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For those who also have private student loans, the total average debt is over $40,000.
In many cases, it can take around 20 years to pay off that much student loan debt.
Restaurant meals are generally more expensive than a home-cooked meal.
Even cutting back slightly in this department can help!
said John Bunzel, head of deposit growth and engagement atTD Bank.
Bunzel also suggested evaluating your essential expenses like groceries, rent and prescriptions and budgeting around those.
Any areas where you could cut back is more money for your debts.
Some specialty drinks can run you over $5.
Instead of going out for coffee every day, cut back and brew your own drinks at home.
Possible nonessentials includesports, gifts, entertainment and travel.
Instead of planning large vacations, take 1-3 day mini-retreats a couple of times a year.
If you have any subscriptions you dont often use, cancel them.
Just be sure to check for any cancellation fees first.
While you dont need to cut out everything, you may even have subscription services you forgot about!
Name-Brand Goods
Shop store brands over name brands, Bunzel said.
Often times, the quality is comparable, but the price is much better.
Even a few dollars saved can add up quickly.
This applies to groceries, clothes and other daily essentials.
Tech or Other Upgrades
Do you spend a lot on tech or car upgrades?
you could purchase these items once your debt is reduced.
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