The key to achieving success in anything is setting goals. Goals allow you to break up larger ambitions into smaller stepping-stones and successes. Setting goals at variable lengths of time also draws a map of where you need to get to as well as gauge your progression so that you can adjust your goals along the way as needed.

Goals can be dangerous as well since setting large or unrealistic goals can be discouraging when you are unsuccessful in meeting them. As well it devalues any of the hard work you may have put into the task. Setting the proper time horizon on a goal is also important in keeping you motivated to continue the path to success. If you set the goal too far into the future you either put it off until its too late to achieve the goal or you lose interest and consider the entire thing a failure.

Luckily people have come up with a way of helping you set SMART goals. SMART goals being defined as Specific, Measurable, Achievable, Realistic, and Time-Bound. Great definitions for this can be found at Clever Dude Finances and Lazy Man and Money

My Financial Goals

Short term (1-6 months) - Save $21k for RRSP. I met my initial goal of having $13k by the end of the year, however at the last minute I decided to take advantage of my addition contribution room and tax bracket and now have to save another $8k in 2 months. It will be close and our net worth will do some funny things for the next couple of months since most of our savings is now in our tfsa.

Intermediate (6-12 months) - Increase our bi-weekly mortgage payment by 25% and a lump sum of $8k. We’ve already started this goal by canceling some unnecessary additions to the phone and cable bill as well as increase the amount each of us puts into our joint account. The lump sum will come from out tax returns.

Long term (12-24 months) - Save $30k for our emergency fund. This is about 1 year of living expenses for us and should be easily achievable as we account for $1k of savings as part of our joint bills.

My Blogging Goals

Short term (1-6 months) -Write 4 posts a week. I’m already finding this difficult to do. I have plenty of time off from work but I’m a major procrastinator. This will be a big accomplishment for me as I can apply this focus to other goals. Hopefully I will eventually get up too 6 or 7 posts a week.

Intermediate (6-12 months) - Have 100 subscribers. I don’t know how easily this will happen but I guess it all depends on my content and me maintaining my short-term goal.

Long term (12-24 months) - Have 250 subscribers. See intermediate goal.

My Health Goals

Short term (1-6 months) - Join a gym and go 3 times a week. So I’ve already joined a Good Life gym at a really good price through a deal that my fiancé has as a teacher. I don’t think I can start going until February because I believe the teachers union does a mass enrollment at that time. The key here is also getting over my procrastination.

Intermediate (6 -12 months) - Lose 30 pounds. I’m a fairly big guy weighing in at 215lbs (I’ve lost 5 pounds already) so this shouldn’t be too hard to achieve. I should be able to lose the first 10 pounds with some healthy changes to my diet and the next 20 should come off if I keep up my short-term goal. I need to achieve this goal to do the Ride to Conquer Cancer charity ride with my brother who is a 3-time cancer survivor. This ride is a 2 day event from Toronto to Niagara Falls and requires you to raise a minimum of $2500 dollars to participate. As well I need to lose weight for the upcoming wedding (everyone wants to look good in wedding photos). The ride is in June and the wedding is in July.

Long term (12 -24 months) - Get my weight to 170. This goal is health motivated as well as financially motivated. Not only do I want to live a long time but also once we get married we will be getting life insurance and want as low a premium as possible.

If anyone has any advise on helping me meet these goals (especially the blogging and health goals) please let me know.

-mfd-