If you're working on paying off your student loans you need to be on top of your budget because every penny that you can put towards your debt or loans will help you get out of debt quicker! But that's easier said than done.
If you're struggling with your budget download the EveryDollar budgeting app! By manually entering all of your expenses into EveryDollar you will become hyperaware of where your money is going. EveryDollar is your budgeting sheet in an app form and since we all have our phones on us constantly, our budget will always be with us too! The sooner you create and stick to a budget, the sooner you can start tacking those loans!
Knowing that you owe money or have student loan debt can feel like such a mental block. If you're in any kind of debt you know that your debt is always on your mind. Debt can hold us back from moving onto the next step of your life, like getting married or starting a family. But being painstakingly aware of your debt is better than the alternative, completely ignoring your responsibilities to it.
Ignoring your loans will only make them grow larger. Interest grows the longer you have a loan and before you know it that $57,000 loan you took out to get you through undergrad, turns into $97,000 and that's $40,000 extra that you have to pay just for letting that loan grow. This is why you should always pay off the loans with the higher interest rate first, so they don't cost you more money over time. But, don't let your smaller loans go either, paying off your smaller loans sooner will give you the confidence you need to take on those big loans! The sense of accomplishment you'll feel when you finally pay off an entire loan, even if it's a small one, will energize you to keep moving forward towards your debt-free finish line.
Setting goals for your loans and rewarding yourself when you meet them will also help you beat debt fatigue! Set up a monthly automatic deposit towards your loans for the minimum amount that is due every month at the start of the month, and if you have extra money at the end of the month put that towards your loans as well!
Whenever you reach a big goal or pay off a loan get yourself a cake with the dollar amount of money that you've paid off written on the cake! Some people may find this silly, but you deserve to celebrate! Even if it feels like you're barely making a dent, this will remind you that you're doing the damn thing.
Conquering your debt can be tricky, so there's no shame in reaching out to a financial advisor for help! Many financial advisors offer free consultations and they can create a plan with you about how to best tackle your debt and give you a realistic timeline on when you'll be debt-free. Financial advisors can also advise you on bigger things that can save you money, like consolidating and refinancing!
Looking at that big number of how much you owe can be very overwhelming but try your best to keep a positive attitude and remember, even small wins are wins!