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How to Budget for Student Loan Payments Without Panic
Episode 111 of Budgeting for Beginners: Lucas and Luna tackle the stress of integrating student loan payments into a budget. They walk through a real example using a $350 monthly payment for a $30,000 loan at 5.5% interest, showing how to adjust the 50-30-20 rule to fit. They discuss the avalanche vs. snowball method, the benefit of rounding up payments, and how to use a cash envelope for the loan amount. Plus, they explore the mental shift from 'debt burden' to 'planned expense.' Perfect for anyone starting loan payments or wanting to get ahead without feeling pinched…
The skinny
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