How to Get Debt Relief During Wedding SeasonAug 29, 2017
Wedding season and debt relief — like oil and water? The majority of weddings occur during the university summer break, from June to September. This is also when many students are taking on summer jobs to replenish their finances for the coming semester, or make money to get relief from the debt accumulated the semester before.
So it can be particularly tricky to reach financial goals if you find yourself invited to multiple weddings over the break.
Weddings come with all sorts of extra costs — even when you’re only a guest. Travel, hotels, gifts, formal wear…it all adds up.
If you’re trying to pay off student loan debt it can be difficult to participate in the fun without feeling stressed. But it’s not impossible to do both. Debt consolidation and spending strategies might be useful to you. Here are a few ideas to consider:
Streamline your debt to pay it off efficiently.
Debt repayment is more flexible than you might realize. There may be ways that you can structure your debts that help you pay them down more quickly.
As a student, you might have several avenues of debt. A student loan, a bank loan, a line of credit, or credit cards could all be in play.
If you have a few different types of unsecured debt, like a personal line of credit and credit cards, think about speaking with someone to see if you can combine them to save on interest.
A Licensed Insolvency Trustee (or LIT) can help you understand types of debt and options for paying it down. While LITs are may be most well-known for their expertise in bankruptcy and consumer proposals, they’re helpful to anyone who has questions about their debt and how to improve their finances.
Plan your wedding gift early.
Wedding gifts can be expensive, especially if you’re attending more than one wedding in a season on an already-tight-budget.
Check out a wedding registry early to find items you know the couple wants that are in your price range. If you’re attending a wedding with another person or a group of people, consider pitching in on a higher-priced item to split the cost.
No matter what, always be true to your budget. You might want to shower your loved one on their special day, but going further into debt isn’t the gift they want from you.
Get creative when booking accommodations.
Many couples set up wedding blocks at hotels that offer guests a reduced rate. But only a certain number of discounted rooms exist, so book early. Accommodations are more varied than they used to be. Airbnb, house rentals with a group of friends or family, or staying with locals are all good money-saving options.
For many students, using the summer to get some relief from debt is a priority. But with a little planning, you can find ways to enjoy your summer of weddings and pay down your debt at the same time.