Nearly 70 percent of college graduates are in student loan debt. That doesn’t count the amount that are in debt because of other things such as credit cards, mortgages, car loans, etc. So what can you do to help yourself with your student loan debt management? Setting a budget is the top priority. What do you need to set a budget? Here are some things to consider.
What You Should Budget
The first thing you want to do when it comes to making a budget to control your debt management is to write everything down. And this doesn’t mean the three most important bills you pay, this means everything.
You will want to decide how much you are paying for electric, gas, garbage, rent/mortgage, gas, vehicle payments and maintenance, clothing, cell phones, television, internet, everything. No expense is too small to include into your budget. If you are unsure of how much these cost each month or they vary, always write down the highest number that you have seen in the past. Electric bills can vary greatly.
Seek Help if You Need
There are financial planners available that can assist you with everything you need to know about debt management. If you are having trouble recollecting everything in your budget, they can propose one for you. Some of these may cost money, but a good debt management service is very valuable.
Once you have determined exactly how much you can spend each month, you will be able to see how much you have left over. You can use the money to put into savings for an event or emergency, or you can use it to pay above the minimum on your bills. This includes student loans which can be knocked out much quicker if you pay above the minimum.
For all of the latest information on student loans including tips, advice and news, log onto the American Financial Benefits Center website at www.afbcenter.com today!