Question

2.      As a study loan borrower, construct a plan that would best allow individuals to par down these liabilities to maximize the health of your financial well beings. (300 words)

Answer 1

2.

A . Create a Proper Plan - First of all prepare a proper plan that how to spend what we have. The prepared plan should be practical and may not be ideal. This plan must include the actual amount we get in a period and what all expenses there in a month for us to meet.

B. Prepare a list of expenditure - We want to list out all our expenses going to be occur in a period and try to minimise unwanted expenses.

C. Reduce Spending - Try to reduce unwanted spending in a month inorder to boost our earning capacity.

D. Create Savings Habit - From every minute point of our daily spending do all possible way to save from there. As we are reducing our spending must want to save as much as possible.

E. Reduce Borrowings - Try not to borrow from outsiders and must practice to use what we have in our hand. Unwanted borrowings may make you in debt condition as borrowings make you to pay monthly interest it is an unwanted expense.

F. Improve Earnings Capacity - As you are minimising your spending and most importantly trying to save money also try to improve earnings capacity.

G. Control Spending - Control your spending as much as possible

H. Follow up - Try to Follow up your plans and maximum try to do what we are discussed in the previous steps Always follow the first step that is planning.

I. Monitoring - Continously monitor all the above mentioned steps are following and its all are going in a proper way what you are expected to do. Monitor thoroughly.