State exactly what is to be done with the money involved

Specifically state when the goal will be reached

Create a step‐by‐step plan outlining exactly how the goal can be reached

Write the exact dollar amount

Think through the trade‐offs and opportunity costs to analyze the consequences of your goal to make sure it isn’t unrealistic

Whats missing: I plan to save $1,500 to buy a used car. I will do this by canceling my home cable service and saving that $75 each month instead.

Whats missing: I plan to save $2,500 by automatically depositing $105 from my paycheck into a savings account each month for 2 years.

Whats missing: Instead of signing up for a cell phone plan, I will save that money to buy a new computer in one year. I will do this by saving the $50 I would have spent on the cell phone bill every month.

Whats missing: I will have $500 within the next three months for a prom dress by giving up getting my nails done every other week.