The Babylonian secret says pay yourself first. Take 10% of your income and save it in your name. The miracle is you will be able to live wonderfully with 90% and this 10% keeps increasing giving you a big leap into the future. I say put away 10% plus one so the 1% can compound. Example: put away $101.00. The $1.00 is the start of the next $100.00.
Now there is a bigger secret. Never take out a loan not even for yourself. You never take out a loan to pay a loan unless you want to go deeper in debt.
Be wise who you give your money to. Whenever someone asks for money find out all the details of why they want the money. If you are not convinced REFUSE money without guilt or ill feeling. If you find their case genuine ask them to come back after a few days or hours. Delay the giving.(Sometimes during the delay they find the money without including you.) Give less than what they asked for and most important ask for a re-payment schedule and follow it up regularly. Remember it is YOUR money and you are not a charity.
If you do decide to give a loan get it in writing, communicate clearly and make sure you both have an understanding about the re-payment of the loan, give it joyfully and your relationship will not suffer.
