For many people, student loans feel like a kind of quicksand, holding them back from the green shores of the life they really want for themselves. They’re left grasping for the ability to purchase houses or cars, extra funds for hobbies or further enrichment, or even high credit scores. Having six figures of student loan debt can feel even worse, like the quicksand is coming up to your nose.
Find Out: 9 Things the Middle Class Should Consider Downsizing To Save on Monthly Expenses
Learn More: 7 Reasons You Must Speak To a Financial Advisor To Boost Your Savings in 2024
Fortunately, you don’t have to be a financially savvy version of Indiana Jones to pull yourself out of the pit and reach the verdant lands of your personal finance goals. You just need to have some good ol’ fashioned know-how and a willingness to live lean for a while.
GOBankingRates caught up with Brook Hiddink, founder of HighTicket.io, who went from being $170,000 in debt to owning a business focused on high ticket dropshipping. Using some common sense solutions, Hiddink was able to clear his debt — and the good news is, by following some of his tips, you could too.
Earning passive income doesn’t need to be difficult. You can start this week.
Create a Budget and Cut Unnecessary Expenses
Hiddink acknowledged that cutting the expenses you don’t absolutely need can be easier said than done, but the ability to redirect that extra money to your loans can make a difference. You can determine what is “unnecessary” by creating a detailed budget that is clear about what you earn and the expenses you have to manage. From there, you can allocate a share of your income to paying your loan every month.
Explore More: 15 Things You Can Donate for Money
Take On a Side Hustle
To make sure you have enough to cover your monthly loan payments, or to pay them down faster, Hiddink advocated taking on a side hustle. He shared that some good part-time jobs included freelancing, dropshipping or even taking on the occasional one-off gig.
Automate Payments
One of the most common ways that people accrue more interest, fees or penalties on their loans is late payment. To avoid this common pitfall, Hiddink recommended automating your loan payments. He also found that paying some creditors that way can even help you get a rate discount.
Pay More Than the Minimum
This one may seem particularly tough, but Hiddink said that even small additional payments can cut down on the total interest you have to pay, which helps you clear the debt much more quickly.
More From GOBankingRates
This article originally appeared on GOBankingRates.com: I Paid Down 6 Figures of Student Loan Debt in 5 Years With These Everyday Money Hacks — and You Can Too
