Tackle Your Debt in 2018 Using SMART Goals



Now that we’re a few weeks into 2018 and you’re thinking about your goals or resolutions for the year, it’s the perfect time to reflect on where you sit financially and tackle your debt. Perhaps, you have already set out to be more physically fit by signing up for those hot yoga classes, or are tapping into your mental wellness by dedicating five minutes to meditation. While these are all great goals, why not round out 2018 by focusing on improving your financial wellbeing?

With any goal, financial or otherwise, it takes thoughtful planning and organizing to be carried through.  Avoid delays in your achievements by setting SMART goals to keep you focused, organized and on track for success. SMART goals are one of many goal planning tools that can be used to organize and track your financial progress throughout 2018.

SMART goals consist of 5 key components. They must be Specific, Measurable, Achievable, Relevant and Time-Bound. When developing your SMART goals, keep these helpful tips in mind:

1. Be specific about what you want to accomplish. Think about “what” is important to you and why?

2. Make sure the goal is measurable to help track your progress. Assign numbers or percentages to your financial goal, like “paying down $10,000 of debt” or “saving 10% of each paycheque”

3. & 4. Have an achievable and realistic goal. Think about the factors that are outside of your control and how those factors could impact your success.  If the goal isn’t realistic, think about what is achievable and plan from there.

5. Set specific milestones throughout the year to measure your progress.  For example, if your goal is to build an emergency fund, think about how much you want to have saved in 3 months’ time. At the end of each quarter, check-in on to see if you’re meeting your goal..  If you’re on track, great – keep doing what you’re doing. If not, make adjustments to ensure you reach your target at the next check-in point.

To make planning SMART goals easier, check out online goal tracking tools like Goal-Buddy.com.


Staying motivated to achieve these goals can be difficult, especially when it comes to reducing debt and saving money. It’s easy for anyone to have set backs when it comes to financial planning, as it involves changing habits that can be difficult to break like spending less, learning to budget and putting a stop to using your credit cards.

To help you achieve your 2018 financial goals, our Licensed Insolvency Trustees shared their top tips kii.,/,to staying financially motivated:

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