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The SMART formula can be used on any goal you’re trying to achieve, but we especially love it for travel savings because it helps focus your efforts. Travel can get expensive, and it can be a bit overwhelming not only planning for it but especially getting motivated to set aside the discretionary dollars. We’ll give you a quick example of how we’ve applied to the SMART formula to an upcoming travel savings plan. First, the goal needs to be SPECIFIC. “We want to build a $3,500 travel savings account dedicated to a trip to Portugal in the spring of 2021.” Note: This is much better than simply saying, “We want to save more money for travel.” Second, the goal needs to be MEASURABLE. “We can measure this goal as a success if we reach the target $3,500 amount. Third, the goal needs to be ACHIEVABLE. “Can we realistically save $3,500 in the time necessary? Knowing our budget in and out, we’ve determined we can set aside $300 per month for 12 months, which should allow us to save $3,500 over an entire year.” Fourth, is this goal RELEVANT? “Since we have desires to travel more in general, saving a set amount of dollars for this trip aligns with our larger ambitions.” Fifth, is this goal TIME-BOUND? “Yes. We’ll need to save most of this amount by February in order to achieve our goal in time to book flights and Airbnb rooms for our trip.” This is an example of a real scenario we’re currently working on. Below is a photo of Porto, Portugal, one of the places we hope to travel when our goal is achieved! Try the SMART formula in thinking about your next trip! Once you have a clearly defined goal and plan in place, it will make all the difference in making it a reality.
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