Which goal best exemplifies the SMART criteria for financial planning?

The goal that best exemplifies the SMART criteria for financial planning is the one that articulates a specific, measurable, achievable, relevant, and time-bound objective. The goal of accumulating funds in an emergency fund equal to three months' salary by the end of next year meets all these criteria.

Specifically, it is specific because it clearly defines the purpose (building an emergency fund) and the amount needed (three months' salary). It is measurable, as one can track the progress towards saving that exact amount. The goal is achievable, assuming the individual has the capacity to save that amount within the set timeframe. It is relevant since having an emergency fund is an essential aspect of personal financial stability. Finally, it is time-bound, providing a deadline of "by the end of next year," which helps encourage action and accountability.

In contrast, the other goals listed lack specificity and measurable components. Saving for retirement without a defined timeline or amount does not adhere to any of the SMART criteria. Similarly, saving money without a specific target fails to establish a measurable or time-bound goal, making it difficult to assess progress. Finally, the goal of buying a house someday is vague and lacks a definitive timeframe, thus not fulfilling the SMART framework.