Smith, the Saddlers' Young Player of the Year last season, penned a new one-year deal on Monday.
The 20-year-old is looking forward to a well-earned post-season break but is ready to knuckle down to keep his place in Chris Hutchings' starting line-up when the squad returns to training.
He told Walsall's official website: "There was interest but I've always been happy at Walsall. I know if I am in or out of the team I have to fight for my place.
"I'm happy I've signed so I can go away and then come back to put the hard work in. I've enjoyed working with Chris and Martin O'Connor. They really push you, are demanding and know how to get the good things out of you.
"They've improved me as a player because instead of playing three games and coming out of the team I've played 20 games on the spin and you are always geared up for the next game - you want to be in the starting line-up."