URBANA, Ill. – If you’re looking at ways of improving your finances in the new year, something called the “Smart Goals” method may be for you.
“Smart” stands for “Specific, Measurable, Agreed Upon, Realistic, and Timely,” and Andrea Pellegrini with the University of Illinois Student Money Management Center says starting with a specific objective is a good idea.
“Let’s say, because I know a large percentage of the U.S. adult population can’t cover a $400 surprise expense without borrowing or selling something they own, I want to have at least $1,000 saved toward my emergency fund,” said Pellegrini.
Much like Dave Ramsey tells you to do, weeknights on WMBD.
Pellegrini also says having a realistic timetable for reaching your goals is a good idea, as is making sure your partner or roommate are on board.
“You have to make a realistic goal,” said Pellegrini. “Particularly when it comes to finances, there’s only so much money. You don’t want to bank on winning the lottery. That’s not realistic.”
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