Saving for your goals

Once you've established your financial goals and their time frames, you need to decide how you can accumulate the money to realize them. Short of working around the clock, there are two possible ways to increase your wealth: saving and investing. You'll probably want to do some of both.

Saving, which means setting aside money for the future, may be the hardest part of financial planning, since you'll have less to spend on your current needs than you do now. But making regular additions to a savings account is the surest way to move forward toward your goals.

Ideally, you'll be able to save 10% or more of your pretax income. On an income of BDT 50,000, that's BDT 5,000 per year, or BDT417 each month.