The pandemic has reshaped our perspectives on life. Here’s how to realign your financial goals with your new values.

This past year has transformed our lives. Despite the challenges, the pandemic provided a chance to step back and reconsider what truly matters. These unprecedented changes have motivated many to reevaluate their priorities, particularly in terms of financial objectives.

“When 2020 hit,” shares career advisor Tracy Timm, “it didn’t just alter our routines—it caused many to reflect on their choices. This disruption has awakened people to the reality that they might not be living in accordance with their genuine values or pursuing meaningful aspirations.”

Does this resonate with you? “Many of us have had to look inward and assess what really counts,” explains Financial Therapist and author Barbara Huson. Her personal experience highlights how the absence of family during the past year has amplified their importance in her life.

LISTEN: Barbara was featured on the podcast, sharing insights on training your brain for financial success.

For some, a lack of daily purpose has prompted a reevaluation of career aspirations, impacting financial objectives. Many are realizing the value of their freedom, yearning to regain it. Additionally, financial priorities have shifted dramatically due to recent economic fluctuations. As savings rates have risen, job losses, particularly among women, have surged.

So, how do you start integrating these changing values into your financial goals? Begin by identifying which financial principles matter most to you. Then, revisit your goals and align them with these values. Here are some prevalent financial values that have evolved recently and how you can incorporate them into your life with ease.

INCREASING SAVINGS TO REFINE FINANCIAL GOALS

“People are increasingly focused on saving,” Huson notes. Anecdotal evidence suggests that many are eager to save more. Given the unstable investment climate and uncertain job security, it’s vital that our emergency funds remain healthy. Yet, the idea of setting aside money can feel daunting.

Consider this approach: our very own Jean Chatzky advocates for reverse budgeting. This means covering your bills and allocating funds to savings before spending for the month, ensuring your savings receive priority. Huson recommends setting up automatic transfers to your savings, complementing Jean’s strategy. “Even if it’s only $20, $10, or spare change in a jar, starting small is crucial,” Huson advises.

Begin there, and gradually increase your savings when possible. Any contribution is better than none, and it can help you refine your broader financial goals as your values evolve.

BOOSTING YOUR INCOME

Yes, we’re navigating a global pandemic. However, it’s not unreasonable to seek a raise, and taking proactive steps can help adjust your financial objectives. If you’re working longer hours and putting in more effort, a salary increase may be within reach this year. We’ve outlined steps to help you achieve this, and Huson suggests planning your approach to requesting a raise. It’s essential to connect the dots while also examining what may be hindering you from asking.

Once you’ve figured that out, it’s time to confidently present your case to your supervisor. Be sure to cover both what you’ve accomplished and why you deserve the recognition. Remember, the worst they can say is no.

READ: Our comprehensive guide on asking for a raise in these challenging times.

SEEKING GREATER FREEDOM

The pandemic has left many feeling constrained, both personally and professionally, and the quest for freedom is high on the agenda. Freedom can take many forms. Perhaps you enjoy the flexibility of remote work and want to maintain that arrangement. Or maybe you’re looking for the compensation you truly deserve to create more financial flexibility.

To achieve the freedom you seek, start by defining what that means for you. Then, prioritize taking actionable steps, both internally and externally, to craft the life you envision. Timm reminds us, “values lead to goals. Goals lead to actions. Hopefully, those actions help us achieve those goals.”