Money Mentor: Tips to help set your money goals

SMART money goals are simply goals that are specific enough with little or no ambiguity.

Attainable and relevant to you, this means it is not a one size fits all but fits well into your context.

Every SMART goal requires a time frame to achieve the goal to keep you disciplined enough to meet your goal.

How do you set your goals?

Know yourself: Align your money goals with your short and long-term vision.

Your plan should be unique to your needs and fit your context.

Be wary of setting your goals based on what a friend, colleague, or family member is doing; it may not work for you.

Knowing your risk tolerance determines how ambitious you are with your investment goals, for instance.Understand your short-term & long-term goals: It’s essential to understand the overall goals you want to accomplish in your life that require money. Not all goals are immediately needed to be achieved.

Some require more time and planning, and others can be executed immediately; therefore, determine project timelines for clarity.Seek professional advice: Consider consulting with a financial advisor or mentor who can provide guidance and expertise in setting and achieving your money goals.