- The couple has two personal loans with her having an outstanding balance of $ 25500 which costs them $ 1556 per month with 4 years to run and him having an outstanding balance of $ 18000 which costs them $ 933 per month and has 3 years to run. In order to improve their financial condition and to apply the 10 % rule the couple has to pay off this personal loan immediately.
- The couple should pay off their store credit immediately. As they enjoyed the interest free period completely it would be for their benefit to pay off that debt as that would enable them to avoid the interest payment due of $ 640 which includes the interest to be paid. This would also enable the couple to apply the 10 % rule and spend what they actually earn.
- The couple should hire an expert in order to help them to improve their living standard and make better use of the money that they earn. The expert can be an accountant that gives them advice on tax savings or even a real estate agent who would tell about how to manage their property. They should get an experts opinion so that they can use their earnings more efficiently.
Using these suggestions should be able to help out the couple in living a better life with reasonable financial resources. It should expose them to a smarter way of living and cut down their expenses and live a more disciplined life.