4 Tips to Get Ahead of Your Debt This Summer

4 Tips to Get Ahead of Your Debt This Summer Image via Pixabay Though there may seem like you’ll be thrust into the rivers of the adult world with no floaties on, there are plenty of ways to get ahead of your debt this summer. Are you a recent college student worried about making your first student loan payment? Concerned that your payments won’t be manageable? Afraid that your debt is going to chew you up and spit you out? Worry not, I am in the same position as you and I feel your pain. Remember, as quoted in the classic High School Musical film, “we’re all in this together!” If you’re looking for ways to be financially savvy and effectively manage your student debt, check out my four tips below! 1. Cut Back Spending: This tip seems obvious, but I think its one we all (including myself) need to hear. We as college students, like to spend money on frivolous things until we embody our stereotype of the broke college kid. Whether we’re going out to bars with friends on the weekends or buying takeout for the third night in a row, these seemingly small purchases add up. So, stop eating out and cut ties with your favorite coffee place, because all this is doing is putting a hole in your wallet. Instead of spending your money on things you definitely do not need at the moment, put it in a savings account or literally a piggy bank to keep you from spending. This little bit of money here and there will help you in the long run when you’re paying off debt. 2. Create a Budget That Fits Your Goals: We all have goals we want to achieve or do someday. Perhaps your goal is going to your favorite band’s concert next year or putting a down payment on a new car; regardless of what your goal may be, it’s a good idea to set a budget for the goals you have in mind. Do some research on the pricing of your goal, such as the down payment on a car or phone, monthly rent payments, travel expenses, etc., and create a budget. Doing so will give you the incentive to set money aside for something you want to do, and give you more control over how you plan to spend your money! Image via Pixabay 3. Coupon: Have you ever seen that show Extreme Couponing? If you haven’t it’s a reality show on TLC that documents individuals who are obsessed with couponing, with the ultimate goal of paying the very least at the store for the items (with coupons). Some of these are outrageous and I don’t recommend extreme couponing, however, finding deals and coupons on items here and there will definitely add up. Check out sites like RetailMeNot and Slick Deals for coupons and promotions that can save you big bucks! 4. Sell Your Items: One of the greatest things about technology today is e-commerce. You can buy and sell just about anything online nowadays, which is awesome for people like me who have a bunch of useless junk lying around. If you have collectible toys from your childhood, clothes that you don’t wear, books collecting dust on your shelf, etc. consider selling them online! There are plenty of sites to sell on, with the most popular being eBay, Craigslist, Facebook Marketplace, and Poshmark. Not only will you be effectively downsizing, but you’ll also be making a quick buck! Being a college graduate with no real grasp of the reality of the adult world can be a scary thing. When you’re drowning in debt, it can be even more frightening. However, these small steps can add up to large savings in the long run, giving you the financial freedom you deserve! As always, good luck!