5 Practical Tips for Managing Debt While Planning for a Big Life Event
Planning for a major life event—whether it's a wedding, buying a home, having a child, or starting a new business—is an exciting yet financially challenging time. Balancing existing debt while preparing for significant expenses requires careful planning and disciplined financial management. If you’re facing a big milestone while carrying debt, don’t worry. With the right strategies, you can stay on top of your financial obligations and still move forward with your plans. Here are five practical tips to help you manage debt effectively while preparing for a major life event. 1. Assess Your Financial Situation and Prioritize Debt Before making big financial decisions, you need a clear understanding of your current debt situation and how it fits into your overall financial plan. Review Your Debt and Credit Standing List all outstanding debts, including credit card balances, student loans, car loans, and mortgages. Note interest rates, minimum payments, and total balances. ...
