Life Events You Should Not Go Into Debt For, Really
“You’ll never get this time back again, so don’t worry about the money “— said every person who ever gave bad financial advice.
I know you hear you can’t put a price on happiness. Or Its about the moments, not the money. Well, I just want to say, Heck ya it’s about the money. Do you really want to spend the next who knows how many years digging yourself out of the debt hole?
Think before you spend your life’s savings on the big moments. You shouldn’t go into debt for — and ways to avoid spending beyond your means. Start with these few things:
Vacations are supposed to help you unwind and relax.
Do you know what’s not relaxing? Coming back from a trip to a pile of credit card debt.
If your vacation photos are tinged with regret — “Why did I go to that overpriced hotel brunch every day?” — consider making a plan to save for your trip before you ever leave home.
Your Kid’s College Tuition
As a parent, you probably want to give your kid the best chance to succeed (if not, maybe you should have gotten a cat instead).
The gift of college tuition may be tempting. But taking on student loan debt as a parent is definitely not in your best interest.
If you haven’t heard it already, here’s the advice from financial experts: Your kids can take out loans to go to college; you can’t take out loans to retire. There really is financial aid help out there. If you really want to help, you can chip in on the payments until they can cover the costs themselves.
The holidays can be tricky because of those special treasured memories of family traditions and a tree surrounded by presents. It can all take a toll on you and your money. Christmas is not meant to be a burden to anyone.
You still want to give give give and give everyone and oh that memorial moment of unwrapping the perfect present. The problem is you can over give. Yes.. give too much. And did you ever consider what will you do next year? Yep, its gotta top this year. Yikes.
There’s no reason every holiday should leave you digging out of debt afterward. That’s just not ok. Choose a budget you can afford.
You and your partner might have dreamed about your perfect wedding day, but you shouldn’t go into debt to pull it off. A 2014 study by researchers at Emory University in Atlanta showed that couples who spent more on their weddings had shorter marriages than those who kept costs down.
This all makes so much sense. Who wants to start out in the hole? Starting off your marriage in debt causes stress on both partners. And couples who focus on the event rather than the relationship can lose sight of why they wanted to get married in the first place.
Related: Parents: 8 Ways to save money in 2020