Debt can be so intimidating, especially after finishing medical school. You might feel like it’s impossible to tackle. However, it’s entirely possible to reduce student loan debt, declutter your finances, and get results fast. Here are three small steps you can take today.
1. Get a free credit report.
Now is the perfect time to learn about your credit. Luckily for you, it’s entirely free with Equifax, Experian, and TransUnion. While the report doesn’t include your credit score, it does tell you about delinquent accounts, bankruptcy filings, lines of credit, and payment history. Check out all of this information, and make sure it’s correct. If you have a dispute, contact the company immediately to investigate the mistake.
2. Eliminate unnecessary expenses.
Don’t waste money on things you don’t even use, like gym memberships or cable subscriptions. Check your monthly spending for small money drains, and cut them off accordingly. Examine your other essential bills, and call your providers (cell phone, cable, and insurance) to see if they can cut you any slack. If they won’t budge, it might be time to find another provider.
3. Simplify your budget.
Between a demanding workload, managing your home, and maintaining friendships and relationships, it can be easy to ignore your finances. That’s why automation can be a lifesaver. Once you’ve eliminated unnecessary expenses, your budget should be much clearer, and you can finally set up autopay. Try to set every bill to be paid on the same day of each month. That way, you’ll know what happened when you see a chunk of money withdrawn from your account.