Write down your goals

PUBLISHED : Monday, 07 April, 2008, 12:00am
UPDATED : Monday, 07 April, 2008, 12:00am

Be professional with your money, like big companies. Write what you plan to do with your money:

Goals: your goals can be big or small, short term (next week's cinema ticket) or long term (university). Write them all on a list and then sort them by priority.

Time frame: to make sure you save for your goals, draw another column and write when you would like to achieve each of them. Be realistic.

Total cost: in your third column, write down how much each goal costs. You may have to investigate to find out. Then, review the priorities: the costs might impact them.

Saving need: now compare how much you need to save every month in order to reach your goals. If one of your goals costs HK$1,200 and you plan to achieve it in 12 months, you need to save HK$100 every month. Then add up all the monthly saving needs for all your goals and compare the total amount with your monthly allowance: is it feasible? If not, you need to review your priorities and postpone some goals. If yes, great, read next point.

Be focused: put your goal plan in a place you can easily check them, to get motivated and avoid being carried away by buying items which are not in your goals: why don't you write them in a card that you leave in your wallet?