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You are here: Home / US Student Loan Center / Blog Posts / Tips For Living On An Entry Level Salary With Student Loan Debt

Tips For Living On An Entry Level Salary With Student Loan Debt

October 13, 2016 by Nick Bonanno Leave a Comment

So you’ve made it through college and ended up the other side with your degree.
Congratulations!

And you’ve already found a job?
It’s like your whole plan is coming together.

Until you take a look at how much you’re actually making compared to how much you owe for that education.

So how can you make sure that entry level job covers all your expenses, on top of your student loans?

Set A Budget

It’s important to take a look at how much you’re taking home, and use that as a guideline to set a budget.
A good place to start is the 50/20/30 rule. 

Here’s the breakdown:
50% of your income goes towards your needs
30% towards those things you want
The remaining 20% goes towards paying back your debts, and saving for the future.

If you’re too strict with yourself and don’t allow yourself a budget for those fun activities you enjoy, you’ll end up stressed out and over indulging later.

What Are Your Priorities? 

You’re young, you just graduated college.
Saving for retirement is probably the last thing on your mind.
But, by making retirement a priority now, you’ll save yourself a lot of stress in the future.

Have you heard of compounding interest?
You’ll wanna use it to your advantage.

Let’s say you start saving $200 a month when you turn 25.
Thanks to compounding interest, and a 7% interest rate, by the time you turn 65 you could have $528,000.

Think you can wait the extra 10 years to start saving?
Think again.
Even if you save $300 a month starting at 35, you’ll end up with $368,000.

That’s a difference of $160,000.
Big difference, huh?

So now you’re aware of how rewarding compounding interest can be.
But watch out, cause it can work in the exact opposite way.

Are you one of those people who loves to swipe their credit card at the mall?
Those balances carry a high interest rate.
One that’s usually a lot higher than your student loans.
So make sure you’re paying off debts with the highest interest rates first.
Or, you could find yourself out thousands of dollars in the long run.

Read more here.

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