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How to Create a SMART Goal for Your Side Hustle

December 11, 2018 By Claudia

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Once you know your why and have established a focus block of time for your side hustle, it's time to set a SMART goal. Why Have a SMART Goal for Your Side Hustle? You need to know what you're aiming for, plan and simple. You also need to know when you can reasonably achieve your goal. Since you're side hustling to success, it's important to have that focused block of time established to get your work done. And depending on how many focused blocks of time you can carve out each week will be a determining factor in how much time you have to invest and how much money you can make from your side hustle.

Once you know your why and have established a focus block of time for your side hustle, it’s time to set a SMART goal.

Why Have a SMART Goal for Your Side Hustle?

You need to know what you’re aiming for, plan and simple.  You also need to know when you can reasonably achieve your goal.

Since you’re side hustling to success, it’s important to have that focused block of time established to get your work done.  And depending on how many focused blocks of time you can carve out each week will be a determining factor in how much time you have to invest and how much money you can make from your side hustle.

What is a SMART Goal?

Before you start a side hustle, I highly recommend you write down your goals for starting a side hustle.  You are more likely to make progress on your goals when you’ve written them down!

Use the SMART goal format to construct a goal you can act on today…

S: Specific

M: Measurable

A: Actionable

R: Realistic

T: Time-bound

SMART Goal Example for Mortgage Debt

Using the SMART goal format, you can use a side hustle to tackle mortgage debt…

Specific: I want to pay off my mortgage.

Measurable: I want to pay off my $100,000 mortgage.

Actionable: I want to pay off my $100,000 mortgage by working an extra 10 hours each week.

Realistic: I want to pay off my $100,000 mortgage by working an extra 10 hours each week making $75 per hour.

Time-bound: I want to pay off my $100,000 mortgage in less than 3 years by working an extra 10 hours each week making $75 per hour.

Here are the details I entered in the mortgage calculator for this SMART goal.

Example of using a side hustle to make extra mortgage payments

In this example, this side hustler makes $75 per hour working an extra 10 hours per week to make an extra mortgage payment of $3,000 per month to pay off a mortgage in less than 3 years.

Using a side hustle to pay off mortgage faster

Do you have any debt you’d like to pay off in less than 3 years?

SMART Goal Example for Student Loan Debt

Using the SMART goal format, you can use a side hustle to tackle student loan debt…

Specific: I want to pay off my student loans.

Measurable: I want to pay off $40,000 in student loans.

Actionable: I want to pay off $40,000 in student loans by working an extra 5 hours each week.

Realistic: I want to pay off my $40,000 in student loans by working an extra 5 hours each week making $75 per hour.

Time-bound: I want to pay off my $40,000 in student loan debt in less than 3 years by working an extra 5 hours each week making $75 per hour.

Combine your side hustle income with your regular payment and you could be debt free in just over two years. Here’s the math…

Student Loan Repayment Calculation
From Student Loan Hero

SMART Goal Tracking

With a side hustle, you could be a couple of months or a couple of years from achieving your goals.  Tracking the progress you make on your SMART goal will help you stay motivated, week after week.

  1. You could use a mortgage calculator or a student loan calculator to see how prepaying your debt will get you to debt freedom faster.
  2. You could use your monthly mortgage statement or your student loan statement to track your progress.
  3. You could create your own charts using Excel or Google Sheets.
  4. Print a goal-tracking thermometer and color in as you go!

Whatever visual you decide to use or create, put that visual in a location where you will look at daily…like your fridge!  You want a constant reminder of what you’re working toward.

With your goal in mind, consider this TED Talk from Diana Nyad about never, ever giving up on your goals.  You can only be successful in achieving your goals if you never give up.

Originally posted 2017-04-17 06:00:00.

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Filed Under: Side Hustle Tips

Claudia

About Claudia

I'm Claudia Pennington and I've been in marketing for more than 10 years. Between downsizing our home and side hustling in digital marketing & SEO, my husband and I paid off 100% of our debt in just two years! Our side hustle has CHANGED our lives!

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