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A Beginners Guide to Setting SMART Financial Goals in 2026

Photograph of a red dart landing on the centre of a black and white dartboard.

Have you ever made a new year’s resolution that has been completely forgotten about by February? 

Don’t worry, you’re not the only one.

Thankfully there is a simple five-part framework that provides a clear roadmap to achieving your goals. SMART goals can be used for setting goals in any area of your life and have been proven to increase your likelihood of success. 

To increase your chances of success your goals should be:

  1. Specific
  2. Measurable
  3. Achievable 
  4. Relevant
  5. Time Bound

Ok, so we know what SMART goals are, but why should we bother using this framework to build our goals? There are many benefits to setting SMART goals such as:

  • Helping you stay on schedule and achieve your goals on time.
  • Providing structure to help you stay focused on the end result.
  • Providing direction for your focus and reducing wasted time and resources.
  • Encouraging you to get out of your comfort zone and grow as a person.

Specific

Make sure your goals clearly identify what you want to achieve. This will make it easier to identify the steps you need to take to achieve your goal, help you direct your focus in the right direction and potentially save you time in the process. 

When setting SMART goals, make sure to ask yourself the 5 “W” questions:

  1. Who is involved in achieving this goal? Do I need support from others?
  2. What resources do I need?
  3. Where do I want to achieve this goal? (ie: budget, personal career etc.)
  4. When do I want to achieve this goal?
  5. Why do I want to achieve this goal?

Measurable

When working towards your goal, it’s important that you’re able to track your progress. This makes it easier to stay motivated and know if your current strategy is working or if you need to try tackling it from a new angle.

When setting your goal, make sure to ask yourself the following questions:

  1. What are the milestones to achieving this goal?
  2. Did I use more or less resources or time than I expected?
  3. How will I know what progress I’ve made?

Attainable

Make sure your goal is something that you can reasonably achieve. This will help to keep you focused and motivated.

When setting your goal, ask yourself the following questions:

  1. What steps do I need to take to achieve my goal?
  2. Are there any restraints that could prevent me from achieving my goal?
  3. Can these restraints be overcome, if so; what do I need to do to overcome them?
  4. Is this the right time to pursue this goal, are there events in my life that could have a positive or negative impact?

Relevant

Your goal should align with you or your personal long term aims or otherwise it could be a waste of time and energy to pursue this goal.

When setting your goal, make sure to ask yourself the following questions:

  1. Why is this goal important to me?
  2. Does this goal align with my personal aims?
  3. How will achieving this goal make me feel?
  4. What are the benefits of achieving this goal?

Time Bound

Give yourself a reasonable and realistic deadline in which to achieve your goal. This will help improve motivation and build the necessary steps into your normal schedule, increasing your chances of success.

When setting your goal ask yourself the following questions:

  1. Why is this deadline important?
  2. How much time can I dedicate to working towards my goal?
  3. How much time is required to achieve my goal?
  4. Is there anything that could impact the deadline of this goal?
  5. How can tasks be broken down to help me stay on track without getting overwhelmed?

Conclusion

When creating your SMART goals, consider utilising goal tracking apps, vision boards or templates to help you monitor your progress and keep your focus in the right direction. Remember it’s ok if your goal changes over time. Don’t allow yourself to be restricted by your goal.

Make sure to reach out to our friendly team for more information about how Thistle Credit Union can help you achieve your financial goals in 2026 and beyond.