High achievers are rewarded with access to assistance that is awarded competitively – to only the best candidates.
Scholarship money does not require repayment and there are no limits on the number of scholarships a student can apply to academic expenses.
That will clarify how much of your spending is fixed and how much is variable (and hence easier to curb). If it's less than what you earn, use the extra money as your debt payment. Reining in discretionary spending for a few months goes a long way toward tackling debt.
If it exceeds your income, you need to cut back on the variables. But if that's not enough, try to reduce your fixed expenses. Consider whether there's any way to boost your take-home pay.
Take steps to lower your household bills; refinance your mortgage to get a lower interest rate; or, if you have a good payment history, ask your credit card company to lower the interest rate you're charged. If you get a big tax refund every year, that means you're having too much withheld from your paycheck. Next, make a list of all your debt obligations and the interest you're charged for each. You might consider moving some of your high-interest credit-card balances to a card with a lower interest rate.
If that's the case, you can reduce your withholding by changing your W-4 at work. Put them in order of interest rate, from highest to lowest. But read the fine print on any invitation to transfer balances. Once the debt with the highest rate is wiped out, put your money toward paying the debt with the next-highest rate.
Sometimes such low-interest-rate offers are only in effect for short periods of time, after which the rate skyrockets. Once you determine the maximum amount you can pay off each month, pay down the debt with the highest interest rate first -- that usually means your credit-card balance -- while paying at least the minimum monthly amount due on all other revolving bills. One exception: If you have a credit card with a low teaser rate that will go up after a fixed amount of time, strive to eliminate that balance before the low rate expires.
What's more, consolidating your debt on one card may lower your credit score if your debt-to-available-credit ratio worsens. For budget tips, read Money Essentials: Making a budget.And you will simply make one payment each month on your Consolidation Loan with TVFCU. Current Balance Enter the amount you owe on each loan. For one month, write down every cent you spend, including that cup of coffee or a magazine. Tally the expenses on the list and compare the sum to your monthly income. If you want to get your debt under control, start by figuring out your spending patterns and identifying unnecessary expenses.This calculator determines how your monthly debt payments would change if you consolidate your debt into one loan.