increasingly complex economic situation, how can ordinary people prepare in advance?

First, analyse your personal financial situation

Firstly, the first step in making an economic plan is to analyse one's personal financial situation. This process can help people understand their own sources of income and expenditure, as well as other financial resources and debts. Specifically, the following things need to be done:

1. collect personal financial information: this loan includes personal bank accounts, investment accounts, debt accounts, and other financial assets. This information can be obtained by collecting e-bills, invoices, and bank statements.

2. Calculate income and expenses: Based on the information collected, calculate your total income and total expenses, and categorise all aspects of your expenses.

3. Evaluate debt situation: Understand your debt situation, including the principal amount borrowed, interest rate, repayment period, etc., and calculate the amount of debt repayment each month.

Setting feasible financial goals

After understanding your financial situation, you need to develop feasible financial goals. Financial goals should be specific and clear so that they are easy to achieve. For example, some common financial goals include:

1. Savings and investment: make adequate preparation for future emergency expenses and retirement.

2. Debt repayment: make a repayment plan to gradually reduce the pressure of debt.

3. Home purchase: to formulate a home purchase plan according to one's financial strength and the market situation.

4. Education and training: Make education and training plans to enhance your career competitiveness.

5. Travel and entertainment: Make travel and entertainment plans according to your interests and financial strength.

III. Formulate a feasible financial budget

It is very important to formulate a feasible economic budget according to one's financial situation and financial goals. An economic budget should be specific, reasonable and feasible to achieve. For example, a feasible economic budget can include the following:

1. Balance of income and expenditure: to set a budget that balances income and expenditure, i.e. to ensure that monthly expenditure does not exceed income and to avoid financial deficits.

2. Prioritise spending: Prioritise spending the most important parts of your financial goals, such as debt repayment, savings and investments.

3. Cutting unnecessary expenses: Minimising unnecessary ploan expenses so that more money is available to respond to emergencies or achieve financial goals when necessary.

4. Allocate funds: According to financial goals and spending needs, allocate funds wisely each month to avoid overspending or unnecessary waste.

5. Establish a savings plan: Develop a savings plan for use in emergencies while preparing to achieve financial goals.