We know you like summer. Whenever summer is mentioned, the common image that comes to mind is days at the beach with family and friends, weddings, family vacations, and other activities. The months of June, July, and August are filled with countless things you could do.
These extra events and activities of course come at a cost- a tighter schedule and wallet. As the weather keeps heating up, the level of consumption keeps rising for so many people. Summer is always associated with a high level of spending that gets many into debt.
A survey carried out by LendEDU has shown that summer is one of the most expensive seasons of the year. This is not surprising when you consider the busyness that is associated with Summer. However, one of the most rewarding experiences you can have this summer is to pay off your debts. Why is it so? You may ask. Let us find out.
#1. Takes the stress off
There are a lot of outdoor activities going on in summer. For many, it is a time to catch up with friends and catch up with families. Imagine hanging out with family and friends with the nagging feeling that you have debts to pay off.
Now that thought alone can take the fun out of any time out you are planning on having this summer. When you pay your debt, you are more relaxed and consequently can enjoy summer the more knowing there are no debts to be paid.
#2. Financial security
Financial security is a strong reason to pay off your debts. This is because debts can prevent you from utilizing your money. While debt consolidation may help you come up with a workable repayment plan, yet the money you pay can be channeled towards other financial goals.
Once you are debt-free, you can have more money to plan that trip for your family this summer. If you are consistently paying off debts, you will most likely not have enough to do the things you love the most this summer.
#3. Helps you make better financial decisions
Some expenses cannot be avoided during summer. Approaching that summer without an outstanding debt to pay will be to your advantage. Many times, debt leads to more debt.
Because an individual in debt spends a large percentage of his income on debt repayment plans, there may be little left to take care of these added expenses. This may lead to the accumulation of more credit card debts. At worst, a payday loan may become an alternative for some others. Payday loans as you know come with higher interest rates and can get you into a debt cycle.
Preparing yourself for summer
It is important to prepare yourself for the extra demands that come with the season. Not just that, during this period, there is a laid-back vibe this season which makes few people track their expenses. During this period, the temptation to accumulate more credit card debts and relapse on debt consolidation plans are high. However, with the right preparation, you can have a more rewarding summer.
- Run a financial assessment: You don’t have to wait for the end of the year or to sign up for a debt consolidation plan to run a financial assessment. Take out time to update your budget to include additional expenses. Also, write out all the expenses and run a credit score check.
- Avoid borrowing: Summer comes with a lot of extra expenses, and you may consider taking a loan. However, remember that summer will come and go but the bad financial decisions made during summer will remain. This is not a good time to increase your credit card debts through unchecked spending or mess up your debt consolidation plans. Try to stick to only what you can afford during summer.
- Stick to your budget: Coming up with a budget is one of the wisest decisions that you can make this summer that will make the season more rewarding. But beyond drawing up a budget, be intentional about keeping to the budget.
Conclusion
Being stuck in debt does not come with a good feeling. Rather, it can prevent you from having a rewarding summer. This may be the right time to start working towards paying off the debts so that the holidays will be more enjoyable. If you need debt consolidation help, we are here for you!
