Free Repayment Guide » In Grace » Prepare for First Payment » Set a Budget

Set a Budget

To see how making student loan payments is going to affect your budget, you have to have a budget in the first place.  Several Web sites offer budget generators you can use to see what you have at your discretion once you've fulfilled your obligations:

• StudentLoanChaperone.com – Our paid service that will provide you with a personal debt repayment counselor who will guide you through repayment, and our partnership with PayOff Live gives you access to online tools that will help you develop and stick to your budget.
• Mint.com – A free service highlighted in the news that helps with budgeting.
• YoungMoney.com – Has some budgeting capabilities but is more focused on how to save or invest for the future.

Even if you don't use any of the above sites, create an expected budget using your projected first payment amount.  Then, if you have too little or too much left over, it's time to "taste and correct".

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