There are various ways to pay back your student loan quicker; not to say it’s not extra challenging, however. If you’re looking to get it out of the way sooner than later, or if you don’t want it hanging over your head longer than it needs to, try some of these ways to make more money towards paying it off.
Minimize/Sell What You Can
A lot of folk don’t need half of what they own. If you’re one of them (no shame in that), it’s an opportunity for you to get rid of what you don’t need and potentially make money from some of it. It might be hard letting go of some things, but really, you don’t need it. Besides, some can be replaced in the future. Examples of things to get rid:
- Have a TV? Sell it. Cancel your subscription. There’s a lot to watch on the internet these days.
- Let go of half your shoes, clothes, accessories. Sell some. Give some to charity.
- Sell your sofa. Buy beanbags/floor pillows from a thrift store.
- If your smartphone’s a version that can be sold for good money, sell it and buy a cheaper, older smartphone.
If you’re renting a whole apartment, consider moving to a shared one. If you own your apartment and have a spare room, rent it out. If you don’t have a spare room, maybe move into the living room and rent out the bedroom. Consider moving in with loved ones for a while if they have the room, and rent out your apartment. Or move to an area that’s cheaper.
Own a Car?
If it’s practical to do, sell your car and use public transport instead. Remember, it’s only temporary, or a temporary inconvenience while you pay off your student loan quicker.
Can you sell your car? How much is it worth? How good is the public transport system? Even if it could be better, can you make it work?
Employment: Extra Work
Could you get an extra evening or weekend job? Could you ask your employer for extra hours? Is there overtime available? Could you ask for a raise? You don’t know if you don’t ask. Is there a better-paying opening in the company you feel you’re qualified for? Apply for it. Alternatively, could you look for online work.
Cut Down on Spending
Look at various things you buy that you could buy cheaper versions of, or can stop buying altogether. If you do takeouts or go out to eat or for drinks, cut back. Cook more often. Invite friends round for a meal every now and then instead of going out to eat.
Maybe you’re an amazing accountant (flashing halo included) or a top notch surgical technician from one of the best technical surgical schools going (bestsurgicaltechschools.com). Whatever your profession, paying off your student loan sooner is likely to be challenging. However, it will take some grit/sacrifice.
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But it’s doable, an empowering thing to do.
Focus on that.