So What Exactly is the
Definition of SMART Goals?

The definition of SMART is:

Specific...Measurable...Achievable...Relevant or Realistic...Timely

Let's look at each one in turn.

Specific: There should be no doubt when you have reached your objective. For example, "My goal is to get to London". Or, "My goal is to earn £3,000 (approx $6,000)".

Measurable: Can you measure your goals? The two examples above are both Specific but not particularly measurable.

For instance, where in London are you heading? It's a big place! Will you have achieved your goal the minute you reach a London postcode, or were you headed towards somewhere more specific and more measurable? For example, Selfridges in Oxford Street or Harrods in Knightsbridge (great shopping in either!). People who set smart goals obviously become smart shoppers too!

And how will you measure earning £3,000? Is that £3,000 in total at any time? £3,000 a year? A month? A week? A day?!

Perhaps your specific goal is to be free of debt. What does that mean? What are the numbers behind that? Is it to clear a £100 overdraft...or to clear the £200K mortgage and £40,000 worth of credit cards and loans?

This is the part of the definition of SMART where we quantify our objectives so that we can measure our achievements against them.

Achievable: Can you achieve your goal with your current circumstances/resources/skills? If my goal was to become a brain surgeon (both specific and measurable), do I personally have the resources to achieve it? Hmmm. Well, I don't have the qualifications...but I could take those. However, I'm actually quite squeamish and, although I'm fascinated by how the body works, I really don't want to be poking around in people's heads. So not that achievable for me to do.

If there are some things that you can do, skills that you can learn, people you can meet to help you get to your desired goal then that's OK. But, if it's not actually within your personal resources to achieve it, then it's not an achievable goal.

Your goal may require you to work 10 hours a day. But if you have pre-school children (I have two, so I have first hand experience of this!) then it's just not going to happen.

NB Becoming financially debt free may seem like it's unachievable..but it IS achievable for anyone given time and effort.

Realistic/Relevant: The definition of a SMART goal should probably have two 'R's in it as we have a choice now. How realistic and/or relevant is your goal?

You want to be earning £3,000/$6,000 a month? Great!

You want to be earning it next month, when you're earning £300/$600 a month now? Not so realistic!

You're not at all interested in money? Then this goal would not be relevant to you.

If you need £3,000 to pay off your credit cards - then it's entirely relevant.

Give some thought to how long your goals will take to reach. Earning £3,000 a month within the next 12-18 months would be far more realistic. So would becoming debt free within the next 5 or 10 years. I'm not saying that you can't have big dreams and high hopes. Or that people don't achieve their goals incredibly quickly. For the most part though, we mortals have to set a realistic path.

But it's your decision. Don't let me stop you. Just don't set yourself up for disappointment.

Timely: Put a (realistic) date on the end of your goal. For example, to earn £3,000/$6,000 by 31st December 20XX.

If you haven't achieved your goal/objective by this date, then you'll need to look at why you haven't achieved it. And adjust your goals and plans accordingly.

The definition of SMART goals means that you can write great and meaningful goals for yourself. Ones that you can get excited about, and work hard to achieve!

Writing Smart Goals is a balancing act. You need to look at the definition of SMART as a whole: all the elements of it interlink with one another to give you a well balanced goal that is Specific, Measurable, Achievable, Relevant and Realistic, and Timely. In other words, a SMART Goal!

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