Is your student debt mounting up? When you finish school, of course you want to get rid of it as soon as possible! With the new Student Life Money Method you can put money aside for DUO and automate this action. That gives you some peace of mind.
If you want to set aside a certain amount of money each month for DUO, the first thing to know is how high your total student debt will be, so you can take that into account when saving. The NIBUD has a handy calculation tool that can help you with this. You can change the amount you borrow in this tool. This way you can immediately see how that affects your final student debt.
Of course, you want to limit your student debt as much as possible. To do that, NIBUD recommends the following:
- Find a side job to pay for leisure expenses and vacations. This may affect your student loan, so look into this carefully.
- Earning a little more one month? You can basically adjust your student loan every month. So you can choose to borrow less or even nothing for a month.
- See if you are entitled to certain financial deductions.
- If you pay interest on your loan, you can start repaying before the repayment period starts. That way you pay less interest.
Saving now to pay your student debt also has a lot of advantages. The sooner you get rid of your debt, the better. Because if you want to buy a house later, this will affect the amount you can borrow.
You can set money aside in advance for DUO by automating this in the Flow app. First divide your money over the preset jars: fixed expenses, groceries, clothes and pocket money. Is there any money left over? Great! You can put that amount aside for DUO. That way you already have a buffer. Saves a lot of worry!
Do you want to keep track of your money? Then download the Flow app and try the Student Life Money Method!