We all have them—those hazy, far-off financial goals that seem as distant as a European vacation (from our HDB flats, let’s be real). Maybe it’s finally buying that resale flat in Tiong Bahru, retiring early to sip cocktails on the beach in Phuket, or simply achieving that glorious “financially secure” feeling.
The thing about these “someday” goals, however, is that they tend to stay stuck in the land of “someday.” This can be a reality if we don’t break them down into manageable chunks. The key is to bridge the gap between our kopitiam kopi dreams and our champagne wishes.
1. Define your “what” and your “why”
The term “faraway” may not mean the same for us the way it means for you. It means differently for everyone. Some may interpret it as five or 10 years; some may look at it as the time they can finally afford a parking space and a car. There is no right or wrong definition here, as we have unique financial experiences.
Write down your goals, no matter how big or small. Why are they important to you? Do they give you a sense of freedom; perhaps they evoke a sense of security? These reasons are the ones you will need the most to move forward, especially when the going gets tough.
2. Break it down, lah!
Efficiency is key, and we Singaporeans know this. Now, imagine your financial goals as MRT “stations,” which you need to go visit one by one and not all at once.
Let’s say your goal is to buy a Tiong Bahru flat in 10 years. To be able to do that, you may need to figure out how much is needed for the down payment, monthly mortgage costs, and renovation costs. When you break these down into annual saving goals, any dream is doable.
3. Automate, automate, automate!
Everything moves so fast these days. With this pace, no one can blame you if you forget to manually transfer money into your savings, investments, and SRS (Special Retirement Scheme) accounts. This task can take up so much of your time and willpower. The answer: automation. If you set up automatic payments, you can save money without even having to think about it.
4. Explore your options (beyond the kopi shop)
Stashing cash under the mattress or that rusty biscuit tin is old news. We have many options where we can save money or invest now. A little bit of research and maybe a financial talk with a legal money lender or other institutions can help you figure out how to align your goals with your financial health.
5. Be kind to yourself (and your wallet)
Despite our frugal efforts, we will always be humans. Sometimes, we may indulge ourselves with yogurt drinks or double pecan bars. Other times we may give in to those irresistible cool shoes. Believe us, that’s okay.
You may feel the need to beat yourself up about it, but don’t. Scolding yourself for enjoying your hard-earned money will do more harm than good. Instead, try to get back on track and move forward, focusing on your financial milestones.
Conclusion
Faraway financial dreams are never out of reach. Of course, it will not happen overnight, maybe even next month or year. Again, that’s okay.
As long as you have solid plans and an even more solid discipline, no faraway dream is too far to reach. You can do it, one step at a time. We hope this blog post helps!
