New Delhi, March 27 -- Achieving financial goals becomes much more challenging without adequate income. However, with proper planning, it is not impossible. Currently, due to the rapid increase in demat accounts and interest in equity markets, urban Indians are prioritising wealth creation. Still, many struggle to meet their financial aspirations due to ever-rising living costs and stagnating incomes.

As Warren Buffett wisely said, "Do not save what is left after spending, but spend what is left after saving." Here are five practical strategies to help you achieve financial stability even with a limited income.

Understanding where your money is going is the first step towards effective financial management. The 50-30-20 rule is a simple...