How to Achieve Financial Goals the FUN Way

SMART goals have been around for ages (ok, ok, since 1981). They’ve been as the holy grail of goal-setting: Specific, Measurable, Achievable, Relevant, and Time-bound. They've been the gold standard, and the personal finance community has jumped on board to say that using that template to set financial goals is best.

As a financial therapist, I used to uphold the SMART goals, too (gulp: it’s even in my book, The Financial Anxiety Solution). But I’m over SMART goals for your financial life, and I want to let you in on a far more liberating way to set money goals – FUN goals.

I stumbled upon the concept of FUN goals a couple of years ago, courtesy of the disability advocate Emily Ladau. She described FUN goals as flexible, uplifting, and numberless. I became obsessed with this philosophy, and realized it’s tenets were things I'd already been practicing in my financial therapy sessions.

SMART Money Goals

SMART goals are often incredibly rigid. And rigidity often breeds black-and-white thinking. They set us up for a pass-or-fail scenario, leaving little room for nuance or self-compassion. When we “fail” at achieving a SMART goal, we also fail to see the lessons we’ve learned, the growth we’ve had, or how much closer we are to our ultimate destination. 

Let’s say you set a SMART goal to save $300 in three months following the SMART goal template but only managed to save $250. With SMART money goals, you might think of this outcome as a failure. However, with FUN goals, you can appreciate your progress and remain motivated to continue moving forward!

FUN Goals with a Twist

While I love Emily’s approach FUN goal approach (reminder: flexible, uplifting, and numberless), when we are setting money goals, we do need a number. So I added an asterisk to Emily’s FUN goal template. In my world, a FUN goal is Flexible, Uplifting, and Numbers-based.

In our FUN goal-setting template, we need a few things: the cost of the goal (numbers-based), the number of months until the goal (numbers-based), temporary downshift/spending less (flexible), temporary upshift/earning more (flexible), Uplifting or values-based, and a flexible timeline. Here’s how a FUN goal template looks:

• Cost of the Goal: Start by getting clear about the actual cost of your goal. Don’t guess- get clear on how much the cost of your goal is. So instead of “save up for new shoes,” search for the pair of shoes you want, and how much they cost to buy.

• Timeline to Achieve Goal: How many months, or years, do you want to save up for that goal? Is it a goal that you have to achieve within a certain timeframe, or is it a ballpark goal?

• Temporary Downshifts or Spending Less: What are temporary costs you can get rid of or spend less on?

• Temporary Upshifts or Earning More: What are temporary ways you can earn more money while you save for your goal?

• Uplifting or Values-Based Reason for the Goal: Why do you want to achieve this goal? How does it feel good? What’s the values its aligned with?

• Timeline Flexibility Plan: What’s a flexible timeline you can give yourself? Allow yourself some breathing room by setting a flexible timeline that gives you space for the “life happens” of it all.

Put it together: Set your goal with the cost, timeline, ways you can spend less, ways you can earn more, the reason it feels good to achieve it, and a flexible timeline, too. 

Saving Money For Vacation with a FUN Goal

Now, let's put theory into practice with some real-life examples. Whether it's funding a passion project, treating your family to a well-deserved vacation, or investing in personal growth, FUN goals can be applied to a wide range of financial aspirations.

Let's say you're saving up for a family vacation. Using the FUN goal template, you calculate how much you need to save each month, identify areas where you can cut back temporarily, explore opportunities to increase your income for now, get in tune with the uplifting reason you want to take a family vacation, and set a flexible timeline that allows for life's curveballs.

• Cost: $2,000 for a week-long vacation

• Time to save: 8-months 

• Temporary Downshifts: Cutting back on non-essential expenses such as dining out once per week instead of 2-3 times per week and streaming services your family doesn’t use that often.

• Temporary Upshifts: Explore opportunities to increase your income to speed up your savings progress. For example, you could offer your services as a tutor, dog walker, or expert gardener to supplement your income.

• Uplifting and Values-Based: Reflect on why this vacation matters to you and your family on a deeper level. Maybe this quality time together creating new memories and having downtime as a family is aligned with your values of connectedness, curiosity, and fun. Keeping those values in mind will help you move toward your goal with excitement and openness rather than punitive rigidity. 

• Timeline Flexibility Plan: While your ideal timeline is to save $2,000 within eight months, giving yourself a buffer helps account for life. While eight months would be ideal, maybe you can commit to your family that a vacation will happen within a year (or 12 months) and you can still feel good about it. 

Personal Financial Goals FUN Examples

In my practice as a financial therapist, I've seen individuals, couples, and families embrace the power of FUN goals in so many ways. With most personal finance goals revolving around the “to dos” like saving up for emergencies and paying off debt (certianly important, but not all that exciting), I wanted to share some FUN examples to give you some ideas of other personal finance goals that matter.

• Joining a community-supported agriculture (CSA) program to support local farmers while enjoying fresh produce

• Funding passion projects like selling handcrafted goods on Etsy because it’s a creative outlet and spreads joy to others

• Taking a parent out to dinner on their birthday and paying for the tab as a way to honor their parent’s continued support and love

• Purchasing a weekend wellness retreat for some much-needed downtime and self-care

• Enrolling in community classes like cooking, knitting, and native gardening

• Hiring help around the house in the form of a college student who visits for 2 hours each week. Each week, they might take on a different task, from deep cleaning the refrigerator, to folding laundry, running various errands like returning unneeded purchases or putting gas in the car, to breaking down boxes to be recycled to help to alleviate stress and free up time for what truly matters 

• Golf lessons to help improve weekly golf league enjoyment

• Giving children a set amount of money that they can spend on things that bring them joy from children’s books, to sports equipment, to movie tickets

Financial planning doesn’t have to be dry, rigid or boring.  These examples illustrate the versatility and joy FUN goals bring to financial planning.  With FUN goals, you have the power to tailor your financial goal-setting approach to suit your unique needs and preferences.

Financial Wellness Speaker to Teach FUN Goals

If your school or company could use a refreshing and FUN way to look at money, consider hiring a financial wellness speaker. Doing this shows that you not only prioritize your employees' financial well-being but also contribute to positive social impact. With certifications in financial therapy and a deep commitment to holistic financial wellness, I partner with mission-driven companies and schools seeking to address the growing demand for financial wellness benefits. Inquire about bringing me today to walk your students or employees through the FUN goal formula!