Millions of Americans have a weight hanging over their heads. Although we may not realize it, many of our fellow Americans are burdened with financial debt. One of the greatest causes of financial strain are student loans. With a rising number of college attendance, there is also a rise in funding for higher education. In 2019, the average cost of student loan debt is $31,000 per student which is on average almost $400 dollars a month. Often student debt is accompanied with high interest rates which can raise student debt to insanely high amounts of the years. Unfortunately, student loans are often accepted during an age when individuals do not fully understand the weight of the decision. Additionally, due to the economic state of most college students limited amounts of payments are made towards debt during college years. Therefore, many college students graduate with financial strain resulting from their education. Even though it may seem impossible an individual can tackle student loan debt faster than the required time. This will help avoid increases in debt due to student loan interest rates which build over time. A few methods are available for paying off debt.
Option 1: The No Additional Income Option
Certainly, it may not sound fun, but one effective method of paying off student loan debt is being more economical with your budget. Most people have some outlet of unnecessary spending. If you are wanting to pay of your student loans in less time it is wise to find time to review your budget. A review of your budget will allow the opportunity to become more aware of the essentials and the unnecessary items. Once you are aware of which items you can cut, you can start allocating that funding towards debt. If you are a coffee lover, reconsider $5-$10 drinks and make your own coffee at home. Purchasing $5 drinks for every day of the work week could slowly add up over time. If you have five $5 drinks each week that adds up to $100 month. $100 extra dollars towards student debt can put a dent in the overall debt over time. Consider cancelling your gym membership; this is the case especially if you are not a regular fitness enthusiast. You can run in your neighborhood and at the park for free. Also, You Tube has wonderful fitness routines.If you are buying food items from the convenience store, stop! Grocery stores have much better prices. You will be surprised at how much you are able to pay towards debt just by cutting back on spending.
Option 2: The Work From Home Option
If the thought of limiting your budget makes you cringe, then seeking opportunities for extra income may be the best option. A flexible route to earning more cash is utilizing work from home internet opportunities. A daily easy and affordable method to earn money is by taking online surveys. Many survey sites can be located with a little research and effort. A few popular survey sites include: InboxDollars, Swaybacks, and Mysurvey. Although it is unlikely that an individual will become rich from online survey taking, it is certainly an option for making extra cash to go towards debt. A few survey takers are lucky and can receive decent funding for surveys. This often requires specialized needs and interests. Paid freelance writing opportunities are a wonderful way to make money. A few paid writing sites include: Textbroker, Upwork, and iWriter. The better the quality of the article the more cash you can bring in to pay off debt. It is easily possible to make between $100-$200 weekly from writing articles. These are two flexible options for making money. Teaching English online is another job that is rising in popularity. Most people are unaware that most online teaching sites do not require a teaching certificate. The only downside to teaching online is that the hours are less flexible than survey taking and freelance writing. However, the required hours are often outside of the typical 8-5 work day due to the location of clients. There are numerous online side hustles that are available to assist with earning extra income.
Option 3: Purge Your Home
It is likely that your home is probably filled with unused items. Selling items that collect dust is a viable way to make money with little effort. Amazon and Ebay are two of the best options for selling unwanted items, but there are sites solely for books and clothing. Another option for making cash from unused items is having a yard sale. Facebook has also become a valued outlet for revenue.
Option 4: Getting a Steady Second Job
This is probably the least preferred option, but it is also the most guaranteed way to pay off debt. Having a fixed amount of hours and pay allows more security in budgeting a plan to pay off debt. Many businesses are looking for employees to work flexible schedules especially weekends and evenings. If you have the flexibility and time to work a second job, this is likely going to be the quickest and most effective way of whittling down debt. If you are considering a second job, it is important to consider a plan for self-care in order to ensure you are successful at maintaining your busy schedule.
You Can Do It!
It may seem that paying off debt is something you cannot accomplish but the time and effort will pay off. Certainly, it may be overwhelming to work longer hours and exert more effort. You may not want to give up your favorite coffee or a facial. However, the result of your efforts is well worth it. What you are working to achieve is financial freedom, and in time you will have more funding in your budget to spend as you wish. The amount of money that went to student loan payments could go towards a car payment or a fun item of your choosing.