M is for monthly expenses. Plan for that. It’s everyday life.
Y is for yearly expenses. Save for that. Avoid the December/January debt trap.
S is for saving. For whatever you need in months, and in years. Plan. Then do.
T is for terminal. Life ends. Need life insurance? Medical aid? Plan. Then do.
A is for assist others. Your parents? Your siblings? Start at home.
R is for retirement. It’s not too early to invest in the last 20-30 years of life.
If you add the actual amounts you spend in each category, the total must equal your salary.
What goes out, must equal what comes in. Embrace this fact, and you’ll never get into debt you can’t afford.
Here’s another way of saying this: If you calculate each category as a percentage, the six percentages must make 100%.
Get all this right in your first year (or three) of working, and you’re set up. Your salary will work for you, for your whole lifetime.
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