Let’s face it – that is a no brainer! Everyone would like to have an additional $1,259 and it is actually quite simple to get your hands on the money. For example, if you have student loan balance of $20,000 and pay an additional $30 per month towards your student loans, you will save $1,259 in interest charges and you will pay off your student loans 1.5 years sooner! Gosh – then you’ll just have to decide how to use the additional $4,680 you will have saved (that’s would be the amount you will pocket by not having to make 18 months worth of $260 student loan payments to the Department of Education!)
Ok you say – so I’m in, but just exactly where will I find an extra $30 a month? The answer is really surprisingly easy. You’ll just need to make a little a little sacrifice. Hey, I am not talking starvation here, just give up one vending machine or convenience store purchase a day! If you can forgo one snack a day with an average cost of a $1, you’ll have the $30 easy! So seriously, couldn’t you manage to skip the chips, or soda or coffee? Remember, just a dollar a day will end up saving you over $1259 in interest over the next 8.5 years.
Ok you say – so I’m in, but just exactly where will I find an extra $30 a month? The answer is really surprisingly easy. You’ll just need to make a little a little sacrifice. Hey, I am not talking starvation here, just give up one vending machine or convenience store purchase a day! If you can forgo one snack a day with an average cost of a $1, you’ll have the $30 easy! So seriously, couldn’t you manage to skip the chips, or soda or coffee? Remember, just a dollar a day will end up saving you over $1259 in interest over the next 8.5 years.
OK! Hopefully, by now you are motivated! Now, let’s really think big. What if you gave up 3 fast food meals a week and browned it? Based on a $5 average cost per meal, you would be saving $15 a week – that would let you double your additional payment to $60. Now we are talking $ 2,149 in saved interest and cutting your loan’s term down to 7.2 years! Not having to make those $290 payments for 33 months will be putting another $9,570 at your disposal after your loans have been paid in full!
Gosh – skipping 3 fast food lunches a week? Forget the money – at 1,190 calories per meal (based on information from http://www.calorieking.com/), that’s 3,570 calories per week and, guess what? You need to reduce your calorie intake by 3500 calories to lose one pound. I like saving money but I’d love to lose the 52 pounds this year!
Bottom line, it only takes a little effort to add a lot of money to your wallet (and lose a lot from your hips). Take a few moments to visit SWFC's Cashcourse page and see how much you can save by making extra monthly payments to your student loan. Just click on the link and Do the Math! (http://www.cashcourse.org/swfc/Article.aspx?275)
Gosh – skipping 3 fast food lunches a week? Forget the money – at 1,190 calories per meal (based on information from http://www.calorieking.com/), that’s 3,570 calories per week and, guess what? You need to reduce your calorie intake by 3500 calories to lose one pound. I like saving money but I’d love to lose the 52 pounds this year!
Bottom line, it only takes a little effort to add a lot of money to your wallet (and lose a lot from your hips). Take a few moments to visit SWFC's Cashcourse page and see how much you can save by making extra monthly payments to your student loan. Just click on the link and Do the Math! (http://www.cashcourse.org/swfc/Article.aspx?275)
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