The Simple Framework That Makes Your Financial Goals Realistic
It’s one thing to write down financial goals and another to truly make them achievable. The bridge between your goal and progress is a plan, a solid plan. Without one, even the most motivated person can struggle. The problem is rarely a lack of discipline. More often, the goals themselves are too vague.
So, what is the solution?
Turn your financial intentions into SMART goals: Specific, Measurable, Achievable, Relevant, and Time-bound. This framework transforms wishful thinking into clear, actionable steps.
Let’s break it down. Instead of saying, “I want to save more this year,” try “I will save ₦1,000,000 in 12 months.” That is specific and measurable, about ₦83,400 each month. If it fits within your income and budget, it is achievable. It is relevant because it strengthens your financial future, and it is time-bound with a clear deadline.
Big goals can feel overwhelming, which is why breaking them into smaller parts is important. Saving ₦1,000,000 in a year means about ₦19,300 per week. Suddenly, that big number feels more realistic.
Tracking your progress is just as important as setting the goal. For example, if you are saving toward ₦1,000,000 through the First Million Savings Challenge on the Vale app, you can easily see how close you are to your target. You can also automate contributions, which removes the pressure of remembering to save or relying on willpower. When you do this, it helps you stay focused on your goal.
Whether you have a vision board or you are more of a go with the flow type, SMART goal setting works for everyone. Starting small and taking weekly or monthly steps gives you structure without feeling restrictive. And if you already have a vision board, think of SMART goals as the roadmap that brings those dreams to life.
The bottom line is that for your goals to become clear and realistic, they need to be SMART. Take another look at the goals in your notepad or the ones in your mind. Break them down using this framework, and you will begin to see real progress.
NOW TO THE NEWS
Vale invites users to join the Summer Savings Challenge
Vale is inviting users to join the Summer Savings Challenge, a goal-based saving initiative designed to help users save intentionally for their vacation plans.
The challenge is part of Vale’s broader effort to make saving more structured, rewarding, and easy to commit to, especially for people who are planning their summer getaways and looking for practical ways to fund them.
Participants also stand the chance to earn up to 13% interest per annum on their savings, plus an extra 5% bonus, making the challenge not just a disciplined way to save, but also a way to earn more value for their money while planning their dream vacation.
Vale encourages both new and existing users to take advantage of this opportunity and turn saving for summer getaway into an engaging and rewarding experience.
Naira strengthens to N1,391/$ as external reserves hit $46.18 billion
The naira recorded a week-on-week gain, closing at N1,391/$ in the official foreign exchange market, supported by improved liquidity conditions and a rise in Nigeria’s external reserves. This marked a reversal from losses earlier in the week, highlighting a steady recovery trajectory for the local currency.
Throughout the week, the naira showed a gradual improvement, trading between N1,392/$ and N1,381/$, with a simple average rate of N1,387.12/$. Earlier sessions saw it at N1,394/$ on Wednesday, N1,409.5/$ on Tuesday, and N1,416.5/$ on Monday. Overall, the currency appreciated from the previous week’s closing rate of N1,421.9/$, demonstrating sustained gains in the official market.
The naira’s improvement extended to the parallel market, where it strengthened to N1,453/$ on Friday from N1,490/$ on Thursday. The gap between official and parallel rates narrowed to N62, down from a high of N105 earlier in the week, suggesting reduced volatility, improving market confidence, and lower speculative pressure on the currency.
The country’s external reserves played a key role in supporting the naira’s rally, climbing to $46.18 billion, the first time reserves have surpassed $46 billion in nearly eight years. The Central Bank of Nigeria (CBN) expects reserves to continue rising in 2026, supported by stronger external inflows and domestic structural reforms, further enhancing its capacity to manage FX volatility.
LIRS extends annual tax filing deadline by one week
The Lagos State Internal Revenue Service (LIRS) has extended the deadline for employers’ annual tax returns from February 1 to February 7. The extension, announced by Executive Chairman Dr. Ayodele Subair, aims to ease compliance for employers while ensuring accurate submissions ahead of stricter enforcement of tax laws in Lagos State.
Under existing regulations, the statutory deadline for filing employers’ annual returns is January 31. The short extension was granted to give employers additional time to complete their filings correctly and avoid errors that could result in penalties or further scrutiny.
Dr. Subair emphasized that timely filing is a core responsibility of employers and should be embedded into routine business operations. He clarified that the extension should not be interpreted as a relaxation of compliance standards and urged employers to give priority to filing their returns promptly.
All submissions must be made electronically via the LIRS eTax portal, as manual filings have been completely phased out. Employers are also required to ensure that the Tax Identification Number (Tax ID) of all employees is correctly captured, and they are encouraged to visit any LIRS office or use official communication channels for guidance or support if needed.
