are perhaps the biggest burden that you’ll want to get rid of first in your
20s. It can be found at the top of the financial goals anyone in their 20s
might have. The burden only gets heavier
when the people are unable to find an adequate or dependable job – and given
the current unemployment crisis, this is a common situation.
This is perhaps
the easiest way to trick yourself into paying off the debt. Have your bank take
automatic payments to be withdrawn straight from your bank account, and put it
on the loan. This is not only a convenient and secure method, but also ensures
that you pay the loan off in time, without accumulating further interest.
Follow a similar
strategy to your savings as well. Remember the more you save, the more you will
have to pay against a loan especially at times when you might not be able to.
Set up automatic deposits, and ensure that a particular amount of your pay
check is regularly credited to a savings account. This makes what you owe, a
little less in the long run.
It also protects
the money from your exploitative spending habits.
company probably asks for a set amount of money each month. This doesn’t mean
you can’t or shouldn’t pay more!
extra payments every now and then.
If you get an
increment at your job or a lush promotion, start doubling your payments
altogether – this helps to reduce the principle quickly.
This might sound
a little tricky, but tighten your budget in a few ways, especially by cutting
down on your ‘wants – you will be surprised at how much you’ll be able to save
to pay off the loan.
These simple yet
clever ways will surely get you off of the pressurising student loan debt, and
empowering you to look beyond the debt and plan on building your wealth.
After all, the
20s is a golden period for building a foundation of healthy financial
principles, and the best way to get started is by getting rid of all the sick
See Also: Get
motivated to Save
Written by: BALAKARTHIGA.M