SMART Goals are well, smart!

In chapter 1 of the Personal Finance textbook we find the definition of a SMART goal.  The best goals are S-M-A-R-T in the sense that 

The more specific, measurable, action-oriented, realistic and time-sensitive your goals are, the more likely they will be realized during your lifetime.  For further explanation, please review the author's discussion about SMART goal setting in her text by clicking on this link.

Here is a flow chart for the process of setting a SMART goal:

For an example of how to apply a SMART plan to a real life example, please click on this link to access a spreadsheet that helps you calculate the cost of purchasing a big ticket item (such as a car).