First and foremost, live within ones means.
Ask the question like “Do I really need it ?”, “Is there an alternate option ?”, “Can I afford it ?”, before every purchase, especially for big ticket purchases like a home or a car. Banks might be lining up for providing loans. But should you really go for that huge three bed room apartment or that luxury sedan? Ask questions to yourself on affordability, maintenance etc. For eg: one may have to shell out more on property tax, registration, wood work (and higher charge even for the maid who cleans the house !) when it comes to a bigger residential unit. And in the case of a Sedan think of the insurance , fuel efficiency etc. Don’t just go for such purchases just to show off. Do your math!!
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Ask the question like “Do I really need it ?”, “Is there an alternate option ?”, “Can I afford it ?”, before every purchase, especially for big ticket purchases like a home or a car. Banks might be lining up for providing loans. But should you really go for that huge three bed room apartment or that luxury sedan? Ask questions to yourself on affordability, maintenance etc. For eg: one may have to shell out more on property tax, registration, wood work (and higher charge even for the maid who cleans the house !) when it comes to a bigger residential unit. And in the case of a Sedan think of the insurance , fuel efficiency etc. Don’t just go for such purchases just to show off. Do your math!!
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