Tips To Survive Student Loans

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This is a guest post by Carmen from Tiny Adventures Journey

I’ve always been a frugal person, for as long as I can remember. My dad basically raised us that way. He was always a big influence when it came to budget and spending our money well. So I was very fortunate to have started off on the right foot. 

My debt began in 2009 when I started my first year of University in Moncton, NB. It was 5 and a half hours away from my small hometown in Cape Breton, which meant I had to find somewhere to stay and figure out how to manage my finances in a much bigger way. Thank God I could apply for student loans, because I definitely did not have enough money to pay for my tuition.

I was smart about it from the get-go. The biggest tip I can give someone is this:

Do Your Research

I wanted to know everything. I wanted to learn the difference between a student loan and a bank loan. And I wanted to understand what a line of credit was, and whether or not I would need one. Most importantly, I wanted to make the best financial decision I could, even before I started accumulating debt.

When it came time to make the decision, I went with a student loan. This was by far my best option. Not only could I wait to start paying after I had graduated, it also had the lowest interest rate – not to mention you can pay it over a (VERY) long period of time if you need to. I can’t say enough about the assistance the government offers to students and graduates. I wouldn’t be where I am today without the financial assistance program.

Want to read about Jenn’s journey to pay off student loans? Start here! 

Apply For Assistance

The worst thing that can happen is that you don’t quality. But if you DO quality, your life will be so much easier.

And speaking of applying, I highly encourage you to apply for any grants that you might be eligible for. That is a big reason why my debt is considerably smaller than that of my peers. I successfully received dozens of scholarships and bursaries throughout my years in University. Despite this, I still applied for student loans every year, half out of fear, but mostly out of preparedness.

I didn’t want to graduate with a university degree and have no money left in my bank account. I knew it would take time for me to find a job so I wanted to have savings. And since the interest rate is so low on student loans, I knew it was my best bet to receive the funds and save them up in a high interest bank account until I found a reliable income source.

Start Saving Now

It doesn’t matter whether you thought of saving in advance like I did. What matters is that you start saving now – whenever that now is for you. There is no wrong time to start saving. Things will only get better from here on out, and you need to make the necessary efforts if you want to see change in your financials.

I may have saved money throughout my years as a student, but that wasn’t the most challenging part. The hard part comes from saving money to be able to repay debt.

How To Save Money To Repay Your Debt

The three things that allow me to continuously save money to repay my debt is as follows:

–    Meal Planning

–    No Spending Challenge

–    Self Control

Meal Planning

I’ve written a LOT about meal planning over the past few years on my blog, Tiny Adventures Journey. To sum, it is an easy way to save money and reduce food waste. All you have to do is start planning. (As a side note, I offer meal planning services to help people get started and stay on track with meal planning!)

No Spending Challenge

You can find more information about No Spending Challenges over on my blog as well. It’s more of a short-term goal to help reduce (or eliminate) shopping habits.

Self Control

It’s a tough battle, but we all need to practice and work on our self control. This ties into both meal planning and no spending challenges. If you don’t learn how to self-discipline, you will never succeed. So start with one thing at a time, and take as long as you need. But don’t give up.

Carmen LeBlanc is the owner and blogger behind Tiny Adventures Journey. She writes about sustainability, minimalism and frugal living, among other things. The goal she and her boyfriend are currently working towards is to finish building their Tiny House, documenting the whole process and the experience of living in it afterwards. Follow her on Facebook or Instagram to learn more.

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