With inflation at an all-time high and expenses racking up faster than a snowball rolling downhill, more Americans are living paycheck to paycheck in 2024. According to Forbes, almost 30% of Americans do not have enough emergency savings to pay the average national rent, which costs $1372 monthly. That’s more than one in four people! But let’s step away from the bleak statistics and focus on something more important: how to stop living paycheck to paycheck in 2024. 

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Setting SMART Savings Goals 

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It's no secret that saving some of your income is one of the most effective ways of gaining financial stability and breaking free from paycheck-to-paycheck living. Many people set goals like, "I want to save a lot of money" or "I want to save more." While these desires are great, they can’t help anyone beat the trap of living paycheck to paycheck. Why? Because they aren't S.M.A.R.T: Specific, Measurable, Achievable, Relevant, and Time-bound.

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Let's break it down with a better example:

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"My goal is to add $2500 to my emergency savings account. I plan to save $100 weekly over the next 25 weeks to achieve it."

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Why is this goal better?

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• Specific: $2500 is a clear target.
• Measurable: $100 per week is easy to track.
• Achievable: $100 per week is realistic for many people (there is no pressure here; you can set an amount that’s more realistic for you).
• Relevant: It's your emergency fund, a crucial financial safety net.
• Time-bound: 25 weeks gives you a clear deadline.

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Setting a SMART goal like this helps you identify the necessary trade-offs or adjustments to achieve it. Maybe you’ll take public transportation instead of an Uber, cut back on your coffee runs, or work a few extra hours each week. Whatever the adjustments, having a SMART goal gives you a clear roadmap and a sense of control. 

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Automating SMART Savings Goals 

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At first glance, setting SMART financial goals might seem overwhelming. You might be concerned about the stress of dissecting each goal into the five SMART categories. Additionally, figuring out what is realistic can be challenging. Finding the time to plan your financial goals in detail can also be a significant hurdle if you lead a busy life. 

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While all the above concerns are valid, there’s a way out: automatic goal setting. You or anyone else doesn’t need to create SMART financial goals manually when the entire process can be completed in less than 15 minutes! How is that even possible?

Enter Cash Goblin 

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Cash Goblin is mobile app that automates the process of setting SMART savings goals. With its goal-setting feature, users can define clear and specific savings targets, such as saving for an emergency fund, and track progress with measurable milestones. Cash Goblin then automates the process by deducting a set percentage from the user’s income and directing it toward these goals. The app ensures goals are achievable and realistic by allowing users to adjust their plans according to their financial situation. This automation ensures consistent savings without manual effort, while real-time tracking and progress updates keep users informed and motivated, helping them stay on track to meet their specific financial targets.

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Ready to save SMART for a future where you are not living paycheck to paycheck?

Download the Cash Goblin app today

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