Living in debt can be really complicated, and a lot of people end up making mistake because of the same. People only have so much money, and it can be really confusing to prioritize at this point of time, as well. So, what do you do with your income? How do you start repaying your loan? Should you focus on repaying the loan or divert more of your attention towards saving for the future?
There is no single correct answer. There are some people who prefer starting their loan payments earlier on so that they don’t end up spending a high amount of money in the form of interest. However, this depends on your income and your current major expenditures. It is easier for you to start early payments on your loan if you are single and do not have a family to worry about.
If you do have a family and you want to stay ahead of your loan payments, you would have to be very careful about your expenditures and make sure that you save as much money as you possibly can. This way, you will be able to pay back your loans without your savings suffering a huge setback.
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