The third and last part of our plan to reduce your student loan debt by $5,000 a year is this: Attack the income side of the equation.
- Part time job. There is truth in the old saying: The best place to go when you’re broke is to work.
- Find a job that doesn’t pay ‘by the hour’. Many jobs pay for output instead of hours worked. These can be extremely useful because they often have flexible hours that work around a student’s schedule, and with some shrewd planning you can dramatically ramp up your dollar per hour earning ability.
- Start a small business. Here are 48 business ideas!
- Take advantage of “Lumps” of money – Tax refunds, gifts, work bonus, really any unexpected money. Often I see this money spent as quickly as it comes in, but I’ve had significant success by guarding these ‘lump’ sums of money very carefully. The reality is, we weren’t depending on this money in our lifestyle so we were able to take it and pay off debt without it affecting our lifestyle one bit.
- Look carefully at your current job. You know your current employer best – find a inefficiency or solve a problem. Then ask for a raise, additional responsibilities, or extra hours.
- Get a part-time job. This guy made nearly $20,000 a year delivering pizzas. No excuses!
- Take a successful friend to lunch. Find someone who is doing things the right way—with money, with marriage, with life in general—and do what they are doing. Get to know them.
If you missed them:
How to take out $5,000 less in Student Loans this year: