It’s that wonderful time of the year…with the kids jingle belling and juggling loans and everyone’s telling you be of good cheer. But… they are all saddled with debt. Oh it’s the most wonderful time of the year!!
Even though we’re being highly sarcastic (if you hadn’t notice already), this should be the happiest time of the year. You should be able to enjoy it, no matter how much you owe in student loans. But we know the holidays can be a budget-buster, especially if you’re saddled with debt. Between buying gifts for relatives and close friends, Secret Santa at work, updating your home decorations, and going to parties and traveling, you can easily spend thousands of dollars and get into even more debt.
In fact, a Gallup Poll from last year found the average consumer planned to spend about $800 on gifts alone. A huge number of people did not even have a budget set, which can always lead to trouble.
But if you have student loans, splurging over the festivities not only jeopardizes your budget, but it can also seriously disrupt your debt repayment. But that does not mean you should act like the Grinch this holiday season and avoid celebrating at all. You can still enjoy the season without over spending. Stick to a budget while keeping up with your loan payments and saving goals.
Since we’re all about teaching our readers a thing or two about how to better deal with student loan debt, here we offer you a few ways to manage your student loan debt while celebrating the most wonderful time of the year!
Pick up a side gig
Do you want to indulge in the season of giving with all the trimmings? Concerned that your current income can’t support it? Make up the difference of what you would like to spend by picking up a temporary side hustle. Whether it’s driving for Uber/Lyft, dog walking or pet sitting at your own house, grocery shopping for people (Publix offers this service now), or delivering gifts for florist shops or Amazon Flex, you can make some extra money on your own schedule.
The money you make from that side hustle can help you pay for all the extras, such as gifts for loved ones you thought you couldn’t afford, or that airline ticket home you’ve been wanting to purchase, while still allowing you to keep up with your student loan payments. Also, a lot of shopping malls / retail stores need extra help during the holidays and offer part-time and temporary jobs that require little experience. There are options out there, all you must do is dedicate some serious time to your second job. You may even be able to make extra payments towards your student loans with the money you’ll be earning, or you can always add it to your savings or emergency fund.
Participate in the USSLC Holiday Giveaway and WIN Over $12,000 in cash and prizes!
Looking for a quick, free, and easy way to make up some extra cash? Look no further!
Here at USSLC, we’ve been able to help over 15,000 student loan borrowers in 2016 and process over $1 Billion in federal student loan consolidations.
That means there were THOUSANDS of American consumers who were able to lower their student loan payments, THOUSANDS who were able to enroll into student loan forgiveness programs, and THOUSANDS who were relieved of the stress and frustrations student loan debt often brings.
And because of that, we want to return the favor… and what better way to do that than by throwing a ginormous party this holiday season?
A Party With HUGE Attractions and Big Entertainment
14 lucky student loan borrowers who enter this contest will win big this holiday season as we give out over $12,000 in cash, gift cards, gift vouchers, and other prizes!
We’re talking BIG Prizes!
There will be over $12,000 in cash and prizes… just check some of your holiday gifts out:
- $3,500 in cold, hard cash
- $1,000 Amazon Gift Cards
- Gift Card To Sephora for $1,000 (helloooo, makeover!)
- $1,000 Target Gift Card
- $500 in Cruise Vouchers (say “Adios” to your responsibilities)
- 12.p Inch Apple Ipad Pro
- $500 for some new shoes at DSW
- $1,000 In Gas Cards
(that’s going nearly all of 2017 without having to pay for your gas) - Fly Away with $500 In Airline Tickets
- Brand new set of Caphalon Pots and Pans for your kitchen
(don’t worry, they’re the non-stick kind!) - $500 To Dick’s Sporting Goods
- $500 To Bed, Bath and Beyond
Want to “attend” this party? Then enter to win now!
Volunteer
If taking on any extra work just isn’t possible for you, try shifting your mindset a little to enjoy the holiday season.
With packed shopping malls and elaborate store displays, it can be all too easy to feel like you’re missing out by limiting your spending. But you can fight those feelings by volunteering during the season.
Spending a few hours of your time helping at a soup kitchen, food bank, animal shelter, or other charity of your choice can give you a fresh perspective on life and a better sense of satisfaction during the holidays. It is, after all, the season to give to others. Why not give to those who truly need it the most?
If you’re not sure where to start, get on your computer, phone, or tablet and spend some time researching on VolunteerMatch.org. Enter your location and a cause you feel strongly about, such as helping children with cancer, fighting hunger, or stopping animal abuse. The site will connect you with local opportunities that fit your passions and most importantly, your schedule. You can even find virtual volunteering options you can do from the comfort of your own place.
Make it an even more valuable experience by volunteering alongside friends, relatives, or coworkers. It can be a bonding opportunity while giving back to the community.
Focus Your Gifting Efforts
When it comes to buying gifts (for others or even for yourself), it’s easy to get carried away. Before you know it, you’re buying gifts for everyone you’ve ever met. This includes distant relatives and that coworker who smiled back at you while you passed him once in the hallway. But buying a bunch of small gifts can destroy your budget and endanger your student loan repayments.
One of the best ways to stay on track with your repayment strategy is to be willing to sacrifice some of your purchases. Instead, cut down your list of gift recipients to people who are the most important to you and think creatively.
The people you most likely want to give presents to know you and love you; they probably don’t want you going into more debt or eating ramen noodles for weeks just to buy them a luxurious soap set or another fashionable tie. Instead, focus on meaningful presents or gestures.
Perhaps you have a loved one who is really stressed out, overwhelmed or overworked. Go over and offer to cook them dinner and handle the wash, giving them a night off. Offer to babysit for new parents so they can have a much-needed date night together. Your kindness and time will be more appreciated than most tangible gifts would be.
Look For Free Experiences
The best things in life are free… right? 😉 Whether it’s dropping hundreds of dollars on tickets for a New Year’s Eve event or buying a whole new outfit to countdown to the new year, holiday experiences can be excessively costly. And planning a fancy night out can set your student loan payments back.
Think about it, do you need another little black dress or do you need to make your monthly payment to avoid default?
Rather than spending a fortune on special events and new “sexy” outfits, you can still get in the holiday spirit by taking advantage of free experiences in your neck of the woods
Many towns host community tree lightings or have the whole neighborhoods that get together to put on a fantastic light display. Get online and search for free holiday events on your community. You may end up meeting long time neighbors and possibly making new friends, while spending a jolly good time!
To find the best free holiday events in your area, we recommend you check out EventsNearHere.com. You can search by your zip code and look for holiday-themed events you can enjoy for FREE.
Remember To Prioritize
It’s easy to get swept up in the holiday enthusiasm, racking up credit card debt and getting behind on your student loans. But missing just one payment could mean paying for that mistake months or years later.
Keep yourself focused on your financial goals and be willing to make some trade-offs. If you manage to prioritize what’s truly important to you and adjust your expectations in other areas, you will be able to have a wonderful time during the holidays without hurting your finances and risking your repayment goals.
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