Automation is Your Friend
Stressing out over money is nothing new. Everyone does it and many people worry about money on a daily basis. One of the best ways to cut down the stress is to remove some of the issues you’re thinking about. One of these issues is likely remembering to pay bills on time. That is why you need to turn to automation. Automation allows you to set up auto payments for different bills. Some you may want to have a look over before paying (such as your credit card bills), but others that do not change on a monthly basis, such as Internet, mobile phone or student loans can go on an automated withdraw from your bank account. This way, you don’t need to remember to pay it on time. The system takes care of it for you.
Is your money working for you? It should be. The extra money you have after paying bills should either go towards paying down current debt (like those student loans) or into an investment. Even if you can only put in $5 or $10 a week into investments, this adds up quickly. Applications like Stash make it easy to set this up. Also, services like “Keep the Change” from Bank of America round up debit card purchases to the nearest dollar and put the “change” into a different account. Set this to an investment account and you’ll start to see the money grow.
Take Control of Those Student Loans
Going to college is expensive. Really expensive. Especially if your best educational option is to head out of state (or go to a private college). This may have left you with tens of thousands, if not nearly $100,000 in debt. Worrying about paying this back is real and simply seeing that giant number is enough to make your head spin. However, if you’re struggling to meet the monthly requirements, don’t just stop paying it. You can’t file for bankruptcy and opt out of student loans (too many people did this a few decades ago so student loans now do not go away when going through bankruptcy). There are income repayment options, and if you contact your student loan provider you can tell them you’re not able to make the payments and, chances are, they will have a reduce payment option (which lasts for six or 12 months).
Cutting Costs is Easier Now than Ever
Nearly everything costs more now. iPhones are costing $1,000 and over. Major cell phone providers charge you $100 a month for service. Cable and Internet is probably costing you another nice chunk of change. All of this adds up. Thankfully, you do have options at cutting costs. In terms of bills, consider looking around for a different provider. Many of the discounted cell phone companies actually purchase data and mobile services directly through the larger companies like Sprint, so there isn’t much in terms of service drop off, yet you’ll only spend $40 or so a month (way better than $100). Nix your cable and go with a streaming service (SlingTV only costs $20 a month). Shop around for different insurance providers. If you’re paying for a service, consider if you need it, and if you do, look around to see if you can find it for less.