And it all adds up… your morning caffeine fix, that bagel on the way to the office, and eating out. But these incremental (and seemingly) small costs don’t hit you right away – not like a big purchase may – but they will get you in the long run. What if we told you millennials are spending more on coffee than on retirement plans, do you feel it now?
Drastic changes are not always needed to see an improvement in your budget. It’s on the small things where you can save and ultimately help you put more money toward your student loan repayment plan, or whatever else your heart desires. Here are some small but useful lifestyle changes to help you save more.
Enroll in Reward Programs
When a store clerk and asks if you would like to join their rewards program, the first thought we have is usually: is it worth it? And though our answer may differ depending on the day, the real answer should be “yes.”
It may seem pointless to try and earn eighteen million points for a $5 reward, but if you sign up for rewards programs for the stores you frequent it’s well worth it. Plus, there’s nothing like walking up to a counter and learning that you earned $10 off of your $20 purchase. Savings like that can go towards your student loan repayment plan because “every dollar saved is a dollar earned.”
Limit the Lattés
Monday, it’s five dollars; then Tuesday it turns to ten; and by Friday you’re at $15. If you get a hot beverage even three days per week, that’s $60 per month. Still think it’s worth it? By the end of the year, you would have spent over $700. Therefore, that five-dollar latte is not really five dollars, it’s more like a car payment – Keurig anyone?
Get a Budget-Conscious Workout Routine
It’s true, your health is your wealth. But that doesn’t mean you need to go broke to maintain it. Contrary to popular belief, there is a way to have a regular workout routine without spending the equivalent of a car payment on a membership every month. A long walk or a run outside could just save your wallet some stress. But, if in-studio work outs are more your speed, programs like Classpass are affordable, and plentiful.
Saving in small ways can take you far but having a plan for using the money saved to help pay down your student loan payments is even better. Visit our rate checker to see how much you could save by refinancing your student loans with Laurel Road and start getting your student loan repayment plan in order.