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Your first foray into financial planning and investing can be extremely daunting. With a multitude of strategies and platforms to use, it can feel overwhelming and confusing as to where you should start. You might even be wondering whether you’ll need to make some lifestyle changes to accommodate your new financial goals.

This would give you a comfortable buffer in the event that you need cash quickly and prevent you from going into debt to finance an emergency.Most of us in our adult lives are in varying degrees of debt. We could have student loans, credit card loans or even a mortgage. While this is normal, debt accrues interest over time, which means that the longer you take to pay off your debt, the more money you will owe on top of the principal borrowed amount.

There are a few things to consider when deciding which approach works best for you. Firstly, consider your current financial situation. What are your current monthly expenses and how much cash can you put aside, both initially and on an ongoing basis? What financial goals are you working towards?

Source: News Formal (newsformal.com)

 

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