Managing your money wisely is the best way to make sure you and your family gain financial security.  Money management is also extremely important if you own a business. All business owners need to understand how money comes in and goes out of their business if you ignore budgeting details, your venture might not be successful. There are many similarities between budgeting for yourself and budgeting for your small business. When you understand the basics of money management for yourself, you will be more prepared to set up a budget for your company.

To manage your money wisely, start by setting financial goals and establishing a budget plan to help you achieve those goals. Financial goals are simply statements about things you wish you could afford; for example, you may have a goal to establish an emergency savings fund of $5,000 by the end of the year.

Take some time to think about what your personal financial goals are.

You will be able to accomplish your goals if you manage your finances and put money aside on a regular basis. The key is to setting financial goals that are Specific, Measurable, Attainable, Realistic, and Trackable (SMART). As you already know from this post, I love SMART goals.


State exactly what you want to achieve, how you’re going to do it, and when you want to achieve it. For example:

General Goal Statement: I want to save money next year
Specific Goal Statement: I want to save $2,000 for an emergency fund.


A financial goal should be measurable so you know when you have achieved it.

General Financial Goal Statement: I will pay off most of my credit card debt soon.
Measurable Goal Statement: In the next six months, I will pay two of my four credit card bills in full.


Make sure the financial goal is within reasonable reach.

General Goal Statement: I will save money.
Attainable Goal Statement: I will save $2,000 in a year by depositing $84 into my savings account every two weeks.


Is the economic goal realistic for you? Don’t ignore your limitations. Your economic goals need to be tasks that you can reasonably accomplish. If it’s not reasonable for you to deposit $84 into savings every two weeks, then decrease the amount of the deposit. Or if you feel like you can afford to save more, then increase the amount that you want to save for the year.

General Goal Statement: By managing my money well, next year I will become a millionaire.
Realistic Goal Statement: By managing my money well, next year I will be debt free and will have an emergency fund equal to three months of living expenses.


Your goal needs to have a timeframe or target date and being able to track your progress encourages you to keep going and reach your financial goals.

General Fiscal Goal Statement: I will increase my savings goal every year.
Trackable Statement: Each year I will save 10 percent more money than the previous year.

If you are SMART about setting financial goals, this will help you greatly to managing your money in a way that will provide financial security.

Ready to make your SMART financial goals?  Fill out the form below to get my free SMART Goals Guide which goes into greater detail about how to set your goals and use the accompanying Worksheet to plot out your goal.

Smart Goals Guide and Worksheet

Have you made any financial goals for next year? What are they?

You can read more in the Just a Girl with Goals series here.

Financial Goals



Comments are closed.