Acting in Your Own Best Interest

For many people, cutting down on interest and borrowing is easier said than done, but in practice, it really comes down to knowing the difference between necessities and luxuries. 

you might need a place to live, but you don't need a mansion. And while most of us must have a mortgage in order to afford a home, purchasing a home in a financially responsible manner means that you should purchase one that won't break the bank. 

Another healthy estimate is that your monthly mortgage payment should not cost more than 30% of your monthly take-home pay.