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Hey girl, hey!
When you hear or think about the words Student Loans, how does that make you feel?
Excited? Encouraged? Uplifted?… Doubt it!
If you ever went to college, whether a Community College or a 4-year University, chances are you’re like the 44 million other Americans who have student loan debt. And as of right now, Americans collectively owe over $1.48 trillion in student loan debt (yes, girl... trillion) with the average debt being a little under $40,000!
So when one begins thinking about the dark cloud of student loan debt hovering over their head, the thought can really put you in a negative emotional state... I mean, how does a girl journey her way to financial freedom with the weight of student loans holding her back?
Well don’t fret girlfriend, I gotchu... because today I’m sharing with you five steps you can begin taking right now to get that student loan debt off your back.
Let’s talk money!
1. Master Your Cash Flow.
First things first, girlfriend… you absolutely, absolutely have to be aware of your household cash flow. If you’re not familiar with this term, cash flow is the total amount of money that flows into and out of your bank account… and the only way to truly be aware of this flow is to have and maintain a well planned out budget (there goes that “B” word again).
RELATED: So What’s This Thing Called Budgeting Anyway?
Listen girlfriend, a budget is nothing to be afraid of… if anything, it’s actually your best friend! A budget just simply allows you to see where your money is going, instead of wondering where the hell it went!
Trust me, we’ve all been there... and we all know it’s not a good feeling when money seems to be leaving our bank account even faster than it’s entering.
But if you haven’t started a budget yet, how can you really take control of your student loan debt (or any debt for that matter)?
Do you know how much, in total, you currently owe?
Do you know the interest rate for each loan?
Do you know how much of your payment is going towards interest and how much is going towards the principle?
You see… when you utilize a budget and make the choice to stay committed to it, you will - without a doubt - know all the answers to these questions and be able to make informed decisions on what your next steps should be.
And speaking of next steps… see step #2