đź’Ą Monday Morning Drillđź’Ą
2021 is here and it’s time to get your finances back on track. So here are few tips to reduce your student debt and increase savings:
Cut back on spending, Save on stay at home
Have you been on a long term retail therapy trip from 2020?! It’s time to trim excess spending. Create a budget and ask yourself, “can I reduce or eliminate some of my expenses?” Maybe you are no longer commuting for school or work, that’s one expense down!
Pay yourself first
Set up automatic deposits that move money directly from your paycheck to your savings account to avoid to decrease your chance of spending
Rid yourself of “recurring” charges
Identify and cancel any “recurring charges” for services you no longer use
Save your raise or bonus
Maybe you received a pay raise, bonus or your stimulus check. Consider using it to prioritize saving or paying down debt
Don’t wait till you have zero debt to save
Over time, your money has the ability to earn interest on prior interest, a concept known as compounding. See if your company offers 401(k) matching contributions
Prioritize debt repayment
Tackle debts or loans with the highest interest rates first!
Start a side hustle
There are so many options out there. Deliver food, rent your home or join a ride-sharing company
Which of these tips are you going to start implementing?!
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