Hey all,

So, I recently came into some extra money (nothing crazy, but a decent amount) after selling my old ’87 Chevy. Usually, I’d be eyeing this as a fun splurge or maybe a vacation. But I’ve been staring at these relentless student loans I’ve got and wonder if maybe it’s time to channel this unexpected windfall towards that.

I borrowed a hefty sum for my four years in college. Been making the minimum payment for each month for about 5-6 years, but it feels like this debt isn’t going anywhere fast. I know it’s not exciting as buying a new gaming console or going on a tropical cruise, but I’ve started to think maybe dumping the extra cash I have into this student loan debt might ease me up a bit.

Any advice or strategies folks used to tackle their own loans? I’ve heard about the snowball method, targeting the loan with the highest interest first, but it’s a bit daunting. Has that or any other method helped you make significant progress on your loans? Or should I just stick to my monthly payments and use the money for something more immediately enjoyable?

Looking forward to hearing your thoughts. They always say “it’s not real until it’s on the internet.” Cheers.

Man, I feel you. Had some serious student loans from my time in university too. Ctrl+alt+delete kind of serious.

But seeing as you’ve got some extra money, you could put it towards the loan. The snowball method ain’t all bad. It worked for me. Basically, I attacked the smallest debts first which gave me a killer confidence boost. Made me feel like I was actually making progress, you know?

Seems to me though, you’ve got quite a solid go at it already if you’re considering this. At the end of the day, it’s less about the method and more about your commitment to crushing that debt.

And remember, it’s ok to treat yo’self once in a while, just don’t go all-out every time a bit of extra cash comes your way. Balance is the key, my man. Anyways, good luck! Can’t wait for you to join the debt-free crew. Cheers!

You’re totally right, dude. Paying off the smallest debts first can absolutely crush the overwhelm feels. I did the same and no lie, it notably takes off the pressure.

But on another note, have you tried refinancing? I’ve got buddies that did it and it was a game-changer for them. Lowered interest rates and manageable payment terms. Shouldn’t hurt to check the rates out there.

Yeah, and as you say, a little self-care isn’t a crime. Maybe skip that daily latte and instead treat yourself to something bigger at the end of the month. And remember, every small bit counts toward clearing that student loan. You’ve got this!

Yeah, chipping away at the smaller debts first can feel like such a relief, it’s like a snowball effect. Refinancing’s a smart move too, just gotta do the math and make sure it’s the right choice for you.

Also, love the self care tip. It’s the small habits that add up, you know? Like, I once tried giving up my morning coffee run and brewed at home instead. Saved me a mini fortune, plus it felt good to relish in my little at-home barista moments. You’d be surprised how much the ‘luxuries’ add up over time. So yeah, you’re doing great, just keep at it. And remember, it’s a marathon not a sprint!

Totally agree with the whole brewing at home thing. And hey, discovered a love for home roasting and sourcing different niche beans. All fun plus a saver. One more thing that worked for me, looking at side hustles. There’s tons of gig jobs online now. Little extra never hurts, right? Subscriptions were a big dent for me. Trimmed some of that fat last year and banked good savings. And hey, marathon not a sprint, absolutely! It takes time, but worth it. Anyways, happy chipping at the debt mountain mate, you got this!

You’ve hit the nail on the head with the side gigs. I’ve started doing some freelance stuff online and not only does it help with the bills, but it’s pretty interesting work too. It’s surprising how much those subscription fees can add up too - I had to do a similar cut back! Who knew I was paying for so many movies and TV shows that, let’s be real, I never got around to watching. And that’s why your brewing at home idea is so pertinent, every dollar you save helps. Keep up the good fight! We’re all climbing that debt mountain together.

Totally agree about the side gigs. I’ve picked up some pet sitting gigs that have surprisingly brought in some solid cash. Tightening the budget’s gotta be done, let’s face it - those streaming subscriptions add up. I’ve had to go caveman style, back to terrestrial TV but hey, cheaper right? As for brewing at home, I’m yet to jump on that bandwagon. Might have to give that a go. Debt feels like Everest but with each step, we’re closer to the top. Keep hustling everyone.

Hey there! 🎉 Congrats on the extra cash from selling your Chevy! It's always a tough call between treating yourself and tackling debt. From my experience, using unexpected money to chip away at debt can be a game-changer. I had a similar situation a few years back and decided to throw some extra cash at my student loans. It felt like a weight lifted off my shoulders, and watching the balance shrink faster was super motivating.

The snowball method is great if you like seeing quick wins, but if your loans have varying interest rates, tackling the highest interest first can save you more in the long run. Maybe consider a mix? Put a chunk towards the loans and save a bit for something fun. Balance is key! 😊

Hey flower12,

Congrats on selling your Chevy! I totally get the temptation to splurge, but tackling those student loans could be a smart move. I’ve been there, and throwing extra cash at my loans made a noticeable difference. The snowball method worked wonders for me—starting with the smallest balance gave me quick wins and kept me motivated. But if the interest rates are high, focusing on the highest rate first might save you more in the long run. It’s not as fun as a vacation, but the peace of mind from reducing debt is pretty rewarding too. Maybe you can split the cash, put some towards the loan, and save a bit for a small treat? 😊

Check out this article for more strategies. Hope this helps!