Maximize Earnings: Explore avenues for additional income through a secondary employment opportunity, engaging in a side hustle, or pursuing opportunities for a salary increase.
Expense Optimization: Enhance financial efficiency by scrutinizing and minimizing expenses, including the cancellation of unused subscriptions and conducting thorough research to secure competitive rates on insurance and other services.
Loan Repayment Strategy: Consider transitioning to interest-only payments on existing loans rather than principal and interest, reducing immediate financial obligations and potentially increasing borrowing capacity with lenders such as Pepper and Liberty.
Debt Management: Implement prudent debt management practices by closing unnecessary credit card accounts, reducing credit limits, and prioritizing the repayment of HECS, car loans, or personal loans.
Collaborative Home Purchase: Explore the possibility of joint property ownership with an individual with a higher income, providing a strategic approach to entering the housing market.
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