Thursday, August 28, 2008

financial planning for the 2011 wsj

Okay. Before we go into details on how to save up for the 2011 WSJ, it is worthwhile to look into the costs of previous jamborees.

2002/03 WSJ in Thailand
Jamboree Fee = USD 441 (approx RM 1700) – inclusive of food, camping fees, etc
Air Fare = (estimated approx RM 1200 at that time)
Contingent fees = RM300
Minimum Cost = RM 3200

2007 WSJ in UK
Jamboree Fee = UK Pound 378 (approx RM 2646) – inclusive of food, camping fees, etc
Air Fare = (estimated approx RM 3500 current price)
Contingent fees = RM350
Minimum Cost = RM 6496

So... How can we save up for 2011 ?

Simple things for simply scouting :

1. Discuss with your parents/scoutmaster about your plan to save up. I think this is the most important step. Tell them why you want to go..and what steps you going to take to save up. Then outline the steps you plan (examples are below) and review them every 2 weeks or every month for them to check your progress.

This is very important as this makes you have to report or be accountable to someone about your finances. More importantly, this will train you to be disciplined and serious in going to the jamboree.

2. Open a bank account if you don’t already have one. Make sure the bank account you plan to open is near to your home.

3. Set up a piggy bank or tabung to keep extra coins/money. Whenever you go out, you tend to have spare change in your pocket while returning from home. These money usually gets thrown somewhere...left in the sofa, on the floor, or even left in your trousers pocket only to be strewn away by the washing machine! Make it a habit to drop all these coins in to the tabung! Make sure this piggy bank is not easily opened or you will find yourself spending it all easily!

4. Set a goal how much to save each day..or each week for the jamboree. Yes the jamboree is far away ( you think)...But its not cheap either!
Let’s say set a goal of saving 25% of your allowance or pocket money you receive every week/month from your parents towards this goal. Or whatever percentage you think it’s realistic. Most importantly, you have to be consistent!
The problem with doing this is...MOTIVATION. We will talk about this another time.

5. Think of ways to reduce your spending..especially eating canteen etc. Make it a point to pack lunches 2 days a week ? or if possible everyday of the week! Of course canteen food is so tempting....hehe But you don’t have to spend money preparing snacks/food from home!

6. Find a part-time job during your holidays. Saving is a slow process..which you may not see the rewards only until after a long long time... Getting a part time job will teach you the value of money...that money doesn’t come easily..and will hopefully train you to be more thrifty!

7. Shopping...yes, we all need clothes our toys, books, games etc. Stop for a while..and can u get good bargains on all these ? Make it a habit only to buy during sale etc etc or only buy clothes/toys/books once a month. If you cannot control your temptation, try to reduce the times you go to shopping malls with your friends. Only go to malls with your parents if you want to buy stuff!

8. Watching movies can be very expensive if you do this every week... Try to go only with your family when u want to, or only go 1X a month ?

9. Persuasion and teasing. Your friends are your biggest influence in your life. What they wear, what they buy, what they do will impact on you. Your close friend may have bought a pair of Nike..or that new XBOX 360 game...

Your classmate may have shown to everyone the new Nokia N series handphone that she just had...

Yes ..very tempting... the thing is. It helps if you could talk to other like-minded friends who want to go to the jamboree..find out how they cope with temptation etc

Talk to your parents about this.

10. Handphone. Top Up and bills... Don’t send unnecessary text messages. Use a public phone if you have to... or use a housephone. Don’t spend hours on the handphone talking to someone if you could meet him/her in school or in tuition.

If you have a boyfriend/girlfriend...explain to him/her your intention to save up. If he/she is a scout..usually he/she will understand your intention of saving up and going to the jamboree, and even might join you in saving up. If not, maybe its better to get a new bf/gf!

Try using SKYPE or MSN chat if you really want to talk. Cheaper.

More tips to come.... (by FORAGE CAP @ 2008, DIS, PL4)

1 comment:

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