Although many times it seems that the ways of fate are unfathomable, in fact, in most people’s lives there are predictable turning points that can and should be planned in advance. This is typically the case when a stage of life ends and another begins. Certainly, these changes usually involve financial expenditures that you should think and prepare in time .
1. Higher education
In many people’s lives, the first such opportunity is further education , as those who do not receive a state scholarship or do not want to accept the conditions attached to it must finance the higher education costs . About this in the 2011 CCIV. , that is, Article 46 of the Higher Education Act. In addition, the cost of accommodation may be added to the cost of not receiving training in your own home.
The student loan institution can help in this life situation. Under the age of 40, this loan can also be taken by a student who is a self- paid and state-funded student , regardless of whether he is studying in full-time, evening, correspondence or distance learning. At the same time, it is important to know that student credit is a long-term commitment , so it is advisable to have a thorough understanding of the conditions and risks involved.
It is good to live with your parents for a while, or to live with your friends in a condominium, but sooner or later everyone will need a separate home. Unless the family is able to give an apartment as a gift, it is usually a good idea to think about creating your own home after completing your studies, getting a first job with a steady income.
It is worthwhile to take a home loan if you have been able to find the right salary and it is definitely a good idea to wait for the probationary period. At the same time, in the case of a first-time resident of a job, it is often the case that even the parents give the guarantee.
Since there may be significant differences in the credit market, it is worthwhile to compare the various offers with a home loan calculator .
3. Family formation
One thing is certain: who will start a family, not only their children, but also their costs will increase over the years . The apartment, which was big enough for us, may be small with our couple and the child, so you will need to upgrade or move. In fact, it may also happen that we don’t have to change once because we have designed how many kids we want, life can hold surprises.
If we are flexible enough, let’s think that it is more financially worthwhile to move more times, and always buy more real estate with the required party or room . Because the larger the property, the more credit is needed, and the larger the apartment, the more overhead, and the cost of a condominium.
It may be a rational decision , and it is often worthwhile if the first baby is born in the small apartment , and when she needs more space and mom goes back to work at least part-time, the family will be credited.
Of course, it is best to plan if you already have the desired number of children and both parents are looking for it, because we can calculate the exact amount of the repayment installment, what home loan can be taken and what property can be bought from it. Of course, this situation cannot always be waived.
Some Things You Should Consider Before Borrowing:
- Can we also pay the installment so that the mom does not look for up to 2-3 years and has to pay a minimum of 3 or 4 people for a salary?
- Is the head of the family stable enough?
- Is there any prospect / opportunity for promotion / salary increase?
- Can repayment be maintained for up to 5-10-15 years?
Depending on the situation in life, there are many other aspects that may be relevant – these will be dealt with in another post.