--- title: Get SMART About Financial Goal Setting in the Age of COVID description: During economic uncertainty, it can be difficult to think about financial goal-setting. Use the SMART acronym to help you set achievable goals for 2021. image: https://go.hfcu.org/hubfs/Untitled%20design%20-%202020-12-15T144509.183.jpg --- [![MoneyWisdom_HFCU_r2](https://go.hfcu.org/hs-fs/hubfs/MoneyWisdom_HFCU_r2.png?width=464&name=MoneyWisdom_HFCU_r2.png "MoneyWisdom_HFCU_r2")](https://go.hfcu.org/blog) Filter by Category** - [Show All](https://go.hfcu.org/blog) - [Security](https://go.hfcu.org/blog/topic/security) - [Personal Finance](https://go.hfcu.org/blog/topic/personal-finance) - [Auto](https://go.hfcu.org/blog/topic/auto) - [Business](https://go.hfcu.org/blog/topic/business) - [Credit Score](https://go.hfcu.org/blog/topic/credit-score) - [Home](https://go.hfcu.org/blog/topic/home) - [Credit Cards](https://go.hfcu.org/blog/topic/credit-cards) - [Life Changes](https://go.hfcu.org/blog/topic/life-changes) - [Insurance](https://go.hfcu.org/blog/topic/insurance) - [Investments](https://go.hfcu.org/blog/topic/investments) Filter by Category** - [Show All](https://go.hfcu.org/blog) - 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[Teens (6)](https://go.hfcu.org/blog/topic/teens) - [Divorce (5)](https://go.hfcu.org/blog/topic/divorce) - [Travel (5)](https://go.hfcu.org/blog/topic/travel) - [ATM (4)](https://go.hfcu.org/blog/topic/atm) - [Baby (4)](https://go.hfcu.org/blog/topic/baby) - [Debit Cards (3)](https://go.hfcu.org/blog/topic/debit-cards) - [Motorcycles (3)](https://go.hfcu.org/blog/topic/motorcycles) - [Weddings (3)](https://go.hfcu.org/blog/topic/weddings) - [Boats (2)](https://go.hfcu.org/blog/topic/boats) - [Charity (2)](https://go.hfcu.org/blog/topic/charity) - [Family Finance (2)](https://go.hfcu.org/blog/topic/family-finance) - [Lending (2)](https://go.hfcu.org/blog/topic/lending) - [Credit Unions (1)](https://go.hfcu.org/blog/topic/credit-unions) - [Green (1)](https://go.hfcu.org/blog/topic/green) - [Medical (1)](https://go.hfcu.org/blog/topic/medical) - [Pets (1)](https://go.hfcu.org/blog/topic/pets) - [dormant account (1)](https://go.hfcu.org/blog/topic/dormant-account) - [inactive account (1)](https://go.hfcu.org/blog/topic/inactive-account) # Get SMART About Financial Goal Setting in the Age of COVID ** [Tracy Scott](https://go.hfcu.org/blog/author/tracy-scott) ** Dec 21, 2020 ![woman writing 2021 smart goals in notebook](https://go.hfcu.org/hubfs/Untitled%20design%20-%202020-12-15T144509.183.jpg) We know it's difficult to focus on financial goal setting during times of economic uncertainty. Whether it’s due to a global health pandemic or an economic recession, thinking about the future when you're filled with anxiety and living [paycheck to paycheck](https://go.hfcu.org/blog/3-reasons-why-you-live-paycheck-to-paycheck) can seem pointless. But it's during times like these when financial goal setting can produce the most meaningful results. Here's how to get smart about financial goal setting during the COVID-19 pandemic. Use the S.M.A.R.T. acronym to set financial goals that are: - **Specific**: Include a description, deadline, and dollar amount.  - **Measurable**: Make it easy to track your progress toward achieving each goal by including days, months, years, and dollar amounts in your goal descriptions.  - **Achievable**: Be realistic about your goals so you can stick to them. If you set goals that are impossible to achieve, you're likely to quickly abandon them. - **Relevant**: You're more likely to achieve goals that have personal meaning. Avoid setting goals based on what's important to your friends or relatives. They're your goals, not theirs.  - **Timely**: A goal without a deadline is simply a dream with little chance of becoming a reality. A specific deadline can help you stay on track. Catching up on bills, paying off debt, and building an emergency fund are financial goals that can help you focus on what you need to do today to put you in a better position tomorrow.  As you set your own financial goals, use this S.M.A.R.T. goal template to help stabilize your finances during COVID-19: - **Specific**: I will build an [emergency savings](https://go.hfcu.org/blog/emergency-savings) fund totaling $1,000 over the next 10 months. - **Measurable**: I'll set up an automatic transfer of $100 from my checking account to a designated savings account. Transfers will take place on the 15th of each month. - **Achievable**: Using my recent savings in gas expenditures due to working from home, I have an extra $100 each month that I can put toward this goal. . - **Relevant**: If I [lose my job](https://go.hfcu.org/blog/a-9-step-plan-for-dealing-with-unexpected-job-loss), I'll have the money to cover my expenses instead of using high-interest-rate credit cards or loans to pay my bills. - **Timely**: Transfers will begin next month and end 9 months later. Once I reach my savings target, I will transfer the funds to a [Your Way Savings account](https://www.hfcu.org/bank/checking-accounts/your-way-accounts_and_services.html) where my funds can continue to grow. Now it's *your* turn. What are your S.M.A.R.T. goals for 2021?   If you're looking for an easy, painless way to save for the future, get started with a Your Way savings account, which offers a great rate for automatic savings from as little as $5 or as much as $500 each month. Learn more [here](https://www.hfcu.org/bank/checking-accounts/your-way-accounts_and_services.html). [![Learn more about Your Way savings ](https://no-cache.hubspot.com/cta/default/118438/4a1bd9e1-99fb-4050-bfd2-8d87c79395b3.png)](https://cta-redirect.hubspot.com/cta/redirect/118438/4a1bd9e1-99fb-4050-bfd2-8d87c79395b3) *Others are reading:* - [4 Best Practices to Protect Your Online Access HD Account](https://go.hfcu.org/blog/4-best-practices-to-protect-your-online-access-hd-account) - [Are Your Finances Ready for 2021?](https://go.hfcu.org/blog/are-your-finances-ready-for-2021) - [6 Ways to Cut Your Household Food Waste](https://go.hfcu.org/blog/6-ways-to-cut-your-household-food-waste) - [4 Ways Your Car's Color Can Save You Money](https://go.hfcu.org/blog/4-factors-for-saving-green-with-your-car-color) - [Emergency Savings Accounts: Where to Stash Your Cash](https://go.hfcu.org/blog/emergency-savings-accounts-where-to-stash-your-cash)   ** [Savings](https://go.hfcu.org/blog/topic/savings), [Money Management](https://go.hfcu.org/blog/topic/money-management), [Checking](https://go.hfcu.org/blog/topic/checking), [COVID](https://go.hfcu.org/blog/topic/covid) [** 4 Best Practices to Protect Your Online Access HD Account ](https://go.hfcu.org/blog/4-best-practices-to-protect-your-online-access-hd-account) [** What You Need to Know About a Second Stimulus Check ](https://go.hfcu.org/blog/what-you-need-to-know-about-a-second-stimulus-check) ### About Author ![Tracy Scott](https://go.hfcu.org/hubfs/Tracy-Scott-headshot.jpg) Tracy Scott Tracy Scott is a freelance writer who specializes in personal finance and higher education. Her reading list always includes a seemingly odd mix of financial literacy articles and sweet romance novels. Tracy holds a BA in Psychology from UT Austin and has a background in higher education regulatory compliance. 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Moreover, Hanscom Federal Credit Union's privacy policies do not apply to any of the linked websites within this blog. Please consult the privacy disclosures on those linked sites for further information. ```json { "@context" : "http://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Tracy Scott" }, "dateModified" : "February 9, 2024, 2:37:41 PM", "datePublished" : "2020-12-21 12:15:00", "description" : "During economic uncertainty, it can be difficult to think about financial goal-setting. Use the SMART acronym to help you set achievable goals for 2021.", "headline" : "Get SMART About Financial Goal Setting in the Age of COVID", "image" : { "@type" : "ImageObject", "url" : "https://f.hubspotusercontent30.net/hubfs/118438/Untitled%20design%20-%202020-12-15T144509.183.jpg" }, "mainEntityOfPage" : { "@id" : "https://go.hfcu.org/blog/get-smart-about-financial-goal-setting-in-the-age-of-covid", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://cdn2.hubspot.net/hubfs/118438/Logo%202.jpg" }, "name" : "Hanscom Federal Credit Union" } } ```