Does your student debt feel like a block? Jennifer (38) developed a method to pay off your student debt faster and now, with Mingelisisters , helps students and others who not only want to get out of debt, but also just want to be smarter with their money. About Jennifer’s tips and own financial journey, read here.
- Married, one son, two children from her husband’s previous relationship, one grandchild
- Dean of Students
- Several sidehustles, including Mingelisisters
- BBB Method
BBB method
‘When I finished my studies, my debt stood at 57,000 euros. That felt like a block on my leg, especially when I wanted to buy a house two years ago. Since then the rules have changed somewhat, but at that time I could borrow significantly less. Every month DUO takes a bite out of the money in your account anyway, that didn’t feel right. So I made it my goal to pay off my student debt faster. Together with my sister, I came up with the BBB method, which stands for ‘budgeting’, ‘saving’ and ‘earning extra’. I now have 13,000 euros left that I need to pay off.
‘I still apply the BBB method myself, but now I mainly help (former) students with the Mingelisisters to be smarter with their money. Due to inflation, we find that accelerating the repayment of their student debt is not always successful, which is why we now focus on money management. But even for that, the BBB method is very useful. Budgeting is an easy first step: look at what comes in and what goes out. It is important to make the gap between your expenses and your income as large as possible so that you can use that part to pay off your student debt or to invest, for example.
To save money, you have to look very consciously at your spending. Still, saving has a maximum, once you cancel your useless subscription and pay close attention to how you do your shopping, for example, you will be there. This is why supplemental earning is so important. This is also possible as a student. I advise them to sell things on Vinted, for example, or fill out surveys via Euroclix in exchange for money. The latter does take some time, but it’s still good to do alongside a study, side job and social obligations that students have.
Multiple sidehustles
‘Mingelisisters is one of my sidehustles. I still work 32 hours as a dean, I think that’s why I like to have students in the financial field as well. I’m renting out a Barbie photobooth. It began as a fluke. My sister-in-law was looking for a photobooth like this for her niece’s birthday party, but couldn’t find one. So I decided to have one made and rent it out later. I promote the photobooth through various channels and, especially now that the movie Barbie is such a hit, this seemingly simple thing earns me 500 euros gross per month.
‘Three months ago I started selling items on bol.com. Mainly party supplies are running very well. I guess that’s my industry, haha. I also gave life coach training to young people, but a while back I noticed that I had made too much hay. My focus now is my work and Mingelisisters. I’ve really had to learn to balance. I want everything the most, but a day only has 24 hours. On Instagram, it seems like everything is possible and you can do anything. Because if she can do it, I can do it too, right? But not everyone is the same and I have to accept that.’
Dreams of Colombia
‘I make quite a bit of money from my sidehustles and for a long time I doubted whether I would use that money to further pay off my student debt. For now, I use the money to enjoy the extras that life has to offer, such as taking a faraway trip with all the trimmings. But in the back of my mind, a dream is calling my name louder and louder. In fact, I would really like to organize a retreat in Colombia, the country where my roots are lie. I noticed that there were no retreats where I really felt at home. Lying on a yoga mat every morning and eating only vegan food is not something I need, but I find the idea of a group of women coming together for long periods of time very inspiring. I would love to teach women about how to “reprogram” yourself through language, I took a course on that a while back. What is their goal and how are they not there yet? Who knows, maybe one day giving retreats will become my main source of income. Dreams I keep dreaming.
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