How to Evaluate Your Goals

As we bring the year to a close, take a moment to reflect on your goals from 2018 and perform an assessment. When you establish a financial goal, it is important for you to evaluate your performance on meeting the mark. This process will allow you to gauge how you did in comparison to your desired goal.  Evaluating your goals at the ending of the goal period is really quite easy. It will require some time of reflection, honesty, research, creative thinking and acknowledgement to successfully complete. To provide an outline on how you can execute the assessment of your 2018 goals, I created these seven (7) steps to make it easy for you to walk through the evaluation process.  [ GOAL ] Recall and Restate the Goal  [ OUTCOME ] Honestly Notate Your Results  [ VARIANCE ] Identify the Variance: “Goal vs. Actual” Benchmark  [ REASONING ] Meet vs. Not Met: Explain the Rationale of Your Goal Outcome  [ EVALUATION ] Critically Judge Your Performance & Process: The Goal-Setter’s Stance  [ REWARD ] Determine Your Reward  [ ACTION ] Develop an Improvement Action Plan  I performed the steps above to perform a year-end assessment of my 2018 financial goals. For illustration purposes, I will share the assessment of only two here in this post. Here’s a little background information on some of my financial goals for 2018. My main desire was to reduce my overall debt by an additional $50,000 this year and increase my FICO credit score to the maximum possible score of 850.  As of December 31, 2018, I have personally  paid off $151,802.99 of debt in just 36 months  (3 years) of which  $58,295.26 was paid in 2018 alone ! In addition, I raised my credit score from 793 to 847 during that same 12-month period.   GOAL #1 - REDUCE DEBT BY $50K GOAL #2 - ACHIEVE 850 CREDIT SCORE

As we bring the year to a close, take a moment to reflect on your goals from 2018 and perform an assessment. When you establish a financial goal, it is important for you to evaluate your performance on meeting the mark. This process will allow you to gauge how you did in comparison to your desired goal.

Evaluating your goals at the ending of the goal period is really quite easy. It will require some time of reflection, honesty, research, creative thinking and acknowledgement to successfully complete. To provide an outline on how you can execute the assessment of your 2018 goals, I created these seven (7) steps to make it easy for you to walk through the evaluation process.

[GOAL] Recall and Restate the Goal

[OUTCOME] Honestly Notate Your Results

[VARIANCE] Identify the Variance: “Goal vs. Actual” Benchmark

[REASONING] Meet vs. Not Met: Explain the Rationale of Your Goal Outcome

[EVALUATION] Critically Judge Your Performance & Process: The Goal-Setter’s Stance

[REWARD] Determine Your Reward

[ACTION] Develop an Improvement Action Plan

I performed the steps above to perform a year-end assessment of my 2018 financial goals. For illustration purposes, I will share the assessment of only two here in this post. Here’s a little background information on some of my financial goals for 2018. My main desire was to reduce my overall debt by an additional $50,000 this year and increase my FICO credit score to the maximum possible score of 850.

As of December 31, 2018, I have personally paid off $151,802.99 of debt in just 36 months (3 years) of which $58,295.26 was paid in 2018 alone! In addition, I raised my credit score from 793 to 847 during that same 12-month period.

GOAL #1 - REDUCE DEBT BY $50K GOAL #2 - ACHIEVE 850 CREDIT SCORE

IMG_0513.PNG
Screen Shot 2018-12-29 at 1.20.57 PM.png

THE ASSESSMENT PROCESS: Questions to Ask Yourself for each Step

Here is how you make the assessment process work...by asking yourself specific questions along the way and doing what is necessary in order to fully answer them. To execute each step in the evaluation process, ASK and ANSWER the following questions:

GOAL: What was your goal at the beginning of the year?

OUTCOME: Did you reach the goal? What were your results?

VARIANCE: What was the difference between your desired goal and the actual result?

REASONING: What are the reasons your goal was or was not reached?

EVALUATION: What could have been done differently to achieve or improve performance on reaching your goal?

REWARD: How will you celebrate yourself on your WIN and notable successes?

ACTION: What will you do to ensure you reach or exceed your goal next time?

These thought-provoking questions will drive an entirely new revelation on how powerful you are AND why you set the goal in the first place. My personal results of the goal assessment is illustrated for your visibility. As you can see in the summary table below, I exceeded on one goal (yay!) and missed the mark on the other (bummer).

Screen Shot 2018-12-29 at 12.50.10 PM.png

By going through these seven (7) steps, it allowed me to see my strengths (that I can monopolize) as well as my weaknesses (that I can course-correct). Surprisingly, it turned out to be quite an internally rewarding experience.

Before 2018 officially comes to a close at 11:59PM tonight, I challenge you to assess at least one of your 2018 goals so you can experience a revelation and make strategic moves that will drive significant results in the goals you set for 2019.

I know this can be challenging! That is exactly why I am hosting a live virtual workshop specifically on goal development as well as goal assessment (where we deep-dive further into the steps outlined above). For more information on the workshop or to register, just click here to take action NOW and take the procrastination off the table.

Remember...Your Financial Prosperity Awaits You!

Sophia Melonē, The Debt Demolisher®️

ABOUT THE AUTHOR:

Sophia Melonē™️ is a Certified Financial Education Instructor (CFEI), Personal Finance Speaker, Facilitator, and Financial Prosperity Coach/Advocate who is extremely dedicated to the financial success of families and households across the globe. Her mission is to make debt freedom the New Norm and Wealth Building the natural nature of habit. Sophia is the founder of SMASH Debt, Inc., which is a woman-owned small business corporation that emphasizes leadership in the personal finances of households. Through the facilitation services and coaching programs offered by SMASH Debt®️, Sophia helps individuals cultivate healthy relationships with their money and shows six-figure income earners how to get their bank account to match their salary and sustain it. Visit www.smashdebtinc.com for more information.