In the midst of the pandemic, it’s easy to feel like life is stuck on “pause.” So many things my husband and I have been looking forward to have been postponed indefinitely or cancelled … is that true for you as well? In the midst of a recession, it’s easy to feel like financial lives are stuck on “pause” too. This may feel like the wrong time to take any next steps you were planning, like saving more for retirement, asking for a raise, finding a new job, or paying off debt. So much uncertainty can make it hard to take courageous steps forward.
But life won’t be on pause forever. In fact, the vision of where you want to be can be a powerful lift against the stuckness you might be feeling. That’s this week’s goal: Fast forward to what you want your life to look like 5 years from now -- and then identify any small steps you can take today to help make it reality. This is a great activity to do together as a couple. Make a point to work through this list one question at a time until you reach the end. Don’t rush the process. Explore a new question each week during a walk or your next date night in.
Ready to dream big? Start here:
Where will you live? Take a few minutes to imagine your home five years from now. Are you living in the same city or somewhere else? Are you living in the same home you have now or a different one? If it’s the same home, what upgrades (if any) do you want to make? If it’s a different home, is it a house, condo, or apartment? Visualize the neighborhood, the street, the exterior, and the interior of your home.
Small step: Take this time during the pandemic to do your research. How much will this vision cost? Really dig into the details. Is that something you can afford today or something you’ll have to work towards?
What will you do for a living? Don’t just think about your vocation generally; think about what job, specifically, you want to be in. What company will you be working for, or will you be working for yourself? How much money will you be making? Is it remote or office-based work? What types of hours will you be working? Will you have a side hustle?
Small step: Do the market research on your dream job and your current job. Are you being paid what your work is worth? If not, begin building a case for yourself. Depending on your job situation, now is likely not the best time to ask for a raise, but it’s a great time to do the back-end work to build your case.
What will your lifestyle look like? How do you envision yourself spending your time and money? What vehicle(s) will you drive? What hobbies will you have?
Small step: Identify one activity from your future that you could bring to life somehow right now. For instance, you may envision yourself spending time in your garden, but you’re currently living in an apartment. Could you start an herb garden on your window sill that you can tend? Or, you may envision yourself traveling. Could you make a point to explore new places within driving distance each weekend?
What financial goals will you have attained? Zero in on your financial life: What do you want to make sure happens by that five year mark? Will you have paid off debt? Will you have gone on your dream vacation, purchased a home or rental property, or made another financial goal a reality?
Small step: List the goals you want to attain and put them in order of priority. Make sure you and your spouse are on the same page about the order. Begin by making a plan for the first goal on the list and give yourself a deadline to complete it.
What progress will you have made on other financial goals? Don’t forget about some of the other goals you might need to chip away on over time, like saving for retirement or keeping that emergency fund fully stocked. If they’re really long-term goals, quantify the progress you’d like to have made toward them in five years.
Small step: Create a system to help you reach your goal and continue making progress until you’ve attained it. For instance, if you want to have $10,000 in your emergency fund in five years, you’ll need to save $167/month. If you want to be putting away 15% in your retirement account ten years from now and you’re only at 5% today, make a goal of increasing your contribution by 1% each year. If you can, begin putting your system in place today.
After you’ve completed your vision, find an image or two that sums up your vision and put in a place where you’ll see it every day, like your fridge, bathroom mirror, or desk. Then set aside some time to begin moving through these small steps. Those five years will pass whether you’re actively trying to achieve your goals or not … why not get the process of making those dreams come true today?