The Inevitable Debt
Student loans… You are like the opposite of the loving Sour Patch Kids candy, you’re sweet at first and then finish off sour!!
Growing up as a Millennial I have experienced all the major financial issues and now I am having to pay for my whole college career while living on my own. At first, I wanted to pay for it with all of my own money but as each year went by, prices just kept getting higher to the point that I had to borrow money. As a student when you see the word ‘loan’ it makes you nervous but when you see how much money they will give you up front you’re all about it. Unfortunately, most loan advisors will not stress about what happens AFTER college, most just say worry about that later… Well now it’s about to be later and I am freaking out in my mind! But when there is a negative there is always a positive!!
In an article I read it states, “Students should be instructed on the simple basics of budgeting, personal finance, and the difference between wants vs. needs, so that all borrowing is kept to a minimum.”(Article 1) That would have been nice to be guided like that 9 years ago but I am hoping to achieve for you that we can do this without cramping your lifestyle. We don’t want to have to continue to stress and let our loans control our lives like this respondent from an ASA Survey from 2013,“My goal in life is to be happy, work hard, and be free. I wake up every day and I think about my loans. My student loan debt is such an oppressive obstacle to my happiness and freedom, that I feel like I can’t start living my life until I’m 35, when I pay off my loans. And even then, I’ll need to take out more loans to earn a master’s degree to earn more money.”(Article 1)
As we are continuing this path of inevitable debt, we are going to have to accept it and start finding ways to work with it.”Retirement is something many look forward to and has a positive connotation. It shows that the time and hard work you put into your job is now allowing you to relax and enjoy the ride. With loans, retirement can no longer be as relaxing. You will be giving more money to your loans and less into your retirement fund.”(Article 2) I don’t and I am sure you don’t want this stat to become a reality.
I know that saying staying positive and finding solutions is easier said than done. So that’s why I am going to help all of us out and start finding ways to make this happen!
Throughout this blog series I am going to provide helpful solutions as well as fun day-to-day living like cooking, drinks, and activities that will help you manage your money without really having to think about that you’re actually saving! I don’t want to look back 30 years from now and see that phase of my life was miserable because of loans and I am sure you don’t want that either. Life is going to continue to have struggles, ups and downs, and we have to be able to teach ourselves how to work with it so our lives stay happy.
I hope my Blogs will give you hope and inspire you to make sure you enjoy life even with the endeavors that come along with it. It’s cliche but you only live once (yolo!) and we will make sure we will live it the best we can!