- Paying off the little debts can give you confidence to tackle larger ones. It’s recommended to focus on debts with the higher interest rates, but sometimes a moral boost is worth it.
- Don’t cosign loans. If the borrower misses a payment, your credit score plunges and the lender can charge you.
- Every student should fill out the FAFSA; many miss out grants that don’t need to be paid back because they are not filling out the forms.
- Choose federal student loansover private loans, they have flexible payment terms and often better interest rates.
- Investigate repayment options for federal student loan payments.
- Opt for mortgage payments below 28% of your monthly income. That’s a general rule of thumb on how much you can afford.
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IDEA EXTRACTED FROM:
50 Personal Finance Tips That Will Change the Way You Think About Money
- 3 Financial Basics
- Budgeting Like a Pro
- How to Get Money Motivated
- How to Amp Up Your Earning Potential
- How to Keep Debt at Bay
- How to Shop Smart
- How to Save Right for Retirement
- How To Best Build And Track Your Credit
- How to Get Properly Insured
- How to Prepare for Rainy (Financial) Days
- How to Approach Investing