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Kill Your Student Debt, With Savings!
By: Brandon Mendelson (@BJMendelson)
Over fifty experts replied to my HARO (Help A Reporter Out) query about how recent graduates can pay off their student debt. The response was universal: What are you doing to save money?
Amanda and I have close to $100,000 in student debt. So we did what we had to: We moved in with her parents. She works full time, I work full time.
We knew if we wanted to pay off our debt, we would have to make tough decisions. So we sat down and said, “Alright, what can go?”
Have you had that discussion yet?
The First Cut Is The Deepest
You’ve heard this before. Get coupons. Save your money. Buy non-brand name products. Get a credit card but (barely) use it. All that advice? It helps, but it won’t matter unless you make the cuts.
I won’t tell you what you already know, but I will tell you: Stop. Look around. Ask yourself, “What can go?”
Make a list. If you have to think twice about it, cut it.
Cut everything on that list. You don’t have to do it all at once. I miss my coffee too, but pick one item on the list and drop it. Then drop another. Check your list once a week and make sure you’re following it.
(One request: Giving up your dogs and cats is not ok, so please don’t do that. Do avoid taking on pets until your student debt is under control.)
Remember The Buddy System?
Let’s face it: I can sit here and tell you 1,00,000 different ways to pay off your student debt (there’s actually way less than that), but it’s useless unless you act on it with a friend.
We learn and remember better from people we interact with. We act as a support system and reinforce ideas and beliefs.
You don’t know me. I’m just a guy at a keyboard. But you know your friends and you trust them. So sit down and make a list together.
Make your cuts and support each other. This is the only guaranteed way to succeed.
I Cut It. Now What?
That. My friends, is what we will talk about next week with the new income based repayment plan.
Until then, make a list and check it twice. The stuff you have to think about? Cut it.
Find a buddy willing to make these cuts with you. If you’re just doing it on your own, you might not be successful.
And there’s no chance you will pay off your student debt unless you’re cutting what you need to. So don’t read the next issue until you’ve made your list and found a partner to save with.
If you need help, let me know.
But Wait. There Are Jobs!
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That is all for this week. Check early. Check often. And I’ll see you here next weekend. If you need to find a buddy, or have a question, you can email me at brandon[at]brandonmendelson[dot]com.
Don’t forget to visit O.N.E. (One Natural Experience) and Phux Development to thank them for letting me write this for you.
