HOW TO SET SMART FINANCIAL GOALS THAT ACTUALLY STICK
- KidVestors
- May 21
- 5 min read
Updated: May 24
What You'll Learn:
We’ve all heard the saying “a goal without a plan is just a wish,” right? That couldn’t be more true when it comes to your money. Whether you're saving for your first bike, planning to buy your dream house, or aiming to invest like a pro, financial goals help turn those dreams into action.
But here’s the thing: just saying “I want to save money” isn’t going to cut it. You need a clear game plan. That’s where the S.M.A.R.T. method comes in. It helps you create financial goals that are Specific, Measurable, Achievable, Relevant, and Time-bound. In this post, we’re breaking down how to set smart financial goals, what they look like, and how you can actually reach them.
What Are Financial Goals?
Financial goals are simply the things you want to achieve with your money. It could be something short-term like saving $50 for a video game or long-term like owning a car or paying for college.
At their core, financial goals help you:
Make smart choices with your money
Stay focused on what matters most
Track your progress
Build habits that last a lifetime
They’re the “why” behind every budget, savings jar, or investment plan.
How to Set SMART Financial Goals Using the S.M.A.R.T. Method
Ever made a goal and then completely forgot about it after a week? (We’ve all been there.) The problem isn’t your motivation, it’s the way the goal is set up. That’s why the S.M.A.R.T. method is such a game-changer. It gives your goal structure and makes it stick.
S – Specific
Be clear and direct about what you want. Instead of “I want to save money,” say, “I want to save $100 for a pair of sneakers by the end of next month.”
M – Measurable
You need a way to track your progress. If your goal is to save $100, you can measure how close you are with every dollar added.
A – Achievable
Keep it realistic. If you’re earning $10 a week from chores, saving $500 in a month might not be doable—but saving $40? That’s more like it.
R – Relevant
Make sure your goal actually matters to you. If you’re saving just because someone told you to, it won’t stick. Ask yourself, “Is this something I truly care about?”
T – Time-bound
Deadlines create urgency. “I want to save $100 in 3 months” gives you a clear timeline to work toward.
Putting It All Together
Let’s turn “I want to save money” into a S.M.A.R.T. goal: “I want to save $100 for new sneakers by putting aside $10 a week over the next 10 weeks.”
Boom. Now it’s specific, measurable, achievable, relevant, and time-bound.
If you are looking for the best accounts to begin saving, check out some of our recommendations.
SMART Examples of Financial Goals
Setting goals doesn’t have to be complicated, especially if you break them into short-term and long-term categories. Here are a few examples to inspire you:
Short-Term Financial Goals (1 year or less)
Save $50 for a birthday gift
Buy a new phone case or accessory
Build an emergency fund of $200
Pay off a small debt like a borrowed lunch allowance
Long-Term Financial Goals (more than 1 year)
Save $2,000 for your first car
Save $1,000 for a college or trade school fund
Put $1,500 into a custodial Roth IRA by your 21st birthday
Short-term goals are like practice runs for bigger goals: they help you build confidence and habits. Long-term goals teach patience and commitment.
How a Budget Can Help You Reach Your Financial Goals
What’s a Budget?
A budget is just a plan for how you’ll spend (and save) your money. It tells your money what to do before it disappears into random snacks and impulse buys. If financial goals are the destination, a budget is your GPS. It helps you map out your money and steer it in the right direction.
Why Budgeting Matters for Goals
Budgeting helps you:
Prioritize your spending
Find “extra” money you didn’t realize you had
Avoid going into debt
Stay on track toward your goals
A budget shows you:
How much money is coming in (allowance, side hustle, part-time job)
Where your money is going (spending vs. saving)
How much you can set aside for your goals
Let’s say your goal is to save $120 in 3 months. That’s $10 a week. If you’re making $15 from chores or babysitting, a budget will help you carve out that $10, track it, and adjust if needed.
How KidVestors Teaches Financial Goals (and Builds Character Along the Way)
At KidVestors, we’re not just about teaching how to create budgets—we’re all about helping kids and teens build the mindset and habits that lead to financial success.
Sure, we walk you through how to set financial goals using the S.M.A.R.T. method, but we also focus on the “why” behind those goals. Because it’s not just about saving money, it’s about growing into someone who:
Practices Patience
Rome wasn’t built in a day—and neither is a savings account. We help students understand that big goals take time, and that’s okay.
Delays Gratification
Spending all your money on snacks right now feels great—but reaching a bigger goal feels even better. We teach kids how to say “no for now” so they can say “yes” to something better later.
Prioritizes Needs vs. Wants
Understanding the difference between “I want it” and “I need it” is a lifelong skill. We help learners build that muscle early.
Builds Consistency
KidVestors uses games, rewards, and lessons to reinforce consistency. Even small progress counts and we show students how to track and celebrate it.
And the best part? We turn learning about money into a fun, gamified experience with avatars, real-life incentives, and a student dashboard that makes progress easy to see.
Setting financial goals doesn’t have to be complicated—but they do have to be intentional. The S.M.A.R.T. method gives you a clear, realistic, and motivating way to turn “someday” dreams into “right now” action steps. Whether you’re saving for a bike or building your first investment portfolio, it all starts with a goal and a plan.
And remember, KidVestors isn’t just here to show you how to save and spend—we’re here to help you grow into a confident, capable, and financially SMART individual. So start small, think big, and most importantly, stick with it. Your future self will thank you.
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