Understanding Your Current Financial Situation

Before you can plan for the future, you need a clear picture of where you stand today. This involves honestly assessing your income, expenses, assets, and debts. List all your sources of income, including your salary, investments, and any other regular payments. Then, meticulously track your expenses for a month or two to understand where your money is going. Identify areas where you can potentially cut back. Finally, make a list of your assets (like savings accounts, investments, and property) and your debts (credit cards, loans, mortgages). This complete financial snapshot provides the foundation for