Now it is time to start putting your personal SMART plan together. First, make sure your goals are specific and measurable. This means you should have a clear picture of the things you want to achieve, and how much money you will need to achieve them. Next, consider whether all your goals can actually be achieved. You may not retire a millionaire, but then you may not need a million dollars to enjoy a comfortable retirement. Set yourself targets that are attainable.

Finally consider the timescale. You might like to buy a new car, go on a cruise, visit relatives in Canada, and move house in the next five years, but more realistically you might have to defer the cruise for a couple of years!