Friday, October 10, 2014

How to pay off student loans faster

The spending challenge is still going strong and there are no signs of caving. It feels great to be making such progress! But I am a doer. My paychecks only come twice a month and my extra income does not result in daily payments to my debt. So the days in between can feel unproductive, even if not spending money is actually very beneficial to getting out of debt.

I was starting to get antsy that I won't be able to make another debt payment until payday next week. That feeling usually spirals into thinking if I can't make immediate progress, why not go spend money? I know it's not logical but impatience never is.

Thankfully, I came across a company called Gradible. They provide you with tasks that help local businesses in return for money that goes straight to your student loans! Tasks vary from writing content, like a blog post, to posting services to Craigslist. The tasks are worth LoanCreds, 100 LoanCreds = $10. Easy!

When I registered, 3 tasks in 30ish minutes and earned $16 off my student loans. It's not a ton of money but it can really add up and shrink your debt! It will especially help ward off those impatient feelings of not being able to immediately see numbers go down.

This is not a sponsored post by any means but I do believe in sharing how to pay off debt! If you want to do the same, sign up here and we'll both get $5 off our loans!

Have a great weekend!

But what if you get a hole in your yoga pants?

As I explained the spending challenge to my friends, I told them I wasn't allowed to buy clothes for a whole year. One friend asked, "But what if you get a hole in your yoga pants or something you can't easily repair??"

Normally, if I got a hole in my beloved yoga pants I would have gone out and bought another pair. I would have found a Buy 1, Get 1 50% off coupon and then I have 2 new pairs of yoga pants. Did you know I already have several pairs? Same with jeans, sweaters, tank tops, shoes, dresses, etc.

I have enough clothes to not do laundry for probably 2 months without repeating outfits. It's ridiculous. Not only do all these clothes take up so much space but it takes forever to make a decision on what to wear each day. If I think jeans and a sweater sound good, that could still mean several variations. If a dress sounds good, I freeze debating a sun dress or maxi. And then what shoes go with what outfit??

I know this is typical girl stuff but it takes up a decent chunk of time each day making this relatively minor decision. And then I become late for work and rush myself into a decision that I don't even love sometimes.

Part of this spending challenge is focusing on my priorities. Spending money on clothes I don't need is certainly something I want to quit. I also want to get precious time back into my day that is normally wasted on clothes. Time wasted picking out outfits, loads of laundry, picking up the clothes all over my floor or putting laundry away. It's getting old.

Coincidentally, last week I did get a hole in my yoga pants. As stretchy as they are, thankfully it was not due to an expanding waistband. The seam caught on a filing cabinet and it split right down my thigh. The paperclip I used to keep my pants together made for a really cute look.

I thew them out when I got home and have easily been surviving with the other pairs I have.

I'll admit that there are times when I get an email for a fall special on sweaters with a fairly good coupon attached. I'll admit that I've wanted to browse the racks of Target several times already for a few cute new additions. But when I look at my closet, I can't stand the idea of another hanger being used.

So now, if anything happens to my clothes, I can either sew them with my sewing machine or I can throw them out. After all, I have several backups of whatever item to last me through the year. There is nothing irreplaceable in my wardrobe that would absolutely require me to buy clothes during this challenge, with the exception of bridesmaid dresses, which are covered in my Bridesmaid fund. 

I even want to downsize and donate a big bin to Good Will but I've been nervous because what if I get bored with my clothes this year and want to try some lesser worn outfits? But the simplistic approach will win me some time back in my day, which is worth a lot.