Once you finish paying a loan, my advice would be to avoid spending that extra money each month. You’re already used to spending a certain amount of money each month and making sure that your salary lasts. Put those money every month into a savings account or invest it.

If you’re having difficulties living without those money, then sure, spend some of it to make your life easier, but if you can afford setting money aside you should do it. It can really help out with the large expenses or you can invest them for your kids college fund or anything else. Buying the new iPhone, a new car or a new laptop will not be such a burden if you can just use those extra money.

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