They say borrowing money is inevitable. That may be true. With the amount you are earning every month, it’s hard to squeeze all expenses and make sure that you have something left for savings or investment. In case of emergency, the money you have on your savings account may not be enough to cover your expenses.


What do you do? You borrow money.


The most challenging part: paying for your debt when you don’t own that much.


Don’t worry. You can still pay for it – and we hope that these tips could help you:


Tip No. 1: Make a list of all your expenses.


This is the first thing you need to do when managing your loans. You need to know where your money goes and the best way to do that is by making a list of all your expenses.


Transparency is required here. This means you should list every expense – from the most expensive ones down to the cheapest purchases. Then, review your list. There are certain expenses like utilities or amortization, which are non-negotiable. On the other hand, there are things you can remove such as morning coffee from Starbucks or eating out every Friday night.


By doing this, you will be more aware of where your money goes and make necessary adjustments to accommodate (and pay off) more important expenses.


Tip No. 2: Adjust your lifestyle.


Now that you know where your money goes, it’s time to make adjustments in your lifestyle.


Do you really need to book from Grab on your way to work or riding cheaper alternatives such as train will do? Do you also need your early morning coffee from Starbucks or making your own coffee will do? Do you have to go with your friends every Friday night to eat out?


The point is make necessary adjustments on your lifestyle and let go of spending habits that will potentially reduce your hard-earned money. Be willing to make those sacrifices. It’ll be worth it.


Tip No. 3: Don’t save – for now.


You always hear people say “save up for the rainy days.” If you have debts on your plate, then you need to forget about saving – for now – and focus on paying them off. Once you reduce or pay off your debt, you can go back to saving, which will make it easier for you to do.


If it helps, you can use your savings to pay off your loans first – but make sure you can commit to saving as soon as you’re debt-free.


Tip No. 4: Look for other sources of income.


Are you living on paycheck to paycheck? Perhaps, it’s about time to look for another source of income, especially if you have to worry about getting loans paid.


A part-time job sounds great but if you prefer something more manageable, then working freelance or looking for an online job may be a good idea. You get work at your own pace and time, and earn additional money, which you can use to pay off your debts.


Don’t worry. There are tons of job opportunities. It’s a matter of finding what works for you and your schedule.


If freelancing is not for you, then try selling some of your stuff online. There’s a market for previously owned stuff so make sure you take advantage of that.


Tip No. 5: Prioritize your existing loans.


This won’t be an issue if you have one loan to worry about. In case there are several, then you need to create a plan on which loan you should prioritize first.


You can pay off the loan with the highest interest rate so you will be able to save more. Or in case you can’t get an extension from your lender, pay off the loan with the earliest maturity date to avoid incurring penalty.


In case you are unable to pay your loan on time, Loan Ranger is willing to help. Inform us at least a week before the due date so we can come up with a amicable settlement on how to pay off the loan.


Tip No. 6: Discipline is key.


This is important. All of these tips won’t work if you are not disciplined enough to do your responsibility in paying off your loans.


At the end of the day, it all boils down to you and your commitment. Otherwise, everything you read here will be put into waste.

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