Credit without surprises: how to soberly assess your ability to pay

The idea of taking out a loan often comes to mind as a magical solution to all problems. I'll take it now, buy it, make it, and then I'll give it back somehow. This "somehow" is the most dangerous beast in the world of personal finance. He lulls me to sleep, whispers that everything will be fine, and then, when it's time to pay, he disappears somewhere.
Before signing a loan agreement, you need to have an honest conversation with yourself and your wallet. The bank, of course, will conduct its own assessment, but it has its own interests. Your task is to understand whether the desired purchase will turn into a long—term bondage, because of which you will have to deny yourself basic things.
Income minus expenses: the simple arithmetic of survival
The first step is the most boring, but also the most important. You need to sit down and calculate your real income and expenses without embellishment. Not the ones I would like to have, but the ones that actually exist. Take a card statement for the last 2-3 months and just see where the money goes.
It is necessary to write out all mandatory payments:
- Rent or mortgage.
- Utilities and internet.
- Transportation to work.
- Products (take the average value).
- Payments on other loans, if any.
- Other regular expenses: kindergarten, sections, gym membership.
Subtract this amount from your monthly income (or total family income). The remaining figure is your free balance. It is from this, in theory, that the credit payment will be formed.
Debt load ratio: the interest rate game
Banks use an indicator such as PD — the maximum debt load. In simple terms, this is the ratio of all your loan payments to your income. It is believed that if more than 50% of income is spent on loans, this is already a high-risk area. But this is for the bank. You should set the bar much lower for yourself.
A comfortable level is considered to be when no more than 25-30% of the monthly income is spent on all loans. If the payment on the new loan fits into this frame, fine. If he raises the bar to 40-50%, it's worth thinking very seriously. Life is unpredictable: you may need money for medical treatment, urgent repairs, or just be invited to your best friend's wedding. If all the available money is spent on a loan, any unplanned expenditure will be a disaster.
Financial Cushion: your personal stabilization fund
Imagine that you lost your job or faced major unforeseen expenses. What then? The loan is not going anywhere, the interest will continue to drip. It is for such cases that a financial safety cushion is needed — a reserve of money that will allow you to stay afloat for several months.
Before taking out a large loan, it's worth making sure that you have such a stash. The classic recommendation is to have an amount equal to your expenses for 3-6 months. If there is no cushion, then taking out a loan, especially a large one, is walking on very thin ice. Maybe it's worth saving up first, and only then thinking about borrowed funds?
One last question to myself
When all the calculations are done, the numbers seem to converge, ask yourself the last, most honest question: "Do I really need this right now?". Sometimes it turns out that the desire to own a new thing is dictated not by a real need, but by a momentary impulse or the influence of advertising.
Perhaps you can make do with a simpler model, or save up a couple more months and buy without a loan, or it turns out that life won't get any worse without this purchase. This final conversation with yourself is the best defense against impulsive financial decisions and their unpleasant consequences. منصة مثالية مع أسواق رهان لا حصر لها في كل مباراة. يحصل المشتركون الجدد على مكافأة ترحيبية ١٠٠٪ تصل إلى ١٠٠٠٠ روبية، إضافة إلى ٥٠ دورة مجانية و ٢٠٪ استرداد نقدي أسبوعياً. يمكنك أفضل رمز ترويجي 1xBet يمنحك فوراً مكافأة ٢٠٠٠٠ روبية. كما توجد مسابقات يومية بجوائز ٥٠٠٠٠ روبية، ومسابقات نهاية الأسبوع بجائزة كبرى ١٠٠٠٠٠ روبية. لا تنسَ تفعيل الإشعارات لتعرف بكل عرض جديد. سجل اليوم وابدأ الرهان بذكاء لتحقق أرباحاً ضخمة.