Seeking some sensible advice?
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I can afford to save some money. However, I have a bank loan which I currently pay off at 拢161/month. Would I be better paying more on my loan to clear it more quickly, or putting some money in a savings account?
Seeking some sensible advice?Take what you can afford and divide it 25 / 75 . Put 75% of it towards that loan and get it paid off quickly.
Put the 25% in a savings so that too can grow slowly and be there in case an emergency arises in the near future.
When done with the loan, hit your savings hard and get it built up to at least 6 months worth of income. More would be better but many get discouraged by telling them that.
Once your savings(or can have a higher yield investment account of some sort if so desired) has at least 6 months to a years salary in it, let it set for emergency purposes and never touch it for anything else. Start investing with what you have coming in now or save up (and hopefully pay cash) for something needed in your life like a vehicle or home.
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Seeking some sensible advice?Pay your money off quicker, that way you'll be free of this loan and able to spend as much money as you like-what you earn that is lol!
(if you want to save up put like a 拢5 a week or somthing in a money box and put it in your savings acount when you get to a certain amount)
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