Manage your money, enjoy your life

2 Photo

Do you sometimes feel puzzled when it comes to money issues? Have you ever tried to prepare your own financial budget?

A training package, developed by the Staff Relations Group with the assistance of Professor Francis Lui Ting-ming of the Department of Economics, Hong Kong University of Science and Technology, is being launched Force-wide to enhance officers' financial management skills.

The package includes a series of four seminars by Prof Lui for the new recruits at the Police Training School, a 25-minute video and a computer programme featuring a personal financial budgeting formula.

The first of the four seminars held on November 22 was attended by some 180 officers including Recruit Police Constables, Probationary Inspectors and Training and Staff Relations Officers (TSROs). Deputy Commissioner Management Dick Lee Ming-kwai presented a plaque to Prof Lui to thank him for his support. The other three seminars will be held next year.

Prof Lui told OffBeat that the objective of the training package was to explain the importance of prudent financial management, particularly the advantages of saving money, the negative effects of habitual overspending and the risk involved in investments. It also gave advice to Force members on financial budgeting, he added.

The 25-minute video, featuring real-life cases, will be shown Force-wide with the assistance of TSROs. In the video, Prof Lui analyses the cases, offers possible solutions and explains the principles of financial prudence.

Meanwhile, a personal financial budgeting computer programme tailor-made for Police officers will be uploaded on POINT soon. Colleagues can get a suggested financial budget by inputting their personal financial data such as salary and monthly expenditure.

Assistant Commissioner Personnel Tang King-shing said: "The introduction of the training package is to strengthen the Force's educational effort on the subject of financial prudence. It is hoped that new recruits can start to foster this concept early in their career. Meanwhile, serving officers can also be reminded to handle their financial matters prudently."

Mr Tang also pointed out that the best way to reinforce the importance of financial prudence was to establish the culture of 'prudent financial management' and 'healthy lifestyle' in the Force. Therefore, prudent financial management has become one of the main themes of the Healthy Lifestyle Campaign since it was launched in 1997.

"A series of measures have been taken to promote this theme. They include providing training on financial management to new recruits and serving officers, giving regular briefings to TSROs on the Force policy on indebtedness, conducting seminars for colleagues who are about to retire on the proper use of their pension and producing related publicity items such as posters, pamphlets and video. The Psychological Services Group also conducts stress management workshops for officers in need," Mr Tang added.

"We are determined to maintain a clean and honest Force and will continue to deal with officers with financial problems through education, counselling, discipline and administrative measures.

"The Force takes a sympathetic view towards officers who are in debt because of unforeseen or compassionate circumstances and will provide every assistance to enable them to solve their problems.

"There is, however, no sympathy for officers who have unmanageable debts because of gambling, overspending or financial imprudence resulting in the impairment of the officers' operational efficiency." Mr Tang stressed.

Financial management tips from Prof Francis Lui:

1. Develop a consistent money saving habit to prepare for the unexpected.

2. Plan before you spend. Avoid taking out unnecessary loans. Estimate your loan-repaying ability.

3. Exercise prudence while using your credit cards and avoid using credit cards for cash advances. Repay your credit card bills on time.

4. Adopt a self-disciplined, consistent and punctual approach to repaying your debts.

5. Don't use share buying as a gambling tool.

6. Don't rely on the Mandatory Provident Fund or your pension alone. Save extra money for a better future.

7. Invest your time and energy in self-development as a way to increase your future wealth.

For any comments on the training package or enquiries regarding the Force policy on the management of Police indebtedness, please contact Superintendent Staff Relations 2 (2866-7417 or email: sp-sr-2-sr@police.gov.hk) or Chief Inspector Staff Relations (2866-7427 or email: cip-sr@police.gov.hk).

ACP P Tang King-shing recommends the Personal Financial Budgeting Programme