It's 2021 and this year we are focusing on securing that bag and here is what you need to do.
Create buckets for different goals
1. An account for emergencies
Because you never know when your car is going to break down or when you have to send money to the village.
2. A 'turn up' account,
Because we work hard so we can play hard. Otherwise, you'll be setting yourself up for overspending, which will jeopardise your financial freedom in the long run. (This could be for shopping, traveling, anything that makes you happy). Planning for it means you spend mindfully and within a budget, instead of impulsively.
3. An account for rent
Because it's easy to procrastinate and wait three or four months before the rent is due and then start panicking and borrowing. It's always better to have an account dedicated to this that you put aside systematically each month (this works for school fees as well).
4. An investment account
Because there's no point in working hard, year after year, earning three million dollars a year, spending it all and then your net worth is one hundred and fifty thousand. It's best to systematically put aside a proportion of your salary toward building assets that will earn you an income.
5. An account for bills
Because life is expensive— this covers food, domestic staff's salaries, transport costs, etc.
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