Welcome to the 2021 SMART Savings Challenge. If you’re looking to save up for something specific or paydown debt in 2021, you’ve come to the right place. When your money goals are SMART — specific, measurable, attainable, relevant, and time-bound — you give yourself the best chance of succeeding. And when you join a group of people all working towards similar things, you give yourself an even better chance of making your goals a reality. Why not give yourself the best chance of succeeding and join the challenge!
To join, just leave a comment below with your SMART money goal for 2021. If you don’t have an account for our forums, you’ll be asked to make one before leaving a comment.
Starting in January, each month we’ll check in with you to see how you’re doing, give you some questions to help you process your progress, and encourage you along the way. You’ll also have the chance to share your updates with the other Goodbudgeters on the challenge with you.
If you’re still working to define your SMART goal, here are some possible goals to get you thinking:
- Pay off debt
- Pay off $5,000 on car loan by Dec 31 by paying a total of $416 per month for 12 months
- Save for vacation
- Save up $1,500 for a vacation in the woods by July 1 by setting aside $250 per month for 6 months
- Build an emergency fund
- Set aside $100 per month for 12 months to build a fund of $1200 by Dec 31
- See more goal ideas here
Once you have your goal, be sure to put it into Goodbudget:
- Name your goal by adding a Goal Envelope or by creating (or updating) a Debt Account for your pay off plans
- Set a target number
- Decide how much you’ll contribute each month
- Check that this fits with the rest of your budget
Leave a comment and let us know what your goal for the 2021 SMART Savings Challenge is!