Category: saving money

5 Ways to Finally Get Out of Student Loan Debt

Are you struggling to pay off your student loan debt? If so, you’re not alone.

Student loan debt has now surpassed credit card debt and auto loan debt and is second only to mortgage debt. 44 million borrowers in the U.S. owe an average of $37,172 in student loans.

Even if you land a good job right out of college, making those monthly loan repayments can be tough. The average student loan payment of $242 per month can place a severe financial burden on young adults.

If this sounds like you, don’t despair. We’re revealing five ways to finally get your student debts paid off once and for all!

How to Finally Get Out of Student Loan Debt

1. Calculate What You Still Owe

Most of us signed off on student loan paperwork when we were teenagers. At that point, we really didn’t have the clearest picture of what those loans were – or how difficult they would be to repay.

Find out exactly how much you still owe, and to whom. Even if you’ve defaulted on some of those loans, taking steps to catch up will improve your credit rating.

Some banks and loan organizations may offer tips on how to reduce your overall debt.

2. Lower Your Interest Rate

If you have several loans with high interest rates, consolidating them could save you serious cash.

Refinancing involves combining many different payments into one, often with a lower interest rate. This will simplify your life by giving you only one monthly payment to keep track of.

A lower interest rate may not sound like it matters much. But considering it takes years or even decades to pay off student loan debt, even a small reduction can save you thousands!

3. Consolidate Your Federal Loans

Before you sign up for private refinancing, check to see if you qualify for a direct consolidation loan.

Offered through the Department of Education, this loan works much the same as the process outlined above.

The benefit of this type of loan is you can create an income-based repayment plan. This could significantly lower your monthly payments.

4. Make (and Stick to) a Stricter Budget

It could be that you’re having difficulty paying off your student loans because you’re spending too much money elsewhere.

Everyone’s situation is unique, of course. You may have already cut back as much as you realistically can.

Even so, it wouldn’t hurt to sit down and take a look at your monthly budget. By finding small ways to save money, you could put more of your income towards paying off those student loans.

5. Keep Chipping Away at the Debt

Even the smallest steps can make a big difference over time. If you haven’t already, consider signing up with a credit union or other type of membership rewards program. You could also open an account that rounds up purchases to the nearest dollar, and puts the extra pennies towards your debt.

Consider enrolling in an income-driven repayment plan. Finally, you could download apps that help you save on everyday expenses like groceries and gas.

Whatever you do, don’t give up! With enough time and effort, you can succeed in paying off your student loan debt.

How to Start a Mortgage Savings Account

first time home ownerYour first home purchase is on the horizon, but to get there you’ll need a hefty down payment. Have you considered setting up a mortgage savings account?

Saving up for a down payment can seem daunting, but many new home owners are accomplishing this task. In 2016, 35% of home purchases were made by first-time buyers.

With some dedication, you can join them and finally move into your very own home.

How much will I need to save?

Most lenders want a decent-sized down payment before they’ll consider lending you the rest of a property’s value. They are likely to ask for a payment in the region of 20% of your property’s value.

If you’re a veteran, you can get special VA interest rates to help you on your way. If you qualify for a VA loan, you may also find that you can buy a home with little or no down payment.

Opening a mortgage savings account

If you don’t already have one, go out and start a mortgage savings account. Whatever you do, don’t touch the money in the account once it’s paid in. It’s for your house.

Set up regular payments from your bank account on the days you get paid to move a set sum into your savings.

This is an effective strategy. If the money is moved before it’s in your palm, you won’t be tempted to spend it on something else.

If you get a pay raise at work, don’t forget to put some of the extra income into your savings. If you never had it in your pocket, how can you miss it?

How am I going to save up?

Live frugally

One of the best ways to save money is by cutting back on luxuries.

Instead of buying brand-name items, buy store-brand products instead. Rather than spend money on a gym membership, buy some weights or get your exercise by doing outdoor activities.

Frugal living can save you a huge amount of money in the long run. All the small changes really add up.

Earn cash on the side

There are a number of surveys, product tests and other schemes which are always on the lookout for new participants.

There’s also the option of working a part-time job in addition to your main job. One in five Americans makes money outside of their day job. Join the ranks and build your mortgage savings more quickly.

Save a bit extra as you go

Here’s a simple system you can use to top up your mortgage savings account each week. Take all of your pocket change each week and put it toward your savings account.

You’ll be surprised how fast this can grow your savings pool.

How to keep motivated

The best way to keep motivated is to think about how good it’ll feel when you finally have a home to call your own.

If that doesn’t work, think about all the rent you won’t have to pay a landlord.

It might take you a little while to save up, but with some sacrifice, you can make it.

You’ll be putting in an offer for a new home before you know it.

How the Best Menstrual Cup Saves the Environment (and Your Wallet!)

menstrual cupMenstrual cups are gaining in popularity every day.

It’s no surprise. The best menstrual cup is environmentally friendly and it doesn’t drain your wallet.

The constant waste produced by using the usual tampons or pads is staggering. On average, a woman will use around 11,000 tampons during her lifetime. That’s a lot of waste to dump into a landfill.

Especially when taken into account that those tampons will need decades before they will completely degrade.

The idea of creating a vast amount of expensive waste like that is not at all comforting if you’re the type of person who wants to live a green and frugal lifestyle.

Luckily, menstrual cups are an easy and cheap solution to all of these problems.

Why Choose Menstrual Cups?

They Last A Long Time

Menstrual cups are made of soft silicone or latex that can be rinsed and reused many times, rather than the single-time use of other products.

With proper care, they can be reused between 5 to 10 years. Whereas with the more conventional tampons or pads, a big package of these products will only last you a couple months at most.

With these two numbers side by side, it’s easy to see what difference this would make on both the environment and your wallet.

They Are A Healthier Option

There are certain risks that come with using tampons and pads. Because they are so absorbent, they can create uncomfortable dryness or mess with the delicate balance of the vagina.

With a menstrual cup being made out of silicone or latex rather than an absorbent material, all of these potential health risks are effectively gone.

They Are Leak-Proof

The menstrual cup creates a kind of seal within the vagina and because of this, leaks are incredibly rare. Unlike with tampons or pads where one bad movement might make them leak and stain your clothes.

They Come In Many Types To Suit Your Needs

Menstrual cups come in many different shapes and sizes with varying firmness and handles. This means that, with a little experimentation, you’ll be able to find the one that suits you best.

And once you find the best menstrual cup for you, you won’t have to replace it for a long, long time.

The Best Menstrual Cup

With so many options available, it can be a little daunting trying to sift through all of the information.

menstrual cup comparison chart is the perfect way to figure out all the little details at an easy glance.

You’ll be able to see the capacity of the cup, the overall size, where they are made, the diameter of the cup, the material it is made out of, and more. This chart even gives you a recommendation for who the cup would be best suited for.

Take a good look at the different brands and see how they compare with one another. With all of this information collected in a chart like this, you’ll have no trouble at all figuring out which menstrual cup you should use.

Keep in mind that, even with all of this information, it might take a couple of tries with different styles of menstrual cups before you’ll find the one that feels the best to you.

And Finally…

Menstrual cups can seem a little scary at first, especially if you’ve never even heard of it before. However, don’t let this stop you from giving them a try.

With their cost-effective allure and their environmentally friendly appeal, what have you got to lose?

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Check out this deal at Staples! Hammermill Copy Plus 8.5×11 Copy Paper for only $0.01! Just use this Staples Store Coupon on your phone at checkout and submit a $5.00 Visa Rebate! The rebate redemption form will print at checkout! You’ll receive a Visa prepaid card in the mail, making the final cost just a penny! Don’t miss out!

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