Getting to the finish line is a marathon, not a sprint, in running and money alike

Jean Chatzky, Founder & CEO of HerMoney Media

I trained for the New York Marathon in 2012 — following the steps on a schedule I downloaded from a running magazine to the letter. I was afraid if I shorted my distance by a mile, or worse, missed a day, I wouldn’t be able to cross the finish line in November. And that was my goal: Finish. Running.

It didn’t happen. 2012 was the year of Superstorm Sandy. After Mayor Mike Bloomberg’s office made the difficult decision to cancel the race, I ran Philadelphia’s 26.2 several weeks later. But running the New York race remained a goal — something I knew I wanted to accomplish someday. And so, 12 years later, I’m trying again, four days before my 60th birthday, as part of Team Citizens. This time around though, instead of just having my goal be to finish the race, I’m approaching things a little bit differently.

When you’ve got a big goal, whether it’s an intimidating physical challenge like the NYC Marathon (which, believe me, feels a lot more daunting at 59 than it did at 47) or a big financial one such as saving for a new home, research shows us that the way you approach it is hugely important. In fields ranging from business to medicine, to fitness and finance, we're more likely to achieve goals if they are “SMART,” an acronym that stands for Specific, Measurable, Achievable, Relevant and Time-Bound.

Here’s how to use the SMART framework to improve your chances of crossing whatever finish lines you set for yourself along the way.

First, get specific about your steps to success.

If you have a big goal — whether it’s a marathon or a million — good for you, shout it from the rooftops. Then, get micro-detailed about how you’re going to achieve it. It’s not enough to say, “I want to buy a house,” or “I want to become a runner.” Instead, experts say the more you drill down, the better. For example, say instead, “I want to save $500 a month for a future down payment,” or “I’m trying to increase my long runs by one mile each weekend.” The schedule I’m relying on for this year’s race does precisely that and not only tells me the miles I need to hit each day, but whether I should also incorporate speed, hill, or strength work. That extra level of detail can make all the difference. “The more specific you can make it, the bigger chance that it can become habitual,” says Dan Ariely, the James B. Duke Professor of psychology and behavioral economics at Duke University. The bottom line? Don’t dial down the size of your goals — instead, get hyper-specific about the steps you need to take to reach them.

Make sure your goal is measurable, and gain momentum with small wins.

As you set goals, build in measurable checkpoints that allow you to achieve small wins and gain momentum at the same time, says Michael Norton, a behavioral scientist and Harold M. Brierley Professor of Business Administration at Harvard Business School. “People often have a huge goal and their initial part of the goal is way too ambitious,” says Norton. “Research suggests having some pretty easily achievable wins early on to get yourself some momentum.”

For example, if you’re at the beginning of your running journey and your goal is to complete a marathon, you may want to set a target of being able to run seven miles consecutively within a month. That’s a far cry from 26.2, but significant enough to feel really good about achieving it. Or, if you’re saving for a down payment for that new home, plan to set aside $500 per month and track your progress. You may even want to build in small rewards — like spending a weekend touring open houses — for each $5,000 or $10,000 milestone you hit, or the occasional massage as a thank you to your body for slogging through the longest of the training runs.

Set an achievable goal.

Norton says the “achievable” aspect of the SMART framework is perhaps the most important. “You can put everything else in place, but if you've set an initial goal or a longer goal that you cannot get to, then everything else is going to break down no matter what,” Norton says.

Take some time to think about right-sizing your goal so it’s attainable. For example, if you don’t have a regular fitness routine, don’t set out to run a marathon next month, or even the one after, because it probably isn’t doable. Running a 5K or 10K would be a better place to start. Similarly, trying to increase your savings to a point where you have nothing left to spend on the things you enjoy isn’t sustainable. Still do it consistently, but aim to save a little less.

Look at the big picture and make sure your goal is relevant.

If you’re reading this, you’re likely a goal-getter. In other words, you’re someone who’s ambitious and has multiple goals. When you add another into the mix — for example, running a marathon or buying a new home — it can complicate things. Experts say before you take on a new, lofty goal, you need to zoom out and make sure it’s relevant to your life both now, and in the future. “There’s something to be said for prioritizing and sorting out,” says Norton. “If you have a new goal, is it number one on the list? Or is it number seven on the list? If it’s number seven, that might be okay, but it means you’re going to be very different in your approach than if it’s number one.”

Go at your own pace, but make sure your goal is time-bound.

SMART goals have a defined finish line. For example, if you’re running a marathon, your endpoint would be the day of the race. If your goal is to buy a new home, it’s the day you sign on the dotted line and get the keys.

Endpoints not only give us something to work toward, they remind us that all the hard work we’re putting in isn't unending. “You don't start by saying, ‘I'm doing this forever,’” says Ariely. “You say, ‘I'm doing it for a while, and it is a process now.’”

If that endpoint can be meaningful for another reason — for example, tied to one of your life goals or values — even better. The fact that the NYC race is not even a week from my big birthday made it a perfect and meaningful goal for me to latch onto.

Be SMART about your goals, but don’t forget to look for joy in the process.

With any goal, it’s key to remember that it’s not a sprint. It’s a marathon. Because the road is long, it’s essential to look for joy in the process. As Ariely notes, many of life’s desirable behaviors — like exercising more or saving for the future — are generally thought of as difficult, and in some cases, miserable.

He’s spent the past few years talking to experts to see what elements of joy they find within these activities and others. “For example, runners say that after a while, they learn to understand the relationship between how they breathe and how their feet hit the pavement,” he shares. “With healthy behavior, it's up to us to learn to enjoy [things like] yoga and running. It’s not easy, because it's easier to find joy in cookies.”

You're made for every moment

Citizens is committed to helping New York’s residents, small businesses and neighborhoods thrive. As the Official Bank of New York Road Runners (NYRR), we are excited for this year’s race. Read more below to explore how Citizens can help you thrive financially.