Nothing screams "I'm an independent adult" louder than having a mortgage. This, however, comes with quite a few challenges and is not something you should jump into the first chance you get. It is, after all, a 20-year commitment. In order to finance it, you will need to accurately assess your situation, your income, and your needs. A good mortgage calculator will help you consider the rates and all other variables. Only then can you make an informed decision and decide on purchasing a new home.

Obviously, you will want to pay off the debt as soon as possible. This may take a few years - or a few decades - depending on the circumstances. Your income, any other real estate you may own, as well as your plans for the future will all play a part. In order to speed up the process, an app like Debt Payoff Planner could prove extremely useful. Rein in your spending, organize your finances, and you will see a more than obvious improvement. Good debt management does, after all, make a huge difference.

Unfortunately, things won't always go as smoothly as you expect them to. Job loss, death or a spouse, or any other unforeseen circumstance can blow a massive hole in your budget and put your home in jeopardy. The refinancing process is something you can negotiate with your bank, especially if you are a first-time buyer. This could make your payments more efficient and give you some breathing space so you can start afresh and still pay everything off in time. Have patience, shop around for deals, and you will find something to suit your budget.