A asks,

Emergency fund. Soon to start household expenses. Soon to start loan repayments. Short-term savings for some expensive stuff. Long-term savings for old age. How do I manage it all every single month?

A’s situation is a classic example for multiple competing personal finance goals. A’s one of my closest friends and who’s about to enter an exciting phase of life — this change is perhaps the root cause for this sudden surge in financial goals. Here’s what I advised A to do.

Prioritize.

It’s overwhelming — and close to impossible — to try and do everything in one fell swoop. Focus on one or two goals and work on them to completion. Then attack the next one or two.

It’s also a good opportunity to introduce The Balanced Money Formula — your percentages will vary for sure, but this is a pretty disciplined method for financial success.