Andrew Josuweit — CEO of Student Loan Hero — shares the spreadsheet he used to pay off $107,000 of student loan debt in just a few years.
The first step was figuring out what percentage of his income was leftover after his monthly expenses.
% - Change - Student - Loan - Payments
Next, he chose to allocate 80% of that "spare change" to additional student loan payments.
He also shares his "Debt Killer" model — a second spreadsheet that outlines how quickly 80% of spare change money can help repay loans.
Spreadsheets - Company - Years - Landscaping - Mowing
I began using spreadsheets when running my first company. I was 15 years old, landscaping and mowing lawns.
Like any business owner, I had revenues, expenses, and taxes. I used a simple spreadsheet that showed me whether my little business was profitable or not.
Decade - Student - Loan - Debt - Spreadsheets
More than a decade later, buried in $107,000 of student loan debt, I returned to spreadsheets to solve my debt dilemma.
In May 2014, I created a document that helped me build a better budget and erase my student loan debt a few short years later. That document, which I'll share below, put more of my growing income toward my three remaining student loan servicers. Thanks in part to the spreadsheet, my debt was erased by September 2016.
Percent - Americans - Emergency - Expenses - Federal
Forty-four percent of Americans can't handle $400 in emergency expenses, according to the Federal Reserve. I learned a version of that statistic while seated at a personal finance conference in New York City, and I was shocked.
I knew that not long ago, I was one of those Americans. Building a spreadsheet allowed me to understand how much I was making, how I was spending my money, and where I can cut expenses to increase my student loan payments.
Expenses - Cuts
To start, I listed all my expenses, thinking critically about where I could make cuts.
For example, moving to Austin from New York significantly lowered my cost...
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