Student loan debt has become a central roadblock for many young people who are just starting out. Today, instead of sharing a ‘student loan horror story’, I decided to share 5 tips on how millennials can pay off student loan debt quickly:

1. Create a plan for yourself

Whenever you’re trying to achieve success, the first thing to do is to create a plan. This plan will help you clearly see what your goals are and the steps you need to take to achieve them. Start with how long you plan on taking to pay of your student loans. Once you’ve come up with a realistic date, decided what you lifestyle choices you may need to change to reach that goal. Will you have to create a new budget? Take up a second job? Creating a plan will help you pay off student loan debt.

2.  Tidy up your budget

If you’re in need of  money, but don’t foresee an increase in your income, the best thing to do is cut down your expenses. Take a minute to think about all of your monthly expenses, and differentiate wants from needs. Track all your expenses in a budgeting tool like ionManage through iontuition. Do you need the extra cable channels each month? Or to go out to dinner once a week? Adopt a frugal lifestyle and tailor your budget to that. Keep in mind that this is temporary, and the quicker you are able to pay off your student loans, the quicker you will be able to indulge in other things.

3. Use technology to your benefit

Whenever I am lacking funds, I head over to the Internet. There I can find hundreds of small jobs that pay decently well. It may not seem like a whole bunch of money but every dollar counts. Online jobs can vary from freelance writing to surveys. You just have to prepare to do some research!

4. Make the larger payments

Make student loans your first priority. Every paycheck you get, take as much money out as possible and use it to pay off your student loans. In the moment, this may not seem like the best thing to do, but in the long run it is. Larger payments equates to less interest that you will pay, and believe me interest adds up quickly.

5. Don’t look for instant gratification

Many people, myself included, go into situations with the intentions of finding instant gratification. That mentality won’t work for this situation. With student loans, you have to be prepared to make small steps that will work towards the overall larger goal.

As Blogger and budget aficionado, Tara K. helps students across the country enhance their knowledge about money management and everyday life. She is constantly looking for new ideas to transform into great advice for you. Pursuing a journalism major, Tara K. has a passion for the art of inquiry, which is conveyed through her writing.