In continuing our discussions on paying back student loans (Super-Charging Your Student Loan Repayments: How to Pay Back Loans Quicker and Save Substantial Money) from last month, here are the final six tips, strategies, and things to perhaps consider:

7. Make Small, Incremental Increases (Whenever Possible):

Maybe the best way to start-off our list is with an example: Once I decided to more aggressively pay back my student loans (if you remember from last month’s article, that was about three years into my loans), I began to increase both my public and private loan repayment amounts by very small increments on a near-monthly basis. That meant that from one month to the next, I added an extra $5.00 each month to my payments. If you do the math, after a year, that added up to an extra $50-$60 that could be applied to the loans. Psychologically, that was powerful for me because it meant I was in control of my loans and not only could keep pace with the minimum repayments, but that I could actually increase the repayment amount month-over-month. I really like this strategy because it usually is not too difficult to round-up an extra few dollars each month, and the good-vibes feelings of increasing the repayments more that off-sets the increased amount that might be felt in the borrower’s pocketbook. I believe in this strategy so much that I even encourage borrowers to add just $1.00 a month if that is all that some folks can afford. Because when you are in control of your loans, you just tend to feel better, and when you feel better, student loans can feel like less of an overall burden to a borrower’s financial picture–and can even increases one’s overall quality of life, in the process.

8. Keep Vehicles; Clothes; and Household Goods Longer:

Who doesn’t like new stuff? In fact, a large driving-force of the the American economy is based on the consumption of goods (especially of the brand-new and bright-and-shiny varieties). I did, however, hold onto my old 2006 pickup truck–with north of 284,000 miles on it–through the length of my loans. (I actually, sadly, had to part ways with that truck less than two weeks after finally paying off my student loans in the early winter months of 2021 because it would have ended up costing much more than the vehicle was worth, to keep up with the maintenance costs and repairs.) But this principal can also apply to exercising prudence with much less costly things such as keeping that old pair of jeans or pair of sneakers just a bit longer; diluting household products–like cleaners and drinkable liquids, for instance–to make them last longer; shopping at second-hand stores for clean, gently-used products and objects–both good for the planet and good for the wallet; brewing your own coffee at home (I usually wait until Kroger marks-down close-date ground Starbucks coffee, then buy up several packages at a time); shopping at the Dollar Tree for things like deodorant; soap; greeting cards; balloons; socks; school supplies; some food items (and more). When it comes to saving money and consuming less, there is just about no limit to how creative and resourceful many people can become. What’s one way you creatively like to save money?

9. Identify Extra Sources of Income:

Whether it’s a part-time job, freelance, or gig-type work, there almost always are ways to make some extra cash. I like to utilize a few: Every year, I supplement my income with selling no-longer-wanted items on eBay (trust me, I’m definitely no PowerSeller though!); I have worked as a Summer School counselor for my school district; I have also been a poll-worker for elections; and have received a small stipend for my annual Union leadership efforts. All told, annually, this adds (roughly) an extra 6%-7% to my yearly salary. For others, part-time work can be much more lucrative or regularly-based (or, conversely, as flexible, or limited, as needed or preferred). Which extra things do you utilize to supplement your income? Super-charging your yearly salary or income can allow you to pay off those pesky and persistent student loans all the much more quickly.

10. Apply Tax Returns; Bonuses; Or Unexpected Sources of Income to Your Loans:

Just like with the idea of looking for extra sources of income, I like to think of this category of income–that can be applied to paying back student loans more quickly–as a tailor-made solution for applying extra money towards student loan repayments. Because these types of income might be sources that are not originally budgeted for–and are even sometimes pleasantly unexpected–they often make the perfect companion to making extra one-time loan repayments. No matter how big or how small the amount, anytime we get a little extra money in our pockets that is unexpected, it often makes a lot of sense to take that extra money and just dump it into your student loan repayments (before you have too much time to think of all the fun, but often-unnecessary, ways that you might enjoy spending it!). Apply these last two sources of extra money into your loan repayments as quickly as possible–once the money hits your bank account–and you won’t have to worry about buyer’s remorse, later, for purchasing something you (likely) don’t really need or want, anyway.

11. Celebrate Milestones and Repayment Progress:

It might seem a bit counter-intuitive–after just describing four methods for applying more money to student loan repayments–but I also believe that not only is it OK, it’s probably necessary, to buy or do something nice for yourself at least once or twice a year (or maybe even monthly) for diligently chipping-away at your student loan balance(s). It doesn’t have to entail taking an exotic vacation trip or buying a $500 pair of sunglasses or designer bag–it can mean just enjoying a meal from your favorite restaurant or buying tickets to see your favorite musician or sports team. Fun experiences to celebrate milestones, wins, awards, or accomplishments need not to be costly–just enjoyable. When we are trying to pay back student loans more quickly–or even just on-time–we also need to remember that life is also worth celebrating, as well. I say all of this because this is something that I have not always done so well with at various times of my loan repayments. I might skip paying $30-$40 to go see my favorite sports team play just because I wanted to take that money and put it towards my loans, when maybe that night out at my favorite ballpark would have been what I most needed during that particular week or time period. Don’t deprive yourself of celebrating milestones and progress on your loan repayments: You can still enjoy a little bit of fun as you look to pay back your student loans more quickly. Life is more than student loan repayments; and you can still enjoy important parts of it without ripping a hole in the budget–or breaking the bank–so to speak.

12. Encourage and Educate Others and Pay It Forward:

The reason I create original content on my website (like this)–and spanning numerous other topics and areas–springs forth from a deep and abiding desire to help, teach, and encourage others. I believe that we have an obligation to help makes other peoples’ lives better–and it is the same thing with student loan repayments. If you have tips, ideas, and strategies that have really worked well for you, why not share that valuable information with others? If you know somebody who is struggling to pay the bills–student loans or notwithstanding–maybe you can provide timely and regular encouragement, along with preparing meals for them; babysitting their kids so they can enjoy a night out; buying them a gift card to their favorite grocery store; helping them with vehicle repairs–whatever it is that might put a smile on their face or take a load off their shoulders. Once you make that final student loan repayment, you suddenly will find yourself on the other side (at least in this one area) of financial freedom. Because you know exactly what it is (and how it feels) to carry a student loan burden, you are in prime position for helping others who might be living that current reality. Let’s not withhold good things from each other–whether it be dishing out valuable tips and encouragement, purchasing thoughtful gifts, or providing essential goods or services–especially when we have the means and abilities to do so.

–The Blue-Collar Counselor