Remember the SMART goal example used to payoff the $1,200 credit card balance?
“I will pay off my credit card debt of $1,200 within 12 months by taking lunch to work instead of eating out, and drinking regular coffee instead of expensive latte daily”
S = Specific
M = Measurable
A = Adjustable
R = Realistic
T = Time-oriented
Use the SMART goal activity to help payoff debt and to help build your savings.
When looking at Short-term, Medium-term and Long-term the definitions are up to you. Some examples would be Short-term lasting 12 months or less, Medium-term would be 1 year to 5 years and Long-term after 5 years.
Depending on your income frequency (weekly, bi-weekly, monthly), you could change the ‘Amount to Save Each Month’ to ‘Amount to Save Each Paycheck’.
The idea is to make this plan yours and to make it work the best that it can for you.