Truth be told, there were many things I wanted to purchase last year. However, I decided to get out of debt and bought into most of them (though I was tempted by the super cute sweaters I saw). ).
As I age, I am more aware of how important it is to repay my student loans promptly. I don’t like the idea of having debt hanging over me!
Last year, I decided to pay off some of my student loans after I had paid off my car. I used some of my personal spending money to pay more for my student loans. This allowed me to take a bigger hit on my principal balance than the interest that keeps adding up each month.
It wasn’t an easy journey. It was hard to watch my spending money move so fast.
This cycle became very repetitive, which is true. This was not sustainable. I needed to make additional income so that I didn’t feel guilty about spending my money. ).
After the year ended, I was able to pay $3,000 more on my student loans. This was in addition to the minimum monthly payments.
Disclosure: I have included affiliate links in this post. This means that I may make a small commission on any sales through them (at no cost for you).
This is how it worked for me:
I gave loans a small percentage of my spending money, but not all.
As I mentioned before, I wanted some money for myself (I like a good froyo once in a while), but it was important to make sure that some of the money went towards student loans. Even though you may only have $10 more per month to pay your student loans, every penny counts.
It was true that I might not have been able buy the extra shirt or avoid eating out as often, but I quickly adjusted and it soon became my normal.
I also changed the frequency of my student loan payments. Instead of letting interest accumulate between monthly payments, my additional payments were made every other week. This had a greater impact on interest, which, let’s face it, is the worst part about these loans.
Online, I made some extra money
Chase the Write Dream was my first blog. I didn’t realize that blogging could make me money. Three years later, I have learned there are many ways to make money online and not only through a blog.
This realization prompted me to set out to apply the knowledge I had and make extra money so that I could pay off my student loans.
One, I put more effort into my blog to increase its revenue. PS. If you’re interested in learning how to start your own blog and potentially make extra money, check out my article Easy Steps to Create a Blog.
Also, I did surveys and other random tasks on Swagbucks. Although this isn’t a site where you can make lots of money, it is a place where you can do small things that add up.
It took a small effort to make a few more dollars each month to pay my loans.
[RELATED] Make money at home with more than 5 ideas
Poshmark helped me to sell unwanted shoes and clothes.
Poshmark was an app that allows you to list your unwanted clothes, shoes and accessories for sale. It was my introduction to Poshmark last summer. Although I was initially hesitant, this app has been a game-changer for me.
It took me a while to get used to it because it is very similar to a social media platform, where you must actively share and promote your items. But once I did, I discovered that I was selling my unwanted clothing and shoes very quickly.
Find out how I became the top seller of 10% in just a few short months by reading this post: Selling Poshmark: Simple Tips for Getting More Sales
I was refunded for my purchase
Online shopping is a common way to shop, so why not make cash back?
It was a lot of work to use Ebates each time I shop online during the year. What college textbooks do you need? ebates has many options! This applies to school supplies, dorm rooms decor, and any other items you may need for college.
You may also be interested in a rewards credit card. Important: To avoid interest charges, make sure you pay your credit card in full each month.
I have the Chase Freedom Card and receive 5% cashback on certain categories each quarter, and 1% for all other purchases.
I am an affiliate for the products that I use and support.
Did you know there are many affiliate programs you can sign up to? Affiliates are people who recommend products to others. You get a share of sales made through your affiliate link. This can be done via blogs or social media.
This route is recommended, but you must ensure you comply with all FTC disclosures. You can either disclose at the top of your post or use a hashtag like #ad to inform people that there are affiliate links in it.
These are affiliate programs that I am a member of (and you should too):
It’s time to get started!
You now have a better understanding of how I spent extra on student loans last year. It’s time for you to start tackling your debt. Which one of the above-mentioned options will you choose to pursue?
