For Student Loan Borrowers, Trimming Expensive Hobbies and Habits May Be Wise, Says AFBC

EMERYVILLE, Calif., May 9, 2018 /PRNewswire/ -- A good hobby or an indulgent habit can make life more colorful and interesting. But certain hobbies and habits can get perilously expensive, draining wallets even as they enrich lives. For people with student loans, their repayment situation may make other aspects of their budgets more constricted or freer, depending on how affordable their payments are. American Financial Benefits Center (AFBC), a document preparation company that helps borrowers apply for repayment programs, encourages healthy approaches when it comes to spending on hobbies and habits.

"Some hobbies can be extremely expensive, and people might find it easy to shy away from those," said Sara Molina, manager at AFBC. "But some daily habits may be making hitting some financial goals more difficult. For those with student loans, getting into the right repayment plan is the first step, then they can take a good look at their other habits."

One way of cutting costs but still retaining the fun of certain hobbies or habits is prioritizing what's truly important and what might be just an old habit. Whether it's off-roading in the desert or crafting at home, there are ways to cut costs for a favorite hobby. First, buying quality equipment second-hand may mean big savings. Second, sharing tools, space or services with other folks who enjoy that hobby may dilute expensive price tags — and make a hobby more social.  

Another way to prioritize is to look at daily habits. If the only reason someone buys breakfast next to the office every day is because that person is always rushing, perhaps getting up just a few minutes earlier might do the trick. If that breakfast that someone buys every morning is important to them and they can afford to do so, there's no reason to eliminate simple pleasures in life; instead look for something else that is an unneeded expense, like a neglected gym membership or cable subscription.

Student loan borrowers may be especially keen to look out for ways that their money could be put to better use. Borrowers who want to pay down loans quickly may benefit by making their spending habits more austere. But borrowers who have an affordable repayment plan, like borrowers in income-driven repayment plans (IDRs), for example, might find themselves with funds to divert towards things that make life more meaningful. Taking measures to ensure they are still enjoying life within their means, however, might be prudent for any student loan borrower.

AFBC has helped thousands of student loan borrowers apply for and successfully enroll in an income-driven repayment plan in the hopes of establishing a positive repayment situation. Borrowers who are enrolled in IDRs ideally are always making payments on their loans that are within their means and, after a period of 20 or 25 years, will be positioned for loan forgiveness.

"Borrowers who have an affordable repayment plan may be better positioned to examine their other financial habits and make positive changes," said Molina. "We at AFBC are a resource when it comes to federal student loans and repayment plans, but we encourage healthy habits across the board when it comes to personal finance."

About American Financial Benefits Center

American Financial Benefits Center is a document preparation company that helps clients apply for federal student loan repayment plans that fit their personal financial and student loan situation. Through its strict customer service guidelines, the company strives for the highest levels of honesty and integrity.

Each AFBC telephone representative has received the Certified Student Loan Professional certification through the International Association of Professional Debt Arbitrators (IAPDA).

American Financial Benefits Center Newsroom

Contact

To learn more about American Financial Benefits Center, please contact:

American Financial Benefits Center
1900 Powell Street #600
Emeryville, CA 94608
1-800-488-1490
[email protected]

Related Images

expensive-hobbies-and-habits.jpg
Expensive Hobbies and Habits
nd3000/Bigstock.com

image2.png

Related Links

AFBC home page

SOURCE American Financial Benefits Center