How You Can Take Steps to Spend Less During These Times of Rising Inflation and pay off your USPS allotment loan faster.
Everywhere you look, you see and hear about prices rising on virtually everything we need. Supply chain disruptions and inflation are beginning to wreak havoc on people all over the world. The costs of food, gas, clothing, lumber, paper products and so many things we use in our everyday lives keep going up with no end in sight.
What makes matters even worse is, if you have a postal allotment loan, the last thing you need is to default, refinance, or take out another loan just to keep yourself from going deeper into financial debt!
Planning and Steps You can Take to Help Pay Off Your Postal Employee Loan
The first step you should take is to make a plan on how you can begin saving money wherever you can….and sticking to it! While this will involve some sacrifices, you’ll need to make changes to either change some of your spending habits or make more money. If you do this you’ll end up having extra money to pay off your loans faster, if not altogether.
A good starting point is to look at your current spending habits, which should include a list of everything your currently spending money on… and then determine where you can reduce the amount of money your spending. This list should include all your fixed and miscellaneous expenses including the following;
HOUSING – Mortgage – Rent
AUTO/LEASE – Insurance, License Plates & Driver’s License Miscellaneous – Gas, Maintenance
UTILITY BILLS – Heat, Electric, Gas, Water
PHONE, TV, Internet
INSURANCE – Homeowners/Renters Insurance, Life, Health, Disability
PERSONAL CARE – Clothing, Dry Cleaning, Cleaning and Grooming, Hair Cuts, Salon Costs, Nails, Massage
CHILD CARE –School Supplies, Lunches, Miscellaneous Trips, School Programs and Sports Equipment
PET CARE – Food, Medical, License, Grooming
FOOD – Groceries, Dining Out
SUBSCRIPTIONS – Cable, Streaming, Magazines
MEMBERSHIPS – Fitness, Golf, Organizations, Clubs
ENTERTAINMENT/TRAVEL
DEBT – Loans, Credit Cards
HOME MAINTENANCE – Lawn/Landscaping Services
CONTRIBUTIONS – 401K, Savings Accounts
YOUR PLAN TO CUT EXPENSES
Now that you have looked at your expenditures, it’s time to calculate your net monthly income (Don’t forget to include taxes), and subtract your monthly expenses. You’ll now know how much money, if any, that you have left to begin paying off your USPS Allotment Loan and other debts faster.
Take a hard look at the areas where you can reduce your spending; create a budget based on your income and commit to it.
If you currently can afford to pay any items like auto insurance or membership fees every 6 months or yearly, that will save you money right away.