Any goal that can be measured gives you the tools to see if you have actually met it. Image: lovelyday12/Shutterstock.com
By: John GrobeYou probably have both made and broken New Year’s Resolutions for 2024 by now. In fact, Fall Off the Wagon Day took place back in early February. Why is it so hard to keep resolutions or to achieve goals that we set for ourselves? Because most of our resolutions and goals are not smart! Because we write about finances in this space, think about financial resolutions and goals, though you may feel free to think of other areas in which you want to improve.
SMART is, of course, an acronym, and we will look at the five criteria of a SMART goal.
• S is for specific. Don’t say that you’ll save more for retirement; rather, specify the amount you will save. If you save $5 more in 2024 than you did in 2023, you could view yourself as meeting the vague “save more” goal. How about a goal that commits you upping your TSP contribution from 5% to 6%, or even 7%.
• M is for measurable. This is akin to the above S for specific. Any goal that can be measured gives you the tools to see if you have actually met it. If you’re trying to lose weight, you can specify the number of pounds you want to lose, or use another criterion, like being able to fit into those pants that you used to be able to wear ten years ago.
• A is for achievable. Do not set an unreachable goal. I’m (or used to be) 6’ 3” tall. Even in my youth, a goal of playing basketball for the Chicago Bulls would have been unachievable. Perhaps a goal like not embarrassing myself in a senior basketball league would be more achievable.
• R is for realistic. This is similar to the above criterion. Is there any possibility of making the goal? If I’m a GS-7 employee, it’s likely that a goal of contributing the entire $23,000 elective deferral limit to the TSP would be unrealistic. Not so much if I were a GS-13. There are certain constraints that can hold me back from goals that others, with no such constraints, could reasonably achieve.
• T is for time constrained. Set a time limit on reaching your goals. Of course, the time limit should give you enough time to hit your goal, but it shouldn’t stretch it our over a lengthy period of time.
Net time you make resolutions or set goals, make sure they are SMART goals, you’ll have a greater chance of success.
John Grobe, President of Federal Career Experts, is an expert in the area of federal employee retirement and benefits. This expertise comes from his 26 year federal career in which he managed the retirement program in a 3,500-employee office of a large federal agency.
5 Steps to Protect Your Federal Job During the Shutdown
Over 30K TSP Accounts Have Crossed the Million Mark in 2025
The Best Ages for Federal Employees to Retire
Best States to Retire for Federal Retirees: 2025
Primer: Early out, buyout, reduction in force (RIF)
See also,
OPM Guidance Addresses Pay Issues arising During, After Shutdown
