Personal Finance

Realistic Financial Goals during CoronaVirus


I understand you can be deliberating on how to set a realistic goal in these trying times of coronavirus pandemics.  You may be looking for coronavirus survival tips or you may be asking yourself whether you should purchase that next item. Wherever you are in the process, you may be keeping in mind the goals you set to decide on how you can meet your resolutions so long as finances are involved.

You can decide to save to repay your student loan or to make a deposit for your new home.  The importance of a goal determines their fulfillment, and also a SMART methodology offers excellent support. 

Create a budget

From experience, I have found that some people do not operate on a budget when dealing with income and expenses.  A budget helps you make an informed financial decision and can also indicate to you whether you are on the track of goals you have made.

It can also tell you whether the goal is realistic or not.  If you operate without a budget, then you are not in a position to monitor your expenditure, and this can be bad, especially during this pandemic. Now, you list down all the sources of income and debts too, and then make a budget dependent on the significance of a need. 

You should not forget to budget for the unforeseen situation, medical expenses, the miscellaneous, too, and lastly, remember to save some funds towards the emergency fund. You should be realistic enough to ensure that the budget remains as low as possible, and all the necessities are covered by it. 

You should start by swearing to yourself that you will abide by what is in the budget and that you won’t go against it.  If you find it hard to make this budget, there exists a free budgeting app online and also get others free on Google spreadsheets budget, which will make it better for finance management. 

Ensure you spend less than you earn

It is always advised to live within the limits of your income. Also, do not spend all that you get from your side hustles and salary. After drafting a budget, you should limit yourself to spend a lesser amount than what you have allocated for every record in the budget.  Regulation of the spending habits is paramount, and what is budgeted for miscellaneous should not be consumed at all.  

Your budget should be the guiding factor, refer to it every time you are out shopping. When you notice that a particular lifestyle that you love a lot is making you go against your budget, then you distance yourself from it and abandon it. A good example here is partying life. You should cut the links immediately. The above measures will help in achieving your realistic goals so that you don’t suffer from the effects of coronavirus in achieving them.

Pay off debt and accumulate wealth

If you accrued debts in 2019, the chances are higher that you shall repay them during this coronavirus era. You may be looking for a debt payoff planner to help plan your debt payoff plan.  You should work on a plan that relieves the pain in a stress-free manner. Your goals should be SMART (Specific, Measurable, Achievable, Realistic, and time conscious) during this pandemic, do not generalize on the resolutions, please be specific. 

For example, “I want to pay 70%  of my car loan by during this pandemic, then due to the financial situation, I can clear the balance before the year ends” Besides other methods, you can use a debt payoff planner to regulate your debts. There exist free debt payoff planner templates on Google, or you can decide on a debt payoff planner

Build an emergency fund

Emergency funds have proven to be the best in curbing future financial problems. It covers all unseen future expenses. You should come to have an emergency kit that’s almost equal to half of your year’s expense. For example, with this coronavirus now, if you have an emergency fund, then you end up preventing the exploitation of credit cards or getting into loans. 

Abandon impulse expenditure

Impulse expenditure can lead to financial ruin such as bankruptcy. There are two main types of consumer bankruptcy: Chapter 7 and Chapter 13. In bankruptcy, you may take a Chapter 7 means test to estimate whether you qualify for a Chapter 7 or you may use a Chapter 13 bankruptcy calculator to estimate your Chapter 13 payment.

Spending without a budget quickly makes one do impulse buying, and that money should have been used on other essential things.  You should observe all the measures that will make you spend less and work according to your budget. Nowadays, there are many coupons online, and to the online shopping lovers, this can easily influence you to buy what you had not planned. 

If you could install ad blockers, and only visit the online malls only when you have a budget, then you would have abandoned impulse buying. Besides, avoid visits to the shopping malls when you’re not going out for shopping, and when you do, always ensure you’re within your budget and have a shopping list of the items you’re going to purchase. Through this, you will limit yourself from impulse expenses and end up saving money, which can be used on other necessities.

If you follow this, then your goals will still be realistic during the coronavirus period. 


In conclusion, realistic goals during this coronavirus era will only be met if you have good financial resolutions.

Goals can be achieved as a milestone, and then, at last, you find that you are still within the scope of your objectives. Being guided by your financial strength, you will end up making the right decisions, and you can also plan to make savings, which could relieve you from a financial crisis during hard economic times.