Let’s Try This!

1. Fill out the provided matrix 1 (use below), “Summary of Personal Financial Goals”, with
goals reflecting your current situation and your expected life situation in 5 and 10 years.
Set financial goals carefully and realistically, because they form the basis for your
personal financial goals. Each goal should be clearly defined and have priority, time
frame, and cost estimate.

Matrix 1- Summary of Personal Financial Goals

Name: Julie Ann Ll. Moina Date: August 15, 2021

_______________________ _______________________

Short- Term Goals (1 year or less)

Goal Priority (Low, Target Date Cost Estimate

Medium, or (Php)
High)
Emergency fund High September, 24,000.00
2021-February
2022 (6months)
Savings account High December 2,000.00
2021(monthly)
Pay Off Debts High September 750.00
2021
Travel (Albay area) Low December 2022 3,000.00
Personal Goods High September 1,000.00
2022 (monthly)

Intermediate Goals ( 2 to 5 years)

Goal Priority (Low, Target Date Cost Estimate

Medium, or
High)
Start Investing High September 20,000.00
2022
Start a small business High January 2023 10,000.00
Family Vacation Medium March 2023 15,000.00
Have my own Motorcycle High January 2023 115,900.00
Minor Repairs and home Medium January 2024 10,000.00
improvements
 Long-Term Goals (6+years)

Goal Priority (Low, Target Date Cost Estimate

Medium, or
High)
Strive for Home ownership High January 2025 500,000,00
Save for Retirement High January 2022 500,000.00
Become a Millionaire Medium January 2027 1,000,000.00
Save for My future Child Medium January 2027 500,000.00
Education

2. Discuss the reasons for the changes in your goals and how you’ll need to adapt your
financial plan as a result.

When it comes to personal finance, everyone’s situation is unique. This is because no one
has the same bills, rents, debts, or lifestyle. One thing I observed in the matrix I did is that the
grander the goal is, the higher it cost also. This is the reason why I only listed simple things in
my short-term goals. I do think that I need to start it with simple things because I am just
probably starting up my career. I have limited source of income and resources. I put emergency
fund as my top priority because I know life is very unpredictable and it’s important to be always
prepared. Saving for the emergencies is one of the goals that are a necessity. I have also put
savings account, paying debts, and personal goods as my high priority short-term goals. This is
because I also believe that saving is a must regardless of how much you earn. Furthermore,
nothing beats with sleeping at night and you know that you don’t have debts to pay. And
finally, having personal goods and travelling is my own way of rewarding myself for all the hard
work I did.

As a BSBA student, I am well aware that no one gets rich by simply becoming an employee.
With this in mind, I want to improve my income source, preferably the passive income. This is
the reason why I put start investing and starting a small business (food business) in my
intermediate financial goals. I actually want to invest in stocks or bonds like Jollibee or other
blue chip companies. And I really like cooking also, so maybe I can apply that in my business
someday. By doing this, I can do what I love and increase my income at the same time. I also
put having my own motorcycle as my intermediate financial goals because I believe it will come
handy especially when going to work. The other things that I include in my intermediate goals
are family vacation and minor repairs and home decorations.

In my long term goals, I included things which I think is very impossible for now. I listed
home ownership, saving for retirement, saving for my future child education and becoming
millionaire. To be honest, I know it will be a long process before I can achieve these goals but
with the right choices and discipline I believe these can be made possible.

As conclusion, I think the main reason for the changes in my financial goals is my priorities
in life. I have also considered the means that I currently have to achieve those goals, the life I
want to have in the future and the things that I wanted to do. Furthermore, I think that age is
also one of the factors that greatly affected these goals. The more I get old, the more costly my
goals become. On the other hand, the only way to adapt to these changes is to also change my
strategies say for instance increasing the source of income, keeping in check my spending
behavior, and right mindset.