With a little bit of hard work and imagination, you can certainly start your journey toward financial independence. The faster you address and pay down your debt, the sooner you can apply for a mortgage and other loans you might need.
We’ve created a list of five clever ways to pay off your student loans faster. Let’s make it happen!
1. Join a Ridesharing Company
Driving for companies like Lyft or Uber can be a great gig for young professionals or students.
This is a top side hustle pick because you can essentially do it anytime, anywhere and on your own schedule. You can choose your work hours, earn instant money, and bag special bonuses.
Check out this chart to learn how much you can earn per hour by driving around your area. Besides, working a few hours on a weekend can help you cut through your debt.
2. Collect Spare Change
Try apps like Qoins to collect spare change digitally. It works the same way your typical piggy bank does — saving small amounts for a bigger expense. By the end of each month, the app forwards the accumulated sum to a lender.
3. Get a Roommate
If you find yourself struggling to make housing payments, it may be time to find a roommate. Apart from the emotional benefits of living with someone, it can save you some money that you can use for your student loan. It’s time to say goodbye to hefty rent, furnishing, and utility expenses.
4. Use Coupons
A pro hack in cutting back on grocery bills is to use coupons on items you would normally buy anyway. Get a hold of a Sunday newspaper to discover exciting food discounts. You can stock up on goods you usually use with various promotions. Read more about couponing to learn how you can save hundreds per month.
5. Include Additional Payments in Your Budget
American personal finance personality Dave Ramsey once said, “A budget is telling your money where to go instead of wondering where it went.”
If you don’t have a budget, now is the perfect time to start one. Instead of spending extra on fancy meals, name brand clothes, and memberships you don’t need – focus on making additional student loan payments.
To pay off your student loan faster, try to make an additional principal payment monthly. Doing so will not only cut the length of your debt, but it will also impact the interest you pay.
By trying some of the above ideas – you can definitely start to chip away at your student loans and continue to pay them off sooner. If you set reasonable goals for yourself and put your mind to it – you can be student loan free!