{"id":1887,"date":"2021-09-10T13:58:31","date_gmt":"2021-09-10T17:58:31","guid":{"rendered":"https:\/\/www.skypointfcu.com\/wph\/workarea\/?p=1887"},"modified":"2022-06-15T14:29:57","modified_gmt":"2022-06-15T18:29:57","slug":"how-to-craft-smarter-money-goals-in-2021","status":"publish","type":"post","link":"https:\/\/www.skypointfcu.com\/wph\/workarea\/blog\/how-to-craft-smarter-money-goals-in-2021\/","title":{"rendered":"How to Craft Smarter Money Goals in 2021"},"content":{"rendered":"\n

Setting money goals in 2020 was likely an exercise in futility. Maybe you\u2019d been saving for a trip abroad, but the pandemic kept you at home. Or you wanted to save up for a down payment on a house, then the recession left you out of a job.<\/p>\n\n\n\n

The pandemic made achieving yearlong goals a challenge for many last year. In fact, 29% of Americans with financial goals for 2020 said COVID-19 forced them to put some of those aspirations on hold<\/a> until 2021, according to a NerdWallet survey conducted online in late fall by The Harris Poll among over 1,700 U.S. adults with 2020 financial goals.<\/p>\n\n\n\n

Although the pandemic is still part of our daily lives, the new year offers an opportunity to craft fresh money goals \u2014 and perhaps the trials of last year can help you clarify your financial ambitions.<\/p>\n\n\n\n

Know yourself and your priorities<\/strong><\/h3>\n\n\n\n

Before you set your goals, think about your current financial situation and your priorities for the new year.<\/p>\n\n\n\n

\u201cTake an inventory of where you are and more importantly who you are,\u201d says Jordan Awoye, an equitable advisor based in Long Island, New York.<\/p>\n\n\n\n

First, dig into the state of your finances, including your income, monthly expenses and emergency fund. Understand where you are right now to get an idea of where you could be in a year\u2019s time.<\/p>\n\n\n\n

Then think about your personal priorities and values \u2014 and how they may have shifted as a result of the pandemic \u2014 to pinpoint what you want from your finances. Maybe you want to get back to a baseline of where you were in early 2020, before a year of financial challenges. Or maybe you want to use the money you saved while staying at home to put a down payment on a house.<\/p>\n\n\n\n

\u201cStart with an understanding of the why behind your goal,\u201d says Kristen Holt, CEO of the nonprofit credit counseling agency GreenPath Financial Wellness. \u201cA great goal is \u2018I want to get out of debt,\u2019 but go deeper and ask why. Will you be able to sleep better? Will you be able to enjoy life more? Get clear on your why, because that can be motivation to stick to your goal.\u201d<\/p>\n\n\n\n

Craft SMART(R) money goals<\/strong><\/h3>\n\n\n\n

With the foundation of your priorities and motivation settled, it\u2019s time to establish the framework to build your financial future. That means crafting your goals in a way that makes them easier to achieve. The SMART template for goal-setting can help:<\/p>\n\n\n\n