6 Tips to Build Your Savings with Student Loans

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Are you one of the many people who make financial resolutions every New Year? If so, congratulations! Whether your goal is to pay off debt, increase your savings or start investing for the future, there’s no time like the present to get started.

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While everyone’s situation is different, there are a few rules of thumb that can be useful when you’re trying to build a solid financial foundation, no matter how much student loan debt you have. Here are six steps that could help you get started.

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1. Starting Small

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2. Reducing High Interest Rate Debt

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A general rule of thumb is to have three to six months’ worth of living expenses saved in an emergency fund in case you’re faced with an unexpected expense or if your source of income should suddenly disappear.

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4. Considering Investing as Soon as Possible

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5. Take the (Free) Money and Run

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6. Adjusting as Needed

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6 Tips to Build Your Savings with Student Loans

Are you one of the many people who make financial resolutions every New Year? If so, congratulations! Whether your goal is to pay off debt, increase your savings or start investing for the future, there’s no time like the present to get started.

While everyone’s situation is different, there are a few rules of thumb that can be useful when you’re trying to build a solid financial foundation, no matter how much student loan debt you have. Here are six steps that could help you get started.

1. Starting Small

Putting away a small but consistent amount every paycheck, or once a month, can make a big difference over time. (Even a little something is better than nothing at all).

2. Reducing High Interest Rate Debt

If you have multiple sources of debt, it may make sense to focus your efforts on those with the highest interest rates first.

A general rule of thumb is to have three to six months’ worth of living expenses saved in an emergency fund in case you’re faced with an unexpected expense or if your source of income should suddenly disappear.

4. Considering Investing as Soon as Possible

When it comes to retirement investing, waiting can cost you money. The sooner you start investing, the more time your portfolio has the potential to grow through compound interest.

5. Take the (Free) Money and Run

6. Adjusting as Needed

Your financial situation may look different each year, so you may want to occasionally revisit your strategy.

Swipe up to Read More on 6 Tips to Build Your Savings with Student Loans.

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