New Year, New Financial Game Plan for Success

Did you know that approximately 90% of people abandon their goals each year? That means out of 100 people, only 10 achieve what they set out to do. Let’s change that! In this blog, we’ll explore why goals often fail, review SMART goals in the context of financial objectives, and share strategies for success to apply in 2026.

Why Goals Fail

Not reaching a goal is common—and often frustrating. Several factors contribute to this, including:

Instant gratification: Many goals require long-term commitment, which can feel overwhelming.
Poor tracking: Without monitoring progress, goals can become vague and unstructured.
Lack of support: Having no accountability system makes it easy to quit.
Stress and fear of failure: Fear is natural—I (the author) don’t want to fail either!

Before we dive into solutions, let’s start by understanding what makes a goal effective.

SMART Goals

A teen holding cash and a credit/debit card. UF/IFAS Photo by Tyler Jones

Last year, we released ‘New Year, New Budget’ (https://blogs.ifas.ufl.edu/stlucieco/2025/01/08/new-year-new-budget/) through UF/IFAS Extension St. Lucie County, which included a section on goal setting. This year, let’s take it further! SMART stands for Specific, Measurable, Attainable, Relevant, and Timely. Here’s how each element works:

Specific

Your goal should be clear and detailed.

- Good Example: Over the next 10 years, save money for retirement so I can live comfortably.
- Needs Improvement: Save money to retire.

Measurable

Include a way to measure progress.

- Good Example: Save $5,000 within the following year.
- Needs Improvement: I want to save money.

Attainable

Set realistic goals.

- Good Example: Achieve an excellent credit score above 800.
- Needs Improvement: Get a perfect credit score of 850.

Relevant

Make sure your goal aligns with your priorities.

- Good Example: My goal is to buy a home; therefore, I want my credit score to be 700 or higher.
- Needs Improvement: My goal is to save money; therefore, I want my credit score to be 700 or higher.

Timely

Attach a reasonable time frame.

- Good Example: I will run a mile in less than 7 minutes within 6 months. My current mile time is 11:54.
- Needs Improvement: I will run a mile in less than 7 minutes by next week.

Pink Piggy Bank with coins and bills scatter on the floor. — Consider where your money is spent and how often. UF/IFAS Photo by Tyler Jones

Strategies for Success

Create a SMART Goal – Detailed goals help you build a clear game plan.
Make a Financial Game Plan – Schedule monthly or weekly check-ins on your calendar.
Track Your Goals – Use apps or journals to monitor progress over time.
Find an Accountability Buddy – Whether it’s a friend, family member, or an app, accountability matters.
Be Flexible – Life happens! Modify your goals when necessary.

Your Financial Game Plan for 2026

Setting goals is easy; achieving them takes planning, persistence, and flexibility. By creating SMART goals and using these strategies, you’ll be better equipped to make this year your most successful yet.

References:

Höpfner, Jessica & Keith, Nina. (2021). Goal Missed, Self Hit: Goal-Setting, Goal-Failure, and Their Affective, Motivational, and Behavioral Consequences. Frontiers in Psychology. 12. 10.3389/fpsyg.2021.704790.

Torres, N. I., Turner, J., & Williams, B. C. (2012). Building a Spending Plan: Step 1 – What Are Your Goals? FCS7167/HE821, rev. 7/2012. EDIS, 2012(8). https://doi.org/10.32473/edis-he821-2012

Featured Image: UF/IFAS Photo by Thomas Wright.