How to Deal with Student Loans and Debt in 2019

Student loans are one of the highest obstacles to attainment of financial security. 2019 is the year to liberate yourself or at least start the process of self liberation from student loans because depending on what you owe, it may take up to three years or more. The most important thing is slaying the giant of indebtedness. Student loans will prevent you from having a peace of mind

  • Know what you need to pay. Determine the exact amount owed and the interest.
  • Planning. Plan your payment schedule and each amount you are going to pay monthly.
  • Downsize – it’s a temporary thing just until you finish paying your loans. Reduce on your spending. Evaluate your spending. If you can survive without it, stop buying it. Don’t buy things that you don’t need. And use the money to pay your loans.
  • Accept your financial status and live within your means. No one expects you to be living in a big house and driving an expensive car.  You are just starting out on your entry level job. Don’t place all of these unrealistic expectations on yourself. Don’t compare yourself to those people who have made it big on social media. That is not your path.
  • Make use of your part time– what you do in your part time will help you out. Make sure that your part time is profitable. Find another source of income that will help you make money to pay those student loans. There are money ways to make money on the internet these days. Be aggressive and you will find something to earn you money.
  • Live on a budget. Set aside money to spend, to save, and to pay for your loans. You cannot afford to splurge at this time in your life.
  • Set up an emergency fund separate from your loan money so that when an actual emergency comes up, you don’t use your student loan money
  • Any money that you come across, maybe a gift; use some of it towards your loans. This is not money that you are sure you’ll get but you may get lucky
  • Cut down on alcohol and eating out and ordering food. Especially at the club. This is highway robbery. If you’re buying alcohol buying together with your friends so you share the costs. Eating out may not seem expensive at first but it all adds up.
  • Sacrifice any vacations or expensive road trips. You’ll take all those vacations and road trips once you are debt free.
  • Find cheaper alternatives. Read a book, try a workout DVD on YouTube, go out for a run, and cook with your friends in the weekend instead of going out.

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