Living a life without any dept is a dream of many people but today generation is more about materialistic then the realistic world that is why people often used to buy a lot of money from the banks are any personal loan from any online applications and live a life giving interest on the money that they have bought from the banks are the applications.
Today we will be discussing about how to live your life debt free so that you can live your life to the full list without wearing about the money
Before going forward we have to know that some strategies can be followed to minimise the depth and increase the chance of living a life of financial freedom.
At first we have to access all the debt situations and list out the depth such as the credit cards loans, mortgages and other loans and write it down to make a list of this loan.
Now calculate the total debt, total year of interest and how much the interest will be at the end of the year
Now make a budget of spending in a month and the incoming month so that you can calculate at the end of the month how much you can save the money so that you can further plan about paying off the debt and living a good life.
Initially you have to pay the small depth or small loans as soon as possible and continually review the budget.
If not possible, try to get a bigger Loan at the lowest interest to pay off all the remaining loans now, make a proper budget and pay just one loan which you have bought now with the low interest.
Try to make sure that you have saved enough money at the end of the month and paid some extra amount to the loan so that the year of your loan can be decreased.
One of the best pieces of advice that no one uses is to increase your income. Do any side Hustle and make a good amount of money so that you can pay off your debt and increase the flow of money like working as a part time are any other thing that can boost your revenue.