{"id":32574,"date":"2023-07-07T07:26:09","date_gmt":"2023-07-07T11:26:09","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/6-ways-to-cut-daily-expenses-to-redirect-towards-student-loan-payments\/"},"modified":"2023-07-07T07:26:11","modified_gmt":"2023-07-07T11:26:11","slug":"6-ways-to-cut-daily-expenses-to-redirect-towards-student-loan-payments","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=32574","title":{"rendered":"6 Ways To Cut Daily Expenses to Redirect Towards Student Loan Payments"},"content":{"rendered":"<div>\n<p>I graduated college with $35,000 of student loan debt and a monthly payment of around $400.<\/p>\n<p>That was significant percentage of my monthly salary of $5,000 before taxes.<\/p>\n<p>If you\u2019ve been a beneficiary of the student loan payment pause and are now scrambling to try to figure out where you\u2019ll find the funds to service your loans when repayment resumes, I have some ideas.<\/p>\n<p>Most of us have \u201cleaks\u201d in our budget \u2013 expenses we pay for unnecessarily and sometimes even <em>unknowingly<\/em>. Plugging those proverbial leaks offers a quick and painless way to save more money and redirect them to areas that are more important such as your student loans.<\/p>\n<p>Here are six money-saving opportunities that should help you cut your expenses without noticing.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">1. Reduce Food Waste<\/h2>\n<p><fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad><\/p>\n<p>According to CNBC, an average four-person family in the US throws out approximately <em>$1,500 worth of food <\/em>every year.<\/p>\n<p>To reduce your food waste and associated expenditure, try the following:<\/p>\n<ul>\n<li>Plan meals in advance and shop for them accordingly (create a list!)<\/li>\n<li>Try freezing whatever you don\u2019t eat instead of throwing it away<\/li>\n<li>Measure portion sizes beforehand and cook only what you\u2019ll eat<\/li>\n<li>Keep a calendar and cross out leftovers<\/li>\n<\/ul>\n<p>This last tip was very helpful when I started living on my own. We would write our meals on a \u201cmeal calendar\u201d and cross off meals whenever we finished the leftovers. This meant we never forgot a container in the back of the fridge, which is itself a good enough reason to keep a calendar.<\/p>\n<p>Waste isn\u2019t the only food-related money leak, consider reducing how often you visit restaurants or fast food places. Home-cooked meals are always cheaper, and healthier, but require a bit more time and preparation.<\/p>\n<p>And if you really love a restaurant, get takeout instead of dining in. At the very least, you can save by not having to give a full tip or pay the exorbitant markup on beverages, especially alcoholic ones!<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">2. Cancel Unused Subscription Services<\/h2>\n<p>A recent study found that people spend almost $53 per month on paid subscriptions. The scary part is almost 50% of it goes to unused subscriptions. Likewise, many consumers lose track of everything they\u2019ve signed up for, meaning they pay for things they don\u2019t use without even realizing it.<\/p>\n<p>You can do a quick audit your subscriptions. Just get a notepad and write down all of your subscriptions and how often you use them. You may find that it\u2019s not nearly as often as you think.<\/p>\n<p>This is how I knew it was time to cancel our cable subscription &#8211; we only used it to watch live sports a handful of times a year.<\/p>\n<p>Whether it\u2019s Netflix<fbs-ticker data-name=\"NFLX\" data-href=\"https:\/\/www.forbes.com\/companies\/netflix\" data-type=\"stock\"><br \/>\n  NFLX<br \/>\n <\/fbs-ticker>, Amazon<fbs-ticker data-name=\"AMZN\" data-href=\"https:\/\/www.forbes.com\/companies\/amazon\" data-type=\"stock\"><br \/>\n  AMZN<br \/>\n <\/fbs-ticker> Prime, the gym, pet supplies, or meal delivery services, this is arguably the quickest and most painless way to save money available.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">3. Avoid Unnecessary Bank Fees<\/h2>\n<p>Not all fees are mandatory. Mutual funds will always take their management fees but if you\u2019re paying ATM fees, that\u2019s something you can easily avoid (use a bank that refunds ATM fees!).<\/p>\n<p>A few other examples include overdraft and late fees. If you are hit with those fees, it\u2019s<em> always <\/em>worth asking whether fees can be waived. If it\u2019s your first time, banks will usually waive them. It won\u2019t work every time, yet there\u2019s no harm in asking.<\/p>\n<p>When fees are required, you may discover an alternative approach that delivers the outcome you want without incurring them &#8211; like setting up automatic bill pay to avoid late payment fees.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">4. Avoid Impulse Purchases<\/h2>\n<p>In 2022, American consumers spent an average of over $300 each month on impulse purchases. That\u2019s $3,600 per year!<\/p>\n<p>Over the course of a lifetime, you\u2019re looking at hundreds of thousands of dollars that could pay off your mortgage or put your kids through college.<\/p>\n<p>The lesson is simple: unplanned purchases stack up rapidly! A few ways to avoid impulse buying and reduce the financial fallout include the following:<\/p>\n<ul>\n<li>Creating a budget to establish a plan for your spending<\/li>\n<li>Incorporate \u201cimpulse\u201d buying into the budget by allowing yourself a set monthly dollar amount to spend guilt free<\/li>\n<li>Stick to your budget!<\/li>\n<li>Hit the mental pause button before the \u201cbuy\u201d button \u2013 even short delays can give you a cooler head and thus prevent reactive spending<\/li>\n<\/ul>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">5. Improve Your Credit Score<\/h2>\n<p>Your credit score has a direct impact on how much you pay for things in life. We understand this when it comes to loans, but it also influences whether we are approved for a new cell phone or even an apartment. It\u2019s an invisible hand but one that we can have on our side.<\/p>\n<p>Researchers found that individuals with a subprime credit score pay almost $3,000 more than someone with good credit when buying a $10,000 used car.<\/p>\n<p>Fortunately, improving your score is not difficult. You just need to be diligent and patient. If you start with the following, you\u2019ll be well on your way to a higher score:<\/p>\n<ul>\n<li>Check your credit report on a regular basis for errors<\/li>\n<li>Keep your credit utilization low<\/li>\n<li>Make sure you pay your debts on time, perhaps by setting up automatic payments<\/li>\n<li>Don\u2019t open new lines of credit unless absolutely necessary<\/li>\n<\/ul>\n<p>If you have those under control, here are other ways to increase your credit score.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">6. Buy High Quality Products Once<\/h2>\n<p>When making a purchasing decision, consider a counterintuitive idea &#8211; how can I spend more money to get better value?<\/p>\n<p>In the 1993 novel <em>Men at Arms<\/em>, the late author Terry Pratchett summed this up perfectly with the example of a pair of boots.<\/p>\n<p>He wrote:<\/p>\n<p>\u201cA man who could afford fifty dollars had a pair of boots that&#8217;d still be keeping his feet dry in ten years&#8217; time, while the poor man who could only afford cheap boots would have spent a hundred dollars on boots in the same time and would still have wet feet.\u201d<\/p>\n<p>Keep this idea in mind when shopping. Whenever you must buy something, the pricier option may actually be cheaper in the long run.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Start Saving with Less Sacrifice Today<\/h2>\n<p>Spending less and saving more money doesn\u2019t have to be difficult or a massive sacrifice. In fact, there might be numerous ways to do it without you even noticing.<\/p>\n<p>By identifying and addressing the \u201cmoney leaks\u201d in your budget, you can free up cash you can redirect towards more important expenses such as student loan payments.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/jimwang\/2023\/07\/07\/with-student-loan-payments-resuming-here-are-6-ways-to-cut-expenses-without-noticing-it\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>I graduated college with $35,000 of student loan debt and a monthly payment of around $400. That was significant percentage of my monthly salary of $5,000 before taxes. If you\u2019ve been a beneficiary of the student loan payment pause and are now scrambling to try to figure out where you\u2019ll find the funds to service [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":32575,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-32574","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>6 Ways To Cut Daily Expenses to Redirect Towards Student Loan Payments | iFintechWorld<\/title>\n<meta name=\"description\" content=\"I graduated college with $35,000 of student loan debt and a monthly payment of around $400. 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