Question

Question

The Welch family has a goal to save to adopt a baby. They want to save $5,000 for adoption fees and other baby expenses by saving a portion of their income every month. Select all of the following suggestions which would best help the Welch’s improve their goal to meet SMART goal-setting standards.


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Answer 1

To create a SMART goal, the Welch family should ensure their goal is Specific, Measurable, Achievable, Relevant, and Time-bound. Here are some suggestions to improve their goal-setting standards:

1. Specify the timeline: Determine a specific timeframe in which they want to save the $5,000 (e.g., 12 months).

2. Break down the total amount: Calculate how much they need to save each month (e.g., $5,000 divided by 12 months = approximately $417 per month).

3. Set up a dedicated savings account: Create a separate savings account specifically for adoption expenses to track progress and avoid spending the funds on other expenses.

4. Assess monthly income: Review their monthly income and expenses to determine how much they can realistically save each month without straining their budget.

5. Plan for potential obstacles: Identify any potential challenges that might affect their ability to save (e.g., unexpected expenses) and create a plan to cope with those challenges.

6. Track progress: Regularly monitor their savings progress to stay motivated and make adjustments if necessary.

By incorporating these steps, the Welch family can improve their goal-setting approach in a way that aligns with SMART criteria.