At G.I.F.T.’s core is a modest but crucial financial advice: Everything starts with a goal.
When setting goals, it is essential to understand your current state and what truly matters to you. A purpose, or your “why,” serves as a compass for the goals you ultimately set.
Have an honest conversation with yourself. Define what success and joy mean to you. Take a moment to reflect on your current life situation, particularly in terms of finances, career, or relationships.
Ask yourself where you want to be. Out of unmanageable debt? Having ample investments? Building a home for a future family? Keep in mind that your goals–in the short- or long-term–should still reflect what fulfills you. This makes goals purpose-driven.
Purpose-driven goals enable you to take more effective steps and become more disciplined, thereby increasing your chances of success.
To avoid being overwhelmed, consider adopting methods such as the SMART framework.
Give yourself a SMART GIFT this year
To ensure financial goals are practical and achievable, consider the SMART goal-setting framework:
- Specific: Clearly define goals.
- Measurable: Set a specific and quantifiable target to achieve.
- Achievable: Ensure goals are realistic and attainable within the current financial situation.
- Relevant: Align goals with overall financial objectives, lifestyle, and values.
- Time-bound: Identify short- and long-term goals. To stay focused, set a deadline for achieving them.
Examples of SMART financial goals:
- Instead of: "I want to reduce my bad debt." Try: "I will reduce my total debt to PHP 10,000 by the end of the year."
- Instead of: "I want to build my retirement fund." Try: "I will save PHP 5,000 each month for the next 12 months and set aside a portion of my bonus to fund a high-yield retirement account.”
The SMART framework helps create financial goals that are more focused, motivated, and likely to be achieved. It also alleviates the pressure of attaining an incredibly challenging goal within a tight deadline. By giving oneself a SMART goal, one can pace properly and still enjoy what life has to offer.
Taking proactive steps improves financial well-being. One not only enjoys a hassle-free holiday season but also lays the foundation for a brighter economic future.
Remember, financial mindfulness is about intentional spending, saving, and investing. Start now! Join the #EarlyGIFT Challenge - a simple step toward achieving your goals. Check out #EarlyGIFT on Metrobank’s Instagram story highlights and click the “Add Yours” button to take on the challenge.
Earnest Learning talks more about goals and financial mindfulness in a free e-book.
Disclaimer: This article is for general information purposes and does not constitute formal financial advice. Always do further research before making financial decisions.
Learn more about the other G.I.F.T methods:
I - Invest your bonus
F - Follow your budget
T - Take advantage of deals