The ability to manage your personal finances is key to long-term finealth and stability. No matter how much you make, it is important that you can make your income work for you. Everyone needs a high salary and an expensive house and car to be happy, but they need to be comfortable to eat and sleep in healthy surroundings, and also to provide adequate clothing and housing for their family. This is only achieved through sensible personal finance management, that is, spending only what you can afford, not borrowing what you can realistically afford, and making you and your family comfortable and comfortable Maintain your standard of living when you retire.
banks are usually very willing to grant customers loans, you have to be careful here that it is not so easy for them to repay. Overdraft interest can be very expensive and you end up paying a lot more than you originally borrowed. In addition, they charge high prices for exceeding the agreed amount, accidentally or not, so customers need to be more vigilant as they approach their limit. In the short term, an overdraft is a very viable option. If you know a month in advance that you are running low, an overdraft service can go a long way. Likewise, you can just set up an overdraft and use it first / unless an emergency reassures you that you will have no problem raising money unexpectedly.
credit cards can be very useful, especially when used instead of debit cards simply to take advantage of bonus points / offers for expenses from regular usage, which only happens when the balance is paid in full at the end of each month. Having a credit card for emergencies is again a good idea, especially with larger unexpected bills like car repairs.Many credit cards offer 0% interest on the balance for a set period of time, often 6 months, and this can be manipulated so that you switch companies every six months to avoid paying interest. Of course, this only keeps the interest rate low; It does nothing to reduce the amount you owe. It is a common mistake to see credit as extending your salary, nothing is further from the truth, it is not your money. You have to return it at some point. and the sooner the better. Hence, the best advice is to only borrow what you can afford.
To secure your future when you finally settle down and retire, it is highly advisable to have some sort of retirement plan, either with your bank or your employer. Pension plans can be transferred from one company to another. when you change jobs and your employers simply take a percentage of your salary every month and put it aside to give you a lump sum when you retire so that you can maintain a good standard of living in old age no longer work.