Goals can be personal, professional or a combination of both. In the late 1960s, Dr. Edwin Locke performed a study that showed a relationship between specific, difficult goals and improved performance. As cited by Mind Tools, performance improved when participants worked to attain a difficult but well-defined goal. When goals were easy or vague, no performance improvement was observed.
S.M.A.R.T. Goals
SMART is a goal-setting acronym. It stands for specific, measurable, attainable, realistic and timely. In some instances, tangible is substituted for timely.
Specific
Specific goals lead to greater success than vague ones. Make your goal as specific as possible. For instance, "Increase savings by 15 percent" is specific; "save more money" is not. The best way to set specific goals is to answer the 5 Ws about them: who is involved, what do you want to accomplish, where must it be done, when must it be done, and why do you want to achieve the goal?
Measurable
Establishing measurements for your goal increases the likelihood that you will attain it. Measurements provide the yardstick you need to determine your progress and stay on track. If your goal is to increase savings, your bank statement provides a solid measurement. There is no question how you are faring.
Attainable
Make certain your goals are attainable. Becoming a millionaire is an admirable goal. However, depending on your ability to earn and save, it may be nothing more than a dream. Establishing a challenging goal is worthwhile, but if you set it too high, you set yourself up to fail.
Realistic
In order to be realistic, your goal must be one that you are able and willing to work toward. A realistic goal can also be a difficult one. Locke's study proved that the harder the goal, the more performance improved in order to achieve it. Only you can determine what is truly realistic. Break down large or difficult goals into smaller steps or milestones. These "mini" goals help make the large one more attainable.
Timely
Goals that are timely are more likely to be achieved. Establish deadlines for your goals. Deadlines are true motivators. If your goal is to increase your savings, determine exactly how much you want to save by a specific date. For example, "save $1,000 by the end of the year" is timely. It allows you to calculate the steps needed to keep you on track.
Tangible
Tangible goals are ones that you can feel with one of your senses. Many successful goal achievers use visualization to make their goals tangible. If you want to increase your savings, visualize what the money or your bank statement will look like.
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