Paying off your debts is one of the most important things you can do when you are young. Not living surrounded by debt will make your life happier and healthier. I make a good living most of the time. I also have a 50,000 grad school debt to pay off. I pay the highest amount I can per month. It means that I cannot do a lot of things I would like to. I would love to be able to go out to dinner occasionally or go out for a night on the town. But for me, paying off my graduate school loan is more important. I want to be able to save money and put a down payment on a house in the next year. I would love to be able to go on vacation, but none of those things are as important as paying off my grad school loan. So instead of putting tons of money in savings for that house or for a vacation, I'm putting all of that towards my loan. It sucks now, but it will be better later.
Tips for paying off your debts and still living
- Find out how much debt you have
- Find out how much money a month you can put towards those debts
- Do not take out credit cards
- Stop spending on frivolous things- coffee at Starbucks or your choice of coffee house, clothes you don't need, drinks with friends, dinner dates. Do those things at home. It will save you TONS of money. 3.50 for a coffee 3x a week gives you $42 to put towards something more important. Get a coffee maker and coffee from the grocery store. It can save you hundreds of dollars a year.
- Make the important decision to take care of your debts.
- Make a budget!!!!!!! it will help you figure out number 2. Here is a link to help you. Or try the bajillion on Pinterest. http://premeditatedleftovers.com/naturally-frugal-living/how-to-budget-people-hate-budgeting/
No comments:
Post a Comment