By Jasmin Brown

BDO Debt Solutions

Making This Your Year of Change with SMART Goals

Jan 13, 2023 | 9:04 AM

“The views and opinions expressed in this article are those of the author and do not necessarily reflect the position of Pattison Media and this site.”

It is a new year, and that means a fresh start for us all.

We know that many people set new year’s resolutions, but we also know that the rate of success is quite low. A recent survey by Time2Play indicates that almost 70% of people fail to stick with their new year’s resolutions. The survey also showed that some of the top priorities were:

· Improving fitness and nutrition;

· Reaching financial goals by saving money, budgeting, and investing;

Riderville

Now for the Hard Part

Dec 10, 2025

Grey Cup!!!

Everything you wanted and more

Nov 21, 2025

Ferland earns Grey Cup ring

'A wonderful human being': High school coach thrilled Logan Ferland is a Grey Cup champion

Nov 17, 2025

· Growing careers; and

· Improving relationships with friends, family, and partners.

If one of your priorities in 2023 is getting your debt and finances under control, it helps to go beyond just a new year’s resolution and set some goals.

The advantage of getting started now is that you have an entire year ahead of you to reach your goal.

A very popular goal setting approach is creating a SMART plan (Specific, Measurable, Achievable, Realistic, Timely).

Here’s how you create a SMART goal:

· Specific: What you are looking to accomplish? For example, you may want to pay back one of your student loans, reduce your credit card debt with the highest interest rate, or start an emergency fund.

· Measurable: How much do you want to pay down, or save? For example, you may decide to repay half of your remaining student loans, or save $85 a month for emergencies. Did you know that by saving $85 a month, you would have a little over $1,000 saved in one year?

· Achievable: Will you be able to complete your goal? For example, if you plan to pay back a student loan, confirm what the exact amount is and how you plan to accomplish your goal. Don’t set a goal that is too difficult, or potentially impossible to achieve.

· Realistic: Are you financially comfortable with your goal? For example, if you have other financial responsibilities to consider such as rent, or a car payment, set an amount that you will truly be able to commit to, without feeling overwhelmed or stressed, but that still helps you make progress you can be proud of.

· Timely: How long will you need to accomplish this goal? For example, in one year I will have reduced my student loans by half, or at the end of the year I want to have $1,000 in my emergency fund.

Once your SMART goal is set, allocate some time each week, or each month to review your progress. If you find, at any given time, that you weren’t able to save or pay down as much as you had planned, try to make up the difference in the remaining time you have to still reach your end goal. A great way to add to your savings or pay back a loan is by setting up automatic payments. You never really have to think about it, the work is done for you.

The key to setting short or long-term goals is understanding that it will take time and dedication, but when you stick to your plan, the end result will be worthwhile.

If you are having trouble making ends meet each month, finding the right debt solution can help. Visit the BDO Debt Solutions website for more information about bankruptcy, or call 1 855 BDO DEBT to book a free, no obligation consultation.

Jasmin Brown is a Senior Vice President overseeing the insolvency practice in Saskatchewan. She is committed to providing creative and practical debt solutions with empathy, understanding and professionalism to help people overcome their financial difficulties.