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SCMP Reporter

True or False?
Goal - compulsory saving for retirement
Budget - project or future expense you plan to do
MPF - you lose something to get another
Trade-off - how much you plan to earn, save and spend
Are all expenses goals?
Shall I put daily expenses in goals?
No, goals are expenses that you decide to incur from time to time. You can plan your daily expenses in your budget. And your budget should help you find  ways of saving in order to reach your goals.
Are unexpected expenses . . . goals?
It is a very good idea to include in your saving goal an amount for unexpected expenses or emergency, as you cannot really budget them. Keep this amount safe . . . just in case.
Other questions?
Write to us!
Here are a few activities you can research on this week's topic:
1 What kind of goals do you think you will have when you are in your 20s and your 30s? Write them down and investigate on the costs of these goals. How do you think you can finance them?
2 Track your spending: how much do you save every month? Is it enough to reach your goals? If not, list down what you could avoid spending in order to reach your goals.
3 Where could you leave your savings? In a bank account! Investigate the conditions to open a current and a savings account in Hong Kong (minimum amount, age etc).
Answers
All false.
Goal - project or future expense you plan to do
Budget - how much you plan to earn, save and spend
MPF - compulsory saving for retirement
Trade-off - you lose something to get another



quiz time