Make a list of all necessary expenses and income. Leave something small to save if possible and allow it to grow. See how much is left for luxury (treats and spoils)
Good debt VS bad debt
All asset-based loans are long term investments as there is a value attached to this and should be managed healthily in order to gain worth.
Never skip instalments
Missing payments on your debt/loans could negatively affect your credit score.
Save at least a 1/3 on your income
This is not always possible and is a necessity. We should all strive to do this as anything can happen in life.
Understanding interest rates
Affects your ability to repay loans, the higher the interest rate, the longer you will be required to pay back. Negotiating interest rates with your creditors is vital and is the key to managing your debt properly.
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