Again, this is the most common advice because it works. However, I understand this might not be feasible for you especially if you’re reading this article in the first place.
3. Make Some Sacrifices
Take a look at your lifestyle. What extra stuff have you been living with that you can do without? Can you get rid of your cable package? Eliminate a subscription box or magazine subscription. Maybe cut your housing cost in half by finding a roommate or start eating out at restaurants less to save money on food. Turn a guest room that’s not getting much use into a room you rent. Take a good look at how you spend your money and get creative with ways you can cut back and save. Take those savings and apply them to pay off your loans.
4. The Debt Snowball
The debt snowball method is my favorite method to pay off credit card debt. It also can be used with student loans. List all your loan debts (that include private loans, secured loans, unsecured loans, etc.) from the smallest balance to largest. Start paying on the smallest student loan balance first. Any extra money you have should be used for paying off that first debt while still paying the minimums on everything else.
