Applying SMART Goals to Personal Finance

What is the main difference between the two goal statements: 'I will get out of debt' and 'I will reduce my student loan debt by ten thousand dollars in twelve months'?

• The second goal is more specific.

• Neither goal is specific.

• The first goal is more specific.

• Both goals are equally specific.

Why did Kamila initially struggle with her student loan debt?

• She had too much debt.

• She did not want to pay it off.

• She did not have a clear plan.

• She had no income.

What does the 'S' in SMART goals stand for?

• Sustainable

• Simple

• Strategic

• Specific

What is an example of a specific goal?

• I want to buy a house.

• I will be rich.

• I will save $5,000 in the next 12 months.

• I want to save money.

Why is it important for a goal to be measurable?

• So it is easy to remember.

• So you can tell others about it.

• So it sounds impressive.

• So you know when you have achieved it.

What does the 'A' in SMART goals stand for?

• Affordable

• Ambitious

• Adaptable

• Achievable

Why should goals be realistic?

• To make sure they are relevant to your personal situation.

• To avoid setting too many goals.

• To ensure they are easy to achieve.

• To impress others.

What does the 'T' in SMART goals stand for?

• Tangible

• Thorough

• Timeless

• Time-bound

What can happen if a goal does not have a time frame?

• You will achieve it faster.

• It will become more important.

• You may forget about it.

• It will be easier to achieve.

What is the purpose of setting SMART goals?

• To make goals sound impressive.

• To ensure goals are easy to achieve.

• To create a clear plan to achieve goals.

• To set as many goals as possible.