Working Through Our Money Emotions: Part 2//Money Goals
Note: This post is part of a series on money emotions and I want your help! I’ll be posting several more installments over the coming months (interspersed with other asked for content). If you have a related question or request, please email me here.
I spend a lot of time working with clients on their money goals. I host workshops all about money goals and I talk my head off about them on instagram. They’re basically my favorite thing (that’s not true, my favorite thing is cheese and crackers or maybe peanut butter and marshmallows...coronavirus is giving me time to ponder snacks in a whole new, quite childish way).
Money goals are great! Coming up with them helps us figure out the most important things in our lives. If done right, our goals encapsulate our feelings and therefore are really exciting to work towards (i.e. get out of credit card debt so I can use that monthly money to start my new business/go on a trip/upgrade my apartment). Determining the right timeline and action steps helps us stay motivated and accountable, which in turn helps us feel accomplished and proud. And then reaching your goals is cause for a huge celebration! There’s a lot to love.
But, what about now? What if the pandemic means that your money goals don’t make sense anymore, whether because they don’t feel right or because the action steps or timeline don’t seem possible anymore.
That’s okay.
You can do one of two things: 1) Check out your existing goals and modify them or 2) Ignore those old goals and make new ones. Both are valid and you should do whatever feels better to you. Don’t overthink it.
If you are modifying existing goals…
Start by finding wherever you wrote those goals down! Maybe they’re in your Google Drive. Maybe they’re tucked away in an old journal under your bed. No judgement here.
Read through your goals (not your action steps). Ask yourself: do these still feel right for my life? If they do, great! If not, move on to “If you are creating new goals”.
Next, ask yourself if the details of your goals make sense. Given your current situation, does your timeline still work? If not, how can you modify it? Do your action steps still make sense? If not, how can you modify them?
If you’re getting stuck or frustrated by trying to figure out those modifications, let me know. For the first time ever, I’m offering single coaching sessions (with a discount for a limited time!) and figuring out how to best update your goals is a perfect use of that service.
Once you’ve updated your goals, find a prominent place to put them so you’re regularly reminded of what you’re working towards! Try something tucked under a fridge magnet, a sticky-note on your computer, a beautifully decorated piece of paper taped to your mirror or something taped inside your favorite snack cabinet (currently a very prominent place in my home and my heart).
If you are creating new goals…
Take some time to brainstorm. What do you value most? How do you want your life to feel differently than it does? What are you searching for?
Next, take time to brainstorm your roadblocks. What is stopping you from achieving the life you brainstormed in step one? What is holding you back? Is it debt? Lack of savings? Income that doesn’t match your needs and wants?
Create your goals using the tried and tested SMART system I shared about in December.
Start creating action plans. Your first try probably won’t get everything you need in it, so I recommend setting aside 2-3 20 minute chunks of time to work on this. These should be spread out over a week or so so you have time to think of new things in between the sessions. I like starting with just a few action items that you know you can do in the next two weeks and then build from there.
Note: If you are stuck on how to create goals that really work for you or aren’t sure how to make an action plan that keeps you accountable or that has everything you need in it, let me know.
Regardless of whether you choose to modify existing goals or create new ones from scratch, don’t let yourself forget that this month (and likely this year) will not be normal. Your goals may need to change again and your action plans almost definitely will. That is okay! The important thing isn’t to create a plan that never changes, but to create plans that fit your needs and are flexible enough to pivot when necessary.
XOXO
