3 Simple Steps to Clear Your Student Loans
Many people wonder how I can clear all my student debt within 4 damn quick years! Now I am going to share with you for 3 simple steps.
Know Yourself
The first step is to know the amount of your debt. Many people only know the amount they need to pay back the university when they went out to the job market. And they are being shocked about the amount. It is too late! And they realize that amount will ruin their life’s planning such as getting married or buying their dream house. So you must know the exact amount you are going to pay before your graduation.
Predict Your Future
The second step is to predict your monthly expenses. It’s a simple calculation. Trust me. From my experience your daily spending difference between when you are in college versus you just get out to the society is just what you are now spending plus a lunch and a go-and-back way of transportation fees. So it’s pretty easy to estimate it. You are not getting married yet or not even having a family or a baby and your spending will not that large.
Okay, when you know how much you owe the student loans and so it’s a simple math you can calculate how much you need to save each month by each year ends to determine how long you are going to pay off all your student loans!
Try To Get Your First Job Salary As High As Possible
The last step which is the most important step is to target your expected monthly income. When you are studying in your final year and there will be numbers of recruitment talk holding. Those companies will talk about what is your benefits working for them and what is your career path, etc, etc. However you must focus on what they can pay you. I know you may say I’m that young and shouldn’t I focus on my dream job, or how fast I climb my career ladder, etc. But you should listen to me. The salary you get in your first job will probably stay for at least a year long because normally a company will not increase their employee’s pay range month by month! So what you can save the most in your first month getting out to work in the society will already more or less determine how much you can save in a year and so on! And you cannot get what you want to get in the first job. You may need to find a secondary source of income or something else.
So here are what we talk about today. The 3 steps for you to have a better budget planning before you get out from school are first to know the debt you are going to paid, then secondly to predict the spendings you are going to have per month and finally how much you are going to earn each month. And just a simple math that plus and minus you can figure out how long takes you to clear all your student loans.
In the near future, I will do more topics about how to manage your budget and please bookmark this web if you want to receive more tips or information from me. Bye and have a nice day!
P.S. I just upload the video below in YouTube
