Dreams of a gorgeous wedding, owning a home, or even starting a family can seem darn near impossible when your start adulthood in the red. However, the situation doesn’t have to be so bleak. As burdensome as they may be, student loans don’t have to hold you back from moving on with important life milestones. Below are some great tips to help you achieve your dreams, with or without student loan debt.
You Can Still Have An Awesome Wedding!
There are countless ways to get hitched on the cheap without having to sacrifice those key special moments of the big day. Here are some ways to pull it off.
1.) Have a breakfast wedding
Avoid high catering bills by having your ceremony in the morning. Provide donuts, coffee, OJ and champagne instead of a full dinner spread. Who doesn’t love mimosas in the morning?
Open bars are budget busters for happy couples! Instead of looking into expensive services, plan a trip to a wholesale store and stock up the bar yourself.
3.) Be Venue Savvy
Venues can be the most expensive part of getting married. So choosing a small space could not only keep your budget in check; it can make the event more intimate and memorable. Ask a close friend or family member if you could use their backyard. Not the style you were going for? Try a public park or beach for your big day and set the decor to your liking.
You Can Still Own a Home!
It can feel daunting to take on a mortgage when you’re dealing with student loans, but the dream of becoming a home owner isn’t out of the picture just yet. Here’s what you can do.
1.) Start small
You may not be able to afford the four story mansion on the beach just yet, but you can downsize and work your way up. Start small in a less high-demand area and maybe think about a condo or townhome to start. In a few years, ideally you’ll have climbed the corporate ladder a bit and could potentially turn a profit on your initial investment to, move it on up, to whichever side of town you prefer.
2.) Get roommates…again
We know what you’re thinking, “shouldn’t owning a home mean I no longer have to deal with a ton of roommates?” Yes, but in today’s high priced housing market, roommates can really help. If you’re fresh out of school, it shouldn’t be a big adjustment. Plus, roommates can keep you company and help you pay down your mortgage vs. splitting rent on a place that isn’t yours.
3.) Get pre-qualified
Before you start house hunting, it’s crucial to know how much you can reasonably afford and what types of property you’re pre-qualified to buy. There’s nothing worse than finding your dream home, only to be passed up for a pre-approved application.
You Can Still Start a Family!
The truth is, there is no “perfect” time to have children. Even though you don’t necessarily have to wait for your student loans to be paid in-full, you should still be mindful of ways to save money when and where you can. Here’s some tips.
A great way to save money as a new parent, or for anyone really, is to meal prep. Don’t let the last minute drive-thru and expensive nights out crush your monthly budget. Plan out each meal of the week so you can make the most out of each purchase. Soups and casseroles can spread across a few meals, while ingredients like chicken and green peppers can be re-imagined for a variety of dishes all week long.
2.) Use hand-me-downs
It might be temping to buy cute name brands straight off the shelf, but babies grow fast and will really only fit into outfits for a few wears. Mingle with other parents in your friend and family groups and trade things up vs. constantly buying brand new.
3.) Form a parenting pact
Ever heard the old saying, “it takes a village?” Well, thanks in part to student loan debt, it now at least takes a close circle of the friends and family around you to help make ends meet. The cost of childcare can be nearly as much as rent in some states. Having one parent stay at home would be great, but financially isn’t really an option for most in 2018. If you have family around willing to help, fantastic! If you don’t live close to Nana, try sharing and trading parenting duties with close friends and co-workers you trust.
Still struggling with student loan debt? Check out your repayment options…
High student loan payments can claim the lion’s share of every paycheck. Coupled with rising rents and stagnant wages, this can be a recipe for financial disaster. So if student loans are still stressing you out, it might be time to look into a new repayment plan. If you need help finding the right program for you, give the pros at Docupop a call! Whether it’s a lower monthly payment or forgiveness options you’re after, Docupop can help you find out if you qualify. To learn more, talk to a student debt pro today by calling (866) 269-5501 or click below to get started now.
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Resources: https://www.newyorkfed.org/research/staff_reports/sr820.html https://www.federalreserve.gov/econresdata/feds/2016/files/2016010pap.pdf http://news.gallup.com/poll/174317/student-debt-linked-worse-health-less-wealth.aspx https://www.theatlantic.com/business/archive/2015/02/the-mental-and-physical-toll-of-student-loans/385032/ https://www.debt.org/students/loan-forgiveness/ https://www.ft.com/content/e5246526-8c2c-11e7-a352-e46f43c5825d