Jim's plan to reduce his spending on junk food by $20 per month and save those funds until he has a $2000 emergency fund is an example of a 'SMART' goal.

Question

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The SMART criteria are Specific, Measurable, Achievable, Relevant, and Time-bound. Jim's goal meets these criteria as it is specific (reduce spending on junk food by $20 per month), measurable (he can track his progress month by month), achievable (reducing spending on junk food is a realistic and attainable goal), relevant (savings for an emergency fund is an important financial goal), and time-bound (he has set a specific amount he wants to save and a timeline to reach that goal).

Jim's Plan to Reduce His Spending on Junk Food by $20