Step 2: Develop Financial Goals and your Action Plan: Now, subtract your expenses from your monthly
income. If the result is positive, you can use at least part of it to start saving toward your financial goals. Having
an identifiable long-term goal that means something to you will help you develop the discipline necessary to
follow through with your plan. Knowing how much money you can put aside each month is the key to
understanding which goals are realistic and which are not. Your goals should be flexible. You may find you
have more money to save towards your goal or an emergency may arise that you need to use some of that saved
money for.
3. What is your net cash flow (inflow-outflow)?
4. What would you like to save money for? A house? A car? Approximately how much would it cost
you to purchase that item?

It should be noted financial goals simply means the target to aim for when managing money. Examples include buying a car, paying off a debt, saving for retirement, etc

The net cash flow simply means the gain or loss that's generated over a period of time after the debts have been paid. It is the difference between the cash inflows and outflows.

For example, if the cash inflows is $100000 and the cash outflow is $65000, the net cash flow will be:

= $100000 - $65000

= $35000

The things that one can save money for include house, cars, education, etc.

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