There was a joke going around the Internet a while ago. It went something like this: “Guy walks into a bar and the bartender asks him: ‘what would you do with 5 million dollars if you won it right now?’ Guy thinks for a second, then says: ‘Well first I’d pay off my student loans, then with my remaining $10 I’d pay my tab and even have enough to give you a tip.’”
It doesn’t have to be that way. And with careful planning and student loan payoff coaching, it won’t.
A lot goes in to paying down student loan debt in as quick and efficient of a way as possible, which is why coaching with Coach Cynthia (me!) gives clients an advantage above others trying to navigate it on their own.
Take for example recent clients of mine, Joey and Terri. Together we worked for 21 months, planning and chiseling everywhere we could to get their student loans paid down. My formula ended in success, and Joey and Terri had paid off their student loan debt early and cut off 3 years, 2 months, 1 day, and 6 hours. It was a big celebration on the day they sent their debt walking, gone forever!
Early intervention through my coaching services was the key in doing this.
There were many steps involved, but the first and most important part was putting together their budget. After listing income and expenses, we ascertained what the monthly unassigned dollar amount was at Joey and Terri’s starting budget. After that we were able to go back and trim and chisel from typical areas that are easily trimmed (food, clothing, entertainment), until we created more money available on a consistent monthly basis that could then be applied towards the student loan debt.
Of course, no debt payoff comes with zero sacrifice, but as I do with all of my clients, I recommended that Joey and Terri skip scaling it down to living on rice and beans, alone. A lot of people assume this is the only way to truly end up debt free, and I am here to tell you: it is not!
Of course, they also couldn’t sacrifice nothing, so we found a good place in the middle. We did this by determining the most important thing to them in the budget, which was vacationing. Together we worked to par down the vacations, and to plan them in cheaper and more cost-effective ways. Through careful planning, we were able to cut enough, while keeping what makes them happy.
I tell all my clients that the most important thing to remember is to be patient. Student loan debt can take as many as ten years to pay off. That, along with my three, proven elements of intentionality, motivation, and accountability, are a proven pathway to success.
Accountability is paramount, which is why financial coaching services with Coach Cynthia are the easiest way to stay on track to achieve your life, debt-free!