As you may have heard–starting on May 1st, student loan payments will restart for millions of Americans, which also includes several of my clients.
If you are also in this camp, let’s just say that a new bill on the horizon can sometimes cause a bit of strain. Stress.
I have found that if clients are ‘playing defense’ with their finances, oftentimes the best thing to do is to start playing offense.
Let’s put you back in the driver’s seat with your money.
So today, I wanted to share a few techniques that will help you to become more proactive with this payment:
Start now! If possible, put it into your March and April budget. Here you can hold the money back in an emergency fund, and get used to the expense prior to May. This will give you two months of funds in case you need it in the future.
Update your contact information on StudentAid.gov profile. This is a central spot for student loan updates. If your loans qualify for any sort of repayment program, this is where you can learn more about those programs.
Let’s be honest–those student loan telemarketer calls get a little annoying, so it is great to have up-front, clear communication about your student loans. Although this site is a bit tough to navigate, it is worth your time to set it up.
Make a Budget. While this may feel like a bit of a mantra around here, you will find it almost impossible to move forward with your finances if you don’t have a plan. By creating a budget, you will have a strategy for your income, expenses and future expenses. Start budgeting for the student loan payment, and decide where the money will come from in your current budget.
If this is something that you could use a little help with, let’s chat. Schedule a complimentary consultation HERE.
Cheering you on!
