We're Here for You

By Phone

Give us a call 24 hours a day, 7 days a week at

By Mail

3389 Steeles Avenue East
Toronto, Ontario, M2H 0A1

Chat with Us

A new quick way to get more information or answers to your questions.

Ask our Chatbot


Have tax-related questions? Check out our Tax Support Centre

If you've got questions, we've got answers.
visit our FAQ's

By Online Chat Session
Saving & Chequing

Weekdays 8am - 8pm ET
Weekends 9am - 5pm ET


Weekdays 8am - 8pm ET

Get the conversation started. Chat with us.

Sorry! We'd love to chat, but our Associates are all chatting away with other Clients right now. Please try again in a few minutes.

Log in to start chatting with us. Or visit our FAQs if you need an answer that might be covered there.

In Online Communities

We'd love to have you drop by one of our Tangerine Locations


Have tax-related questions? Check out our Tax Support Centre

If you've got questions, we've got answers.
visit our FAQ's

By Mail

3389 Steeles Avenue East
Toronto, Ontario, M2H 0A1

Are My Financial Goals on Track?

Written by Mai Habib

Wednesday, April 17th, 2019

It's never too late to start focusing on a financial goal. Perhaps you already have goals in mind, or have gotten them started? Have you stopped to check in on your financial goals? Are they still on track?

Someone once told me that the best commitment you can ever make is: "signal while changing lanes." That's right — small and simple. Why? Because it's specific. It's definitely achievable. It's on me to take action. It's measurable. And most importantly, it's relevant.

SMART Financial Goals

Stop for a moment to reflect on your current financial goals. Are they SMART? That is, are they Specific, Measurable, Attainable, Relevant, and Time-bound?

If you're reflecting on your plans and find that your financial goals don't meet the 5 measures above, it's not too late. Broad statements like "I will pay off all my consumer debt" or “I will save 10 per cent for a down payment," are a good starting point, but you need a road map to get you there. "One-day" plans won't help much.

Let's say your current money dreams are related to home ownership. Here's how you can make sure your goal is SMART:

Specific: How much do you want to save and for what? Maybe you'd like to save a 10 per cent down payment for a two-bedroom home. Let's say that 10 per cent down payment will equal about $40,000.

Measurable: Can you measure your financial goal against set targets? For example: "I'd like to buy a place within the next 3-5 years. I'll need to save $40,000 within that time frame."

To get to that financial goal, decide your current saving options:

  • save $1,112 a month for three years
  • save $834 a month for four years
  • save $667 a month for five years

Then plan how you'll track progress: "I will have checkpoints every 6 months to ensure I'm on track." There may be months when you have more money to save, and other months where you won't be able to reach your savings goals. And that's fine, but by setting a target, you'll be better able to plan ahead and stick to your plan as best you can.

Attainable: Be realistic with your timeline. If your salary is $60,000 gross (before tax), it's very unlikely you'll be able to save $40,000 in one year. Set yourself up for success. Give yourself a reasonable time frame to get there. Do you have a partner or spouse? Can you each put away half of the amount you calculated per month?

Relevant: Is this goal relevant for you? Reflect on the reasons why you're interested in making that purchase. Does it line up with other goals in your life, financial and otherwise? You'll be better able to reach your goal if you're motivated.

Time-Bound: This is the "when" factor, which is a very important point in achieving your dreams, without getting discouraged. Put a realistic timeframe on your financial goals. Don't push yourself too hard, but also have a good idea for when you'll want to reach your target.

Don't Get Discouraged When It Comes to Reaching Your Goal

Whatever your financial aspirations are, you can get there. Go through your financial goals and if they're not SMART, it's never too late to put a game plan in place.

Share now