10 thoughts before borrowing a bank
Many people take loans if needed. We have ever borrowed from banks or financial institutions and from friends. In the case of debt or borrowing, some factors should be increased by taking care of it, or there is a fear of losing the relationship from legal complications.Borrowing should be taken keeping in mind the future. Borrow small amounts of money from friends or relatives or borrow big money from financial institutions - in both cases, be careful.
Following are some of the suggestions for taking care of debt and borrowing :-
1. Think before money is needed
In many cases maybe money is not needed, yet we borrow. Write down the reasons why you need to spend money in this case, what you will spend in it, write it on a paper. If you do not need it, then why not burden the burden of useless loan?
2. Keep in mind the alternate ways
You might borrow money to buy a motorcycle. While buying a bike, you can go to the office everyday at ease. Decide on alternate ways to get money from you.
3. Plan to use money properly
How to use the money before borrowing should be planned. He got a lot of money and did not use it in any way, should not do this.
4. Keep in mind how money is spent
Keep in mind that you are spending money on the right track. Keep in mind the utilization of money. Make sure that luxury is not born because of money.
5. Keep relationship
Keep the relationship with whom you are borrowing money from. If you have a relationship with a relationship, then focus on creating good relationships. If there is any problem in repaying the loan of the bank or financial institution, then the bank manager or the concerned authorities can report their problems.
6. Find out the terms and conditions of the law
You can know about the relevant laws in the field of borrowing from financial institutions including banks. If there is any condition, then know fully about it. If you do not understand the difficult language of different law-making laws, you can consult a lawyer or an experienced person.
7. Keep the account in paper and pen
In many cases, we keep accounting in the face of loan or borrowing. Keeping the accounts in mind, there is a chance to make a mistake. Keep track of how much money you are taking in paper and pen, how much you are paying. If you need to use online accounting software or mobile phone apps.
8. Money should be kept in mind
After getting the money, you have to be careful about how to repay the money. Keep in mind that complexity is not made to pay money at regular rate. If you repay the loan from the salary, in case of risk of repaying the loan for some reason, think about alternate routes.
9. Please lend money if needed
Never lend money without the need. Try to understand your own needs. Take the loan to understand the level of need. Do not make a quick decision.
10. Spend your income, save it
Spend whatever you earn. Practice regular storage. Savings practice ensures future financial security.
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Good to know!
I would advise that we try never to borrow from friends or relatives.