Learning How to Pay Off Debt

While in college, Stephanie Benedetti accumulated over $90,000 in student loans. And the worst part about it is after college your debt doesn’t just stop so you can pay it off. Unfortunately, life happens and credit card debt, car loans, and house loans pile up on top of your already climbing student loan amount. However, after meeting her budget-savvy husband, she learned a few tricks to pay down the debt and reduce her cost of living.

The first step her husband taught her was to sit down and take a look at what she was spending on and figuring out where it was appropriate to cut costs and one of her biggest costs was her cost of living. So her first major helpful tip was to consolidate major expenses including rent and utilities for big savings.

Her second tip that really helped her trim costs was to carefully look at her budget and look for creative ways to cut spending. For example, her gym membership as around $100 a month and a great alternative was to find free classes that were being offered in her area. Just think $100 a month is 1,200 a year and that could all be put in savings for something much bigger such as a house or retirement.

Another great tip if you’re not looking to pick up a second job with set hours you can consider babysitting for families in your area that will pay a higher price if you have a college degree and want someone in your field of study. This extra cash and great flexibility is a savvy way to pay off some extra bills and have a little spending money on the side.

But the tips and tricks to saving money don’t end here. There are so many ways out there that you can be creative in saving money and some great alternatives to make the process that much easier. For more details be sure to check out the video above.