Build your own long-term financial stability through these 5 steps

1. Know the value of money. Always think before you spend. For starters, set your daily spending budget carefully and set aside at least 20% of income as savings.

2. Pay your debts as soon as possible. Prioritise which one should be handled first to preserve your good credit. Having a bad credit could make it difficult to apply for future loans, or obtain a low interest rate. Most importantly, be careful not to create unnecessary debts or non-performing loans.

3. Plan your retirement. Set the suitable age at which you want to retire and calculate the monthly expenses during retirement. Then, survey where your savings will come from, e.g. deposits, providence fund, etc. After knowing the amount you are still missing, use it to plan your income and expense account accordingly.

4. Save some money for rainy days. Unexpected events that require extra spending could always happen, such…