Final answer:
The acronym for goal setting that is recommended is SMART, which stands for Specific, Measurable, Achievable, Relevant, and Time-bound. These criteria help in creating clear and attainable goals with a structured plan to achieve them.
Step-by-step explanation:
The acronym to remember for goal setting is SMART. This stands for Specific, Measurable, Achievable, Relevant, and Time-bound. SMART goals can help you make decisions that will positively impact your future financial planning.
A SMART goal is Specific in that it outlines exactly what is expected, avoiding vagueness. It is Measurable in that progress toward achieving the goal can be quantified. It is Achievable, meaning that the goal is realistic and that any barriers could be overcome with proper planning. Additionally, it is Relevant to your other goals or overall purpose. Finally, a SMART goal is Time-bound, having a specific deadline or target date that enables you to monitor progress effectively.
An example of a SMART goal could be 'To become an office manager within the next 2-3 years with a salary increase of 10-15%, possibly within the same organization.'
Once your goal is established as SMART, you then create an action plan listing the steps needed to achieve it. This provides clarity, momentum, and maintains motivation.