrating
your ideal life—have also become popular.
There’s nothing wrong with these motivational tactics, but it is just the
beginning. The next step is to break it down into clear-cut goals that
reflect what is important to you and encourage productive behaviors.
After all, goals without action are just dreams.
How to Achieve Financial Goals Using the SMART Method
Before getting started setting financial goals, consider the goal-setting
acronym SMART, which stands for Specific, Measurable, Achievable,
Relevant and Time-bound. Here are some reasons why applying the
SMART tool can help create more actionable goals.
condo on the Florida Panhandle with a part-time job” is more tangible
than simply saving for retirement.
emergency fund.”
but achievable so you don’t get discouraged and give up altogether.
relevant to you and your lifestyle.
bound goals help you stay focused and accountable.
It’s also helpful to separate short-term financial goals (such as paying
off debt) from long-term goals (such as buying a home, planning for
retirement or building a college fund for your kids).
Last, work with a professional. Career military families who have a
financial advisor reported an average of $213,818 in savings and
retirement holdings, according to the First Command Financial Behaviors
Index®
coach.
Real Hero Report | February 2020 | 5
Hope for Families with PTSD
Secondhand PS. Just like secondhand smoke permeates the
air around the smoker, secondhand PS permeates the life
of the family of the loved one ho struggles ith it.
he point became so real to me as read the story of Brannan
ines in s. ines eplains that aer years
of caring for her husband, Caleb, ho served to tours on the
front lines in Baghdad, Ramadi, and other hot ones, they ere
broke, and she as ehausted and suering from baleeld
nightmares. Shed become hyperalert, scanning every room for
eits and inching at loud noises.
hile serving, Caleb had been shot at and escaped doens of
eplosions. Her high school seetheart ho never ceased to
amae her hen they ere rst married, volunteered to serve
aer 11. He returned, suering from a traumac brain injury
and PS, unable to ork, and unable to cope.
She googled Caregiver PS and read that the stressors
brought on by caregiving for ounded veterans can cause the
caregiver to relive another persons trauma, especially in the
case of spouses. She didnt kno hether to feel vindicated or
terried.hey couldnt aord therapy. But hen her daughter began
ehibing symptoms of the same hypervigilance, she prayed in
the midnight darkness, ord is our hole family cursed ith
PS snt there anything you can do to help us hen it came
to her. She could start a ebsite. And then a name came to
mind, Family of a et. So, she put together an amateurish
ebsite. Suddenly, people began trading stories, insights, hurts
and hopes, one aer the other.
alking seemed to be catharc. By confronng her aniety,
ines felt reassured. asnt alone. as a part of a community.
And my struggles erent for nothing. She could help people
as she became hat d spent so many years looking fora
resource.
As ines related her story in 2015, things ere improving, but
her husband sll had a long ay to go. Caleb had goen a service
dog, named Shilo, and become part of a group of other veterans.
Family of a et has become a registered nonprot and is
making a B dierence.
s. ines in concluding the arcle said her anser as not just
a random thought. t as an anser to prayer. Her struggle had
become her strength.
She has poerful ords for all of us ho struggle ith trauma
as a survivor or a caregiver. ines says Caregiving is a bale. t
can give you PS. But e dont ght that bale alone. od gives
us one another. And in that gi, he gives us himself. AEN!!