⁠Our Budget Power Hour Workshop is on Presale Now!⁠
We're back for another episode of Q&A! Today we're talking to a listener that had their budget ALL figured out and now the student loan payments are back and it's wrecking their budget! They had managed to save around three to $400 per month to put towards debt, but now their student loan payments are back, leaving them with no extra money at the end of the month! They're seeking advice on how to navigate this situation while juggling work and taking care of their kids.
Here are the basic tips & takeaways:

Revisit your expenses and take a closer look at your budget.
Determine the difference between needs and wants, and identify areas where you can cut back.
Revaluate your spending habits
Consider reducing entertainment subscriptions
Reevaluate your insurance plans & renegotiate your rates

We also talk about:

What to do if you've already pared your budget down as much as possible.
How you may want to contact your creditors directly & how they'll be more willing to work with you if you chat with them BEFORE a default
How you can request deferred payments for a month or discuss the possibility of lowering payments or interest rates.

Finally, we also talked about the importance of teaching your children about personal finance. This situation can be an opportunity to discuss the negative impact of student loans and the value of saving for college from an early age. Having open conversations about finances and instilling good money habits can help them avoid financial struggles in the future.
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Email us any questions: info@myidealbalance.com
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