Buying a house is a once-in lifetime affair for most salaried individuals, who are dependent by and large on their monthly income.
Most personal luxuries ride on borrowings in form of auto loans, credit cards, personal loans, vacation loans, education loans to enumerate a few. An individual borrower must draw regular EMI amounts for loan repayments from monthly salary, concurring with all other regular personal and household expenses. One must also have cushion against contingencies like unemployment and unforeseen expenses like sudden illness.
Considering the fact, it is imperative that you manage your finances to discourage any defaults on your borrowings and have adequate funds to mitigate any uncertainties.
You need to work around your borrowings to manage them effectively. Consider the following aspects to make debt repayment easier and effective.