Let’s say that you just graduated from college. It’s your first year out of college.

How do you crush your student loans at this point? For today’s article I’m going to assume that your goal is to become debt free. You hate debt but picked it up because you really wanted that degree. You knew that those credentials would be worth it in the long run. You’re just a little frustrated because you owe a ton of money. The good news is that you set yourself up for the right path in your first year.

How do you handle your student loans your first year out of school if you want to be debt free fast?

Find a job.

Your first goal by far is to find a job. You need to find a job, any job that pays, or anything. The best case scenario is that you immediately find work in your field. That won’t always happen. You should keep on looking for a steady gig until you find out.

If you can’t land a career right off the bat, I suggest that you find part-time work if you have to. Any income beats no money. Don’t ever think that you’re too good for a job. Nobody is too good for a paycheck. It doesn’t matter if you’re flipping burgers or cleaning floors. You need some money to come in. It’s impossible to pay down debt with zero income!

Finally, don’t be afraid to start your own business. If you can learn to make money on your own, you’re well ahead of the game.

Live like a student.

Let’s say you do find work, it’s going to be tempting to improve your lifestyle and life like a king. You spent so many years as a broke student. Now you want to enjoy.

I’m sorry but you need to keep on living like a student. If you can live like a student in your first year out of school you’ll be able to save a ton of money. This will put you ahead of the game.

Your friends can blow their paychecks on bottle service and Gucci shoes, while you crush that debt. You’ll be laughing at the end!

Find any extra money that you can.

Your goal is to handle those student loans, not to live like a rockstar. The trick is to find any additional dollars possible so that you can put this cash towards your student loans. How can you find extra money?

  1. Reduce your cell phone plan. Do you really need data? Can you live with a lower package?
  2. Ask for extra hours. Can you pick up extra shifts at work?
  3. Look into your banking account. Are you paying random system access fees? Screw that. Find a bank that respects your money and allows you to take care of your finances.

Once you find an extra $20 or so per month, you can put this towards your debt. You’ll be surprised at the impact made!

Keep on going.

Sadly, there are no shortcuts. You have to be boring sometimes in life. Not everything can be exciting to the max. You just need to keep on going.

The good news is that you can turn this into a game. For example, my friends and I try to go out with spending as little money as possible. We won’t drink, we’ll beat cover, and we’ll see who can have the most fun with spend the least amount of cash. Trust me, it can be pretty fun to go home with some wild memories after spending only $5.

You won’t likely pay off your student loans in one year. The good news is that you’ll make a huge dent on your student debt. You’ll be on the right path and able to breathe a little better at this point.

Martin Dasko

Martin Dasko