Monday, July 11, 2011

What are you saving up for?

Posted by austenfan at 7/11/2011 11:02:00 PM
When I was in grade school, our homeroom teacher used to discuss to us the difference between short term and long term goals. Short term goals are those that you can attain within a short period of time - it probably takes a year, at most. On the other hand, long term goals are a little more difficult to achieve as this will require a lot of patience and planning on your part.

Similarly, we can also apply the same idea when it comes to things that we save up for. Some of use save money to be able to buy something - like a new phone, laptop, or even clothes! For the long term goals, some of us are intent on purchasing the best and cheapest term life insurance, a house and lot, educational plans for our children, a new car and so on. Whatever you're saving up for is your own choice - it need not be something that's beneficial for you in the future. It could be just because you want a new pair of shoes to wear. After all, it is your money and you're entitled to spend it any way you want to. But of course, I think it'll be better if you don't focus all your savings on buying all these short term wants. Think of those long term goals too, no matter how grown-up it makes you sound like! :)

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