Making dreams come true

Canadian writer Alice Munro has offered these words of wisdom about making big life decisions: "The best way you can approach the end of your life is to have done what you wanted to do, and live with however it turned out."

Have you done what you wanted to do?

If not, what's holding you back? For many of us, it's a combination of time, money and family responsibilities. You may not be able to indulge in everything on your dream list in one lifetime, but despite the obstacles, you might still achieve one or two of them if you do more than just dream.

Make a list
Start with a list of the top 10 purchases, pursuits or adventures you want to enjoy in the next 10 years. Don't limit yourself to what is practical or affordable — let your imagination have free rein. Maybe you'd like to own a grand piano, buy a cottage or a sailboat, send your children to private school or put an addition on your house. Or maybe you're dreaming of a luxurious Alaskan cruise, a month in the south of France or a year off to backpack around Asia with your children.

Then rephrase the words of Alice Munro and ask yourself: As you approach the end of your life, which of these big dreams will be the one you really regret not pursuing or achieving?

Start saving
Now start planning to make that dream a reality. The best way to start is to save money in a separate account.

If you commingle your money, you run the risk of spending it on other things that aren't as important to you. If you want to save enough money to go climb Mount Kilimanjaro, for example, establish a separate fund, and when you've saved enough, go and do it. Once you make the commitment to forgo extra consumption in order to save, you don't miss the money all that much — and then all of a sudden you've got the money you need, and it's earmarked for this specific purpose, so you don't feel guilty about taking it out of the family pot, so to speak.

As with any savings plan meant to achieve a relatively short-term goal, choose an investment account that offers liquidity and a respectable interest rate. If you're not sure exactly when you'll want the money back, a high-interest bank account is a good idea.

So go on, start dreaming and planning — the sooner you act, the sooner you can accomplish big things.

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