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Minimalist Living to Pay Off College Loans

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Jason Wallace

on 30 April 2010

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Transcript of Minimalist Living to Pay Off College Loans

Some day you'll graduate... ...then you'll find a job... ...and then you'll start paying college loans. The average college graduate will be $21,000 in debt. This debt could take a long time to pay off. However, with a bit of will power, organization, and patience, one can practice... Living Minimally to Pay College Loans What does it mean to live minimally? Living minimally is to focus on the bare necessities of sustenance. In this case, the idea is to focus one's finances on paying off college loans sooner rather than having them linger on for years. After a few years in college, you've probably noticed that the cost of living was probably the biggest expense. Probably more so than tuition. However, you are a college graduate and now you can move where you want. There are inexpensive places in the United States and throughout the world where one can start living minimally. Where you may land your first career may be unknown right now, but here are the top ten best cheap U.S. cities, out of a hundred, according to Forbes.com as of 2009. 1. Manchester-Nashua, NH Listed by the metro area 2. Ogden-Clearfield, UT 3. Minneapolis-St. Paul-Bloomington, MN-WI 4. Worcester, MA 5. Ann Arbor, MI 6. Albany-Schenectady-Troy, NY 7. Fort Worth-Arlington, TX 8. Durham-Chapel Hill, NC 9. Fort Collins-Loveland, CO 10. Pittsburgh, PA The cheapest places in the world, according to opentravel.com as of 2009 are as follows: 1. Thailand 2. Cambodia 3. Philippines 4. Costa Rica 5. Belize After settling in to your new location, it's time to figure out your minimalist budget. As Americans, we live in a world where consumerism and entertainment seem to be the most important facets of living. Paying college loans will require the will power to resist the urges to buy "stuff." Making your first budget means you have to look at your current expenses and cut out what you absolutely do not need. Food Basic groceries for one person costs around $150 a month. Keep restaurant outings for reasonable special occasions. Learn to pack lunches and snacks from home and how to cook inexpensive, but nutritious, meals. Opt for a low cost apartment. If you don't mind sharing a living space, room mates can help split the monthly expenses. Saving money on the utility bills is corelated to conserving the energy you use. Buy the clothes you'll need for your new job. Looking effective does not require a top dollar designer label right now. Thrift stores and the Salvation Army exist for getting what you need at the least expense. Also, Wal-Mart clothes won't kill you. Depending on where you live, public transportation and walking will be the cheapest ways to get around. If you have to drive to work, find the shortest route. Keep your automobile use for only transporting things you can't carry by yourself and to visit those outside walking range. This will probably be the hardest part to budget. Cutting out magazine and newspaper subscriptions, cable television, cigarettes and alcohol, and other monthy purchases that are not necessary for surviving will save a lot of money in the long run. Late fees at the local library will be less expensive than buying new books, movies, and music. Rent/Utilities Clothes Transportation Personal expenses This doesn't mean you have to live like you're in a cave. Living minimally is meant to get the most out of what you have without unnecessary "stuff" getting in the way. After you've paid off your college loans, you can then pick up whatever luxuries you dropped off and can focus your finances on living more robust if you choose. Having your college loans out of the way will make it easier to afford a new car and a house payment. Living minimally may take some getting used to, but you'll soon realize what isn't necessary towards living a happy life. The end

Music by Daft Punk
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