How one woman used minimalism to pay off $50,000 in student loans in 2 and half years. - NBCNewsBETTER
sits down with a cup of coffee and reviews her budget
— this helps her stay on top of any adjustments she will need to make for the upcoming month, so there aren’t any unexpected expenses. “It really changes based on if I’m going away, if we need a dog walker, if I am going to be using a car share,” she says. When you track your spending, you have absolutely no choice but to confront all the poor ways that you are spending your money on something.During the two-and-a-half years it took Chan to pay off her loans, she switched to a lower paying job. She says her income took a big dip, but she continued to stay focused on contributing as much as she could to paying off her loans. Her payments ranged between 25 to 40 percent of her income, she says, depending on how much she was making at the time.
“Being good with your money is a lifelong thing,” says Chan, “but even if I won the lottery tomorrow, if I wasn’t good with my money that would be gone in about a year.”Go through your stuff, figure out what you can get rid of, what’s costing you money, and what you can sell.Cook your meals at home and give yourself a small allowance for entertainment and eating out.Six categories with one broad category for spending will keep things simple.
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