Student loans can be such a pain, but please don’t think of selling your plasma, hair, or skin to pay them off. Trust us; there’s a better way to do it!
With a little bit of hard work and imagination, you can start your journey toward financial independence. The faster you address your debt, the sooner you can apply for mortgages, auto loans, and personal loans.
We’ve created a list of five clever ways to pay off student loans faster. Let’s make it happen!
1. Join a Ridesharing Company
Driving for companies like Lyft or Uber can be a dream job for young professionals or students.
It’s our top side hustle pick because you can do it anytime, anywhere. 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 in your area. It can go as high as $25.65 and working a few hours during weekends 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.
Don’t underestimate the power of spare change. A Moneytips article shares that Qoins users have collectively paid off over $2 million worth of debt.
3. Get a Roommate
If you find yourself struggling to make housing payments, it may be time to find a roommate. Apart from the physical, emotional, and mental benefits of living with someone, it can save you a ton of 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 buy anyway. Get hold of Sunday newspapers to discover exciting food discounts. You can stock up on goods you usually use with typical buy one, get one promo. 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 yet, now is the perfect time to start one. Instead of spending extra on fancy meals, branded clothes, and memberships you don’t need, focus on making additional student loan payments.
To pay off your student loan faster, you can make an additional principal payment monthly. Doing so will not only cut the length of your debt but will also impact the interest you pay.
Pennies Into Pearls