Preparing for Student Loan Payments

Prepare for student loan payments now so you won't be caught off guard when they start in just a few months.

Prepare for student loan payments now so you won’t be caught off guard when they start in just a few months.

Have you or your son or daughter recently graduated from college? If so, you may still be searching for your first real job and are preparing to start paying off those student loans that start in just a few months.

At this point, it is a good time to start becoming familiar with your monthly budget.  Timberwood Bank can help you start saving for the future by stretching your money while still enjoying being a recent college grad. Making goals now will help achieve financial wellness in the future.

  1. Look at one month’s of expenses on your statement, or in Online Banking. Challenge yourself to see where you can save a little every day.  It all adds up!
  2. Cut out extra buys each week. Buying a new pair of shoes or that afternoon snack from the vending machine may not seem like much, but it adds up. Avoiding unneeded costs will leave room in your budget to save every week. Imagine what cutting out at least $20 of spending per week could do for you in two months!
  3. Shop smart at the grocery store. Buy store brands, use coupons, and take note of specials. Many stores around Wisconsin now have gas savers and weekly bargains that are worth taking a few extra minutes to look for. Shopping smart will help with stretching your money after graduation.
  4. Eating out can be expensive, so consider your budget, and look for specials. If you’re smart with your left-overs, you can get two (or more) great meals out of one outing.

Timberwood Bank knows that your financial status may be sensitive after college. We can help make your financial wellness a top priority and get you ready to make those student loan payments in just a few months!

Timberwood Bank, Member FDIC and Equal Housing Lender