Final answer:
In the SMART acronym for goal setting, 'M' stands for 'Measurable'. It denotes the importance of having criteria to measure progress toward the achievement of a goal.
Step-by-step explanation:
In the acronym SMART, which outlines the five requirements for an achievable goal, the 'M' stands for 'Measurable'. This means that a goal should have specific criteria that allow you to measure your progress towards achieving it. You should be able to answer the question 'How will I know when it is accomplished?' Goals that are measurable help you stay on track and meet deadlines while providing motivation as you see tangible evidence of your progress.
Beyond being measurable, the other components of a SMART goal include being Specific (S), Achievable (A), Relevant (R), and Time-bound (T). These criteria combined ensure that your goals are clear and within reach, making it more likely that you'll achieve them within a set timeframe. Ensuring that your goals are SMART is crucial, especially when making financial decisions for your future.