Aiming to settle your study loan as soon as possible is not enough. Setting a time frame that you’re comfortable with, for example, 2 years, will give you a target to focus on and work towards.
Now that you have your target or goal, be prepared to make some sacrifices for the next few years. For example, don’t rush to buy the latest gadget on the market or the latest handbag.
Pay more than the monthly repayment amount, and if you can, pay more frequently. By doing so, you’ll finish paying sooner and you’ll save on interest too! Do whatever you can to earn some extra income like becoming a freelance photographer, selling cookies or maybe even a part-time job.
Instead of spending that extra cash, channel it towards your loan repayment. The same goes for any bonuses or salary increments you may receive during the course of employment.
Look at it as ‘bonus income’ which you were able to do without before. It’s like pretending you don’t have it!