For more than three years, student loan repayments have been on hold. Many borrowers didn't have to worry about dishing out hundreds of dollars every month to shed debt. But the pause is over, and more than 43.5 million borrowers will have to revisit their payment plan.

The good news is that you don't have to wait until your bill is due to make some progress toward your goals. We've jotted down a few things you can do to get a grip on your finances right now. And there's no need to start sweating, because you'll have at least 21 days to submit your first payment after your loan servicer provides you with a notice. 

Shocked person looking at computer.

Image source: Getty Images.

1. Track your money 

Make sure you know where every dollar of your paycheck is going. That way, you can avoid any unnecessary spending that could put you in a financial jam later. 

Here are some quick tips to help you track your money and improve your finances: 

  • Get organized: Use a spreadsheet or online budget planner to help you track your money. 
  • Cut unnecessary expenses: Cancel subscriptions, or put them on hold. Some companies give you a discounted rate if you need to pause your subscriptions, which can save you a few dollars. 
  • Review interest and fees: Keep an eye on the amount of money you are spending on interest and fees. Find out if you can reduce interest rates or reverse erroneous fees.

2. Choose a payment plan 

Log into your StudentAid.gov to find out how much you owe and what your monthly student loan payments will look like.

Then assess your financial situation and determine how much you can comfortably set aside to pay down student loan debt.

No matter what your financial situation looks like, there are various payment options available. Here are two to explore:

  • Standard: If you want to pay your loans off in the shortest amount of time, you can opt into the standard repayment plan. You'll typically be debt-free in a decade, but your monthly payments may be higher than other repayment plans. 
  • Biden's SAVE program: The Saving on a Valuable Education, or SAVE plan, is the newest income-driven repayment (IDR) option for federal student loan borrowers. It's designed to help make student loans more affordable. Under this plan, eligible borrowers will see their monthly payments reduced to zero. 

3. Create a special savings account 

Consider opening a separate account to help you manage your student loan payments. If you don't want to bother with the paperwork to open a new account, you can ask your bank about creating a sub-savings account within your primary savings account. That way, you can avoid spending the money earmarked for student loan repayment on other expenses. 

To fund your account, you can set up automatic transfers from your primary savings account to your student loan account. Figure out how much you need in your account every month to cover your student loan payment. You also want to make sure you keep a little extra in your account as a safety net.

For instance, let's say your student loan bill is $337, which is the average amount student loan borrowers dole out every month to shed debt. You could transfer $100 every week or $200 every two weeks into your student loan savings account. You'll end up with $400 in the account every month. After six months, you'll rack up enough extra money in the account to cover one month of student loan payments. 

Payments restart in a few days 

Student loan payments resume in October, but you still have time to get your finances in order before your first payment is due. Start by assessing your finances and looking at how much you owe. With the right payment plan, you'll be able to crush your student loan goals and pay your first bill with ease.