We realize that many of our readers are young couples and or families. We know that some of you are only about 5 years out of college and drowning is student loans (or other loans). Here is a quick list of things that will help you be a responsible adult and pay off your loans/debt in a timely period.
- You MUST budget so that you know what you have, what you need to have, and so that in week four of the month you still have money, are not eating Mac and Cheese every night, and so that there are no financial surprises. Do a weekly, monthly, or daily budget. Normally, the more money you have the larger picture you can look at. If you are living/surviving day by day then you may need a daily budget. Figure out how much extra you may be able to put towards the loan each month. Every penny counts!
- If you owe a lot and cannot make your payments, have a sit down (or phone chat) with the lenders. They may work for a big business but they are people. Many times lenders are willing to work with individuals and possibly get you a lower interest rate or money off if you pay if off sooner. Refinances loans can be beneficial to many.
- Lastly, be frugal while you have debt looming over your head. Live more modestly to get the debt paid off quickly so that you can have a better quality of living/life once it is paid off.
We hope this helps!