The best thing you can do for your income is to use it as efficiently and effectively as possible. This means that you should spend your money on the most critical priorities first and then pay for the less important ones. In 2015, I created a priority list that details how one should spend their income to achieve financial success. Last year was the last time that I updated this chart.
Another flowchart was found on the internet by Reddit user U/atlasvoid. I found it exciting and worth reading. Because everyone has different priorities and values, there is no one-size-fits-all income allocation flowchart. These are based on an average person’s financial situation and can only be used as a guide. You can move specific nodes around in the flowchart according to your circumstances.
Here’s the Canadian version. To see a larger version, click the flowchart.