A financial month of a working adult would typically look something like this:

  • receive salary in bank account
  • go around daily necessary expenses eg. food, transport, loan payments
  • have discretionary spending eg movies, shopping, travelling etc. 
  • keep the remaining amount in a bank saving/deposits product
  • wait for next salary
While such approach is a logical one and easiest to embark on, it is not ideal for someone striving towards a secure financial future and comfortable retirement. One needs to take a holistic look at his entire wealth plan and start taking suitable actions.
It is essentially allocating our money to specific wealth management goals, maximising their usage over our working life. 
Here, I offer 3 sequential steps to start managing one’s finances better.
Manage Personal Cash Flow
We should all have separate bank accounts for daily expenditure, savings, and investments. Set up automatic funds transfer from the salary-receiving …