Paying off Student Loans
This week I realized something that put a big smile on my face.
I am very close to paying off my student loans! (*Update – I paid off my student loans in 2011. yay!)
It’s been some time since I graduated from college and to be honest, I never thought I would see the light at the end of that tunnel. When I was in college, I remember anxiously looking forward to the days when those student loan checks would come. Instant cash that I spent like it was going out of style!
Of course, most of it went to books, rent, food to eat, you know… college essentials. But I have to admit; there were those countless pairs of shoes I thought I needed or that beautiful dress that I probably wore once.
It wasn’t until I got my first bill a few weeks after graduation that I realized what I had gotten myself into. I would never take any those experiences back… but I do wish I would have thought more wisely about how I spent that cash.
Tips on paying off your student loans quickly.
- Set aside some money each paycheck specifically to pay off your loans.
- Pay more than the minimum payment.
- Adjust your budget and skip out on that cup of coffee, a new pair of shoes or night out.
- Pay off high-interest loans first.
- Pick a side hustle to make extra money.
Advice to my younger self: “That money is not yours to keep.”
To that 23-year old ready to take on the world… I know you think paying $30-$40 dollars on a great pair of pumps seems like an awesome deal, but in reality, those shoes probably cost three times as much when you add up all the interest.
On that note: my resolution for 2011. Finish paying off my student loans!