Previously, you were able to go to classes, work minimally, and you lived on campus. You did not have to worry about many of the things that you soon will have to. Now that you have graduated, you need to worry about renting a home or apartment, looking for a job in your new career, and even grocery shopping. The easy days are over and to top it all off – you have to pay back your student loans.
While you have probably already figured out that you will need to manage your money better, you may need some help along the way. There are some great resources below to help you save money quickly and easily as you navigate your way through life. Let’s go ahead and take a look at some tools to help you.
Check Out Student Loan Calculators
When you graduated from college, how much student loan debt did you have? You may be embarrassed to say, but don’t be. Most students with a four-year degree who graduated in 2015 had roughly $35,000 in debt. You likely have close to that amount, maybe more or less. Either way, it helps to know how much money you will need to pay each month to satisfy your student loan debt.
Student loans are not cheap and they come with a hefty price tag known as interest. You didn’t think that the government would let you borrow money and not capitalize on it, did you? Since there are really no requirements to get a student loan other than filling out the FAFSA and attending school, pretty much anyone can get a loan.
One of the most helpful tools to help you learn how much money you will end up paying in interest is the student loan calculator. These calculators are available online and they will take different factors into consideration and then spit out a variety of numbers to help you save money and plan for your monthly payments.
Let’s go ahead and take a look at two of them.
The New York Times Loan Calculator is a great tool that will allow you to do a couple of different things. First, the calculator will allow you to type in your school name and find out what the average amount of student loan debt is. Also, the calculator will allow you to increase or decrease the amount of money you pay per month and it will adjust your loan term, payments, etc.
For example, let’s start with a $35,000 loan debt at a 6 percent interest rate for 15 years. The calculator shows that you will pay $295 per month and a total of $18,163 in interest for a total of $53,163.
LendEDU also has some great student loan calculators. One of these calculators will allow you to enter in the loan amount that is in question or the amount you owe followed by the annual interest rate and the loan term in years. Once you have this information entered in, you can calculate your payback amount and monthly payments.
You can easily play with the numbers to find out how much you can save and what the best route for you to take is.
Budgeting Apps Can Help You Save and Manage Your Money
Budgeting is hard and we know that. It is important though that you do budget and manage your money efficiently, otherwise, you will find yourself living paycheck to paycheck and no one wants that.
One amazing app that you can use to better manage your money is Mint. This app comes with many different features to help keep you on track and money in your pocket.
For example, the app can remind you when you have a bill coming due. You will receive automatic notifications that tell you the date and amount of the bill. In addition, when you use your credit card to make a purchase, the amount is automatically noted and subtracted from your balance. If you pay with cash, you never have to fear either – simply enter in the transaction.
Mint can be used online at Mint.com or you can download the application and have your finances right at your fingertips.
Final Thoughts on Saving Money Using Technology
If you want to save money whether in general or on your student loans, don’t hesitate to put technology to use for you. There are many different applications and websites that will assist you when it comes to determining how much to pay, when to pay, and how to save.
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.