How to Save More Cash When Managing Student Debt

Paying off your existing student loan or maybe even helping out a family member deal with their financial debt is often very overwhelming. Don’t worry! It is possible to pay the totality of your student loans. It might take energy and lots of perseverance, but with the right student loan repayment strategy it is possible to go from having thousands of dollars of debt to becoming debt-free. You might even be able to do it much faster than you have ever anticipated.  Getting your student loan done with fast is the one and only trick when it comes to saving money when dealing with debt.

Let’s say you have got a $30,000 financial loan using a 4.5% monthly interest rate that you pay back over 2 decades – you’ll spend $15,550 in interest. However, when you pay in precisely 10 years, you’ll save around $8,240. In the event you repay it within five years, you’ll save $11,993. That’s enough funds to acquire an exciting new vehicle or take care of rent for almost a whole year.

It’s equally important to remember that defaulting on your education loan can have some really serious consequences; not repaying student loan debt can be a whole lot worse than default on any other types of loans. Defaulting on your regular loans can possibly destroy your credit track record, which makes it difficult to do just about everything from signing up for standard utilities to renting a high-rise apartment. Your debt can also become bigger thanks to accumulating interest. Of course, many student loans are the equivalent of federal financial loans. This is what makes them worse. If you don’t do regular payments, the government can add charges or even take part of your weekly income by requiring your employer to hold back some of your salary and send it straight to government’s pockets.

Yet, sometimes it is undoubtedly more intelligent to settle different loans before college loans – if you have other debts with a larger annual percentage rate, pay that down first. You’ll also definitely want to build emergency savings before really starting to invest more money in your loans. But besides that, it is often really important to pay off your current education loans as soon as possible. It’s not always simple and easy, but it is attainable and will end up saving you more money in the long run.

This is a sponsored by TD Canada Trust. My opinion is 100% my own.

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Recipe: Warm Apple Pudding Cake

I love all the great fall recipes that are available! Especially Apple recipes! This Apple Cake Recipe is something I can’t wait to try! Check out just how to make your very own from Confessions from an Over Worked Mom!

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Frugal Food Tip: Make Butter Spreadable

How to make butter spreadable

The only kind of butter we eat in our house is spreadable butter! So knowing how to make it, will be a fun project to do with the kiddos! Check out just how to make your very own from Confessions from an Over Worked Mom! 

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Frugal Travel Tip: Vacationing Soon? What Are You Planning To Eat?

Planning a vacation can be a lot of work, but without planning be prepared to spend more on your trip! With a little planning of your meals you can spend less and eat more! Check out how Strong Tower does just this!

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Bloggers: Share Your DIY Project, Recipe or Frugal Tip

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Summer Fun Ideas + Glitter Play Dough

Summer is in full swing at our house and so far so good, we have not had too many days that we were “bored”! But with that comes lots of planning and fresh ideas as what to do to keep the kiddos busy! Check out these great ideas from Strong Tower to keep your kiddos busy and having fun all summer long!

Plus check out her Glitter Play Dough Recipe!

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Recipe: Six Can Chicken Tortilla Soup

I love new recipes, especially ones that are quick and easy and only call for a few ingredients! Check out this recipe for Six Can Chicken Tortilla Soup from So Cal Coupon Mommy!

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Bloggers: Share Your DIY Project, Recipe or Frugal Tip

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FREE Tooth Fairy Printable Pack

Tooth Fairy Printables

I wish this would have been around for our oldest daughter, but I am printing these now for our younger daughters! Great idea! FREE Tooth Fairy Printable Pack from 3 Dinosaurs!

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Bloggers: Share Your DIY Project, Recipe or Frugal Tip

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